Yetter Coleman successfully represented a major U.S. integrated oil and gas company in connection with fast-track arbitration over the correct sales price of Alaskan North Slope (ANS) crude oil supplied by our client. The dispute arose because its contract intended to achieve a “free market ANS price,” but the contract’s proxy formula, which relies on the price for West Texas crude, became disconnected from the spot market for ANS, because of the so-called Cushing oil glut. A favorable settlement, which is expected to greatly improve our client’s contract position for the remainder of the agreement, was reached just weeks before the arbitration was scheduled to begin, and the day before our opponent’s CEO was scheduled for deposition. The arbitration was led by partner, Collin Cox.
