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EXXON CORP. v. STATE

No. S-9164.

40 P.3d 786 (2001)

EXXON CORPORATION, Appellant, v. STATE of Alaska, Appellee.

Supreme Court of Alaska.

Rehearing Denied February 21, 2002.

Attorney(s) appearing for the Case

William F. Cronin and Johnathan E. Mansfield, Corr Cronin LLP, Seattle, and Douglas J. Serdahely and Kevin Callahan, Patton Boggs LLP, Anchorage, for Appellant.

Virginia B. Ragle, Assistant Attorney General, and Bruce M. Botelho, Attorney General, Juneau, for Appellee.

Before FABE, Chief Justice, MATTHEWS, EASTAUGH, BRYNER, and CARPENETI, Justices.

OPINION

CARPENETI, Justice.

I. INTRODUCTION

In 1988 Exxon discovered the Point McIntyre oil reservoir, a bonanza with an estimated value of $4,783,800,000. Now, Exxon and the State of Alaska dispute who will absorb $24 million in field costs associated with the reservoir based on their opposing interpretations of a contract, the Prudhoe Bay Unit Agreement. We conclude that the state has the discretion under the terms of the agreement...

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