Add
HP to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| HP > SEC Filings for HP > Form 8-K on 28-Nov-2008 | All Recent SEC Filings |
28-Nov-2008
Other Events, Financial Statements and Exhibits
On November 25, 2008, a jury in the case of H.B. Krug, et al. v. Helmerich & Payne, Inc., District Court, Tulsa County, Oklahoma, found that approximately $69 million of damages should be paid by Helmerich & Payne, Inc. ("Helmerich & Payne") to plaintiff royalty owners. The jury verdict is not final and is subject to modification by the Court. The Court is expected to enter judgment in this litigation in the near future.
Although Helmerich & Payne is identified in the caption of this litigation, Helmerich & Payne does not believe that it will incur any damages with respect to such litigation since Helmerich & Payne is indemnified for these damages by Cimarex Energy Co. ("Cimarex"). The Krug litigation relates to the exploration and production ("E&P") business that was separated from Helmerich & Payne pursuant to a spin-off transaction consummated in 2002. In connection with the spin-off, Helmerich & Payne and Cimarex entered into a Distribution Agreement pursuant to which Cimarex (i) assumed all of the assets and liabilities relating to the E&P business and (ii) indemnified Helmerich & Payne for E&P-related liabilities, including the Krug litigation. Since that time, and in accordance with the Distribution Agreement, Cimarex has assumed and conducted the defense of the Kruglitigation.
(d) Exhibits.
Exhibit No. Description
*99 Helmerich & Payne, Inc. press release dated November 28, 2008
|
|