March 28, 2015
Chevron Texaco v. State of Louisiana
This lawsuit involved a dispute regarding the payment of royalties to the defendant by the plaintiff on its crude oil production from State properties in the late 1990s. Two of the factors that required consideration were the markets for crude oil produced in Louisiana and the prices that the plaintiff received for that oil.
Econ One was retained by counsel for the defendant. Both Jeffrey Leitzinger and Barry Pulliam provided trial testimony. Dr. Leitzinger’s testimony focused on the markets for crude oil produced in Louisiana. Mr. Pulliam testified about the prices that Chevron Texaco received for the oil at issue and the damages that resulted from the underpayment of royalties. In addition, Mr. Pulliam also testified as a rebuttal witness for the State in response to expert testimony presented on behalf of Chevron Texaco. At the end of the trial, the jury returned a unanimous verdict in favor of the State and awarded damages equal to the amount calculated by Mr. Pulliam–$83 million.
