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ANADARKO PET. CORP. v. PANHANDLE EAST. CORP.

Civ. A. No. 8738.

521 A.2d 624 (1987)

ANADARKO PETROLEUM CORPORATION, a Delaware corporation, and Pan Eastern Exploration Company, a Delaware corporation, Plaintiffs, v. PANHANDLE EASTERN CORPORATION, a Delaware corporation, Panhandle Eastern Pipe Line Company, a Delaware corporation, Trunkline Gas Company, a Delaware corporation, Anadarko Production Company, a Delaware Corporation, R.L. O'Shields, R.D. Hunsucker, and R.C. Dixon, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: January 19, 1987.

Attorney(s) appearing for the Case

William Prickett, Vernon R. Proctor, Wayne J. Carey, and Glenn A. Fugate, of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Blake Tartt, of Fulbright & Jaworski, Houston, Tex., for plaintiffs; Dan A. Spencer, Houston, Tex., of Anadarko Petroleum Corp., of counsel.

Lawrence A. Hamermesh, and Leone L. Ciporin, of Morris, Nichols, Arsht & Tunnell, Wilmington, David B. Tulchin, Hyman L. Schaffer, and Norman Feit, of Sullivan & Cromwell, New York City, and Frank Douglass, and Charles G. King, of Scott, Douglass & Luton, Houston, Tex., for defendants.

OPINION

BERGER, Vice Chancellor.

This action involves a dispute between an oil and gas production company and its former parent, an interstate gas pipeline company. Plaintiffs are Anadarko Petroleum Corporation ("Anadarko") and its wholly-owned subsidiary, Pan Eastern Exploration Company ("Exploration"). Defendants are Panhandle Eastern Corporation ("Panhandle"), three of its subsidiaries, Panhandle Eastern Pipeline Company ("Pipeline"), Trunkline Gas Company...

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