Devon Energy $11 Million Late Oil Payment Settlement Approved

An $11 million cash settlement over Devon Energy Production Company’s alleged failure to pay owners of Wyoming oil and gas wells on time received final approval from a federal court.

The Wyoming Royalty Payment Act sets forth deadlines by which owners like Madeline A. Wright must receive proceeds from oil and gas production, according to court documents from the US District Court for the District of Wyoming. Wright said Devon Energy failed to meet those deadlines, and failed to pay statutorily required interest once the proceeds payments were late.

The cash settlement “appears to be among the largest late-payment class ...