Statoil’s $7 Million Royalties Settlement Approaches Finish Line

Plaintiffs in a class action against Statoil USA Onshore Properties are seeking final approval of a $7 million settlement to resolve allegations over royalties due on oil and gas leases in northern Pennsylvania.

The proposed settlement was preliminarily approved in July by Judge Malachy E. Mannion of the U.S. District Court for the Middle District of Pennsylvania.

The agreement would provide automatic cash recoveries to over 13,000 class members, resolving all claims related to Statoil’s use of an index pricing methodology to calculate royalty payments. Statoil, now known as Equinor, would be permitted to continue using the contested methodology for ...