Axip Energy Services, LP v. W&T Offshore, Inc.

• Court: District Court, S.D. Texas
• Decided: September 16, 2024
• Docket: 4:24-cv-00866
• Status: Unknown

Opinion

INT HEU NITSETDA TDEISS TRICCOTU RT September 16, 2024 FORT HES OUTHEDRINS TRIOCFTT E XAS Nathan Ochsner, Clerk HOUSTDOINV ISION AxiEpn eSregryv LiPc,e s, § § Plaintiff, § § V. § CivAicltN iooH.n- 24-866 § W &O ffTs hIonrce.,, § § Defendant. § FINDIONFGF SA CTASN DC ONCLUSIOOFLN ASW Aftecra recfuolnlsyit dheeevr iidnteghan egc ree,e omtfeh pneart tsai netdshp ,ear tpioesst'­ trsiuablm itshsCeio oumnrastk,t e hfosel loFwiinndgoi Ffna gacsntC d o nclouLfsa ipwou nrss uant tFoe Rd.C. i Pv.5. 2 (la)):( FINDIONFGF SA CT 1. Bya greeomfte hpneat r tthiCeeo suc rotn duaco tneed-b deantycr hli iamlti otte hde folloiwsisnuge s: I. a Afi ndaistn togh faeiv ra loufte hc eo mprienWs& sTo'rss posseosnts hdieao otntfe r iBaoltp.arh t rieesste hrrevi eg ht atth bee ntcrhti aoar lgw uhee tWh& eTmr u sptat yhs ea me prifocret h7eth c ompraessi ssso efortr t hoet h6e r compressors. l. b afi ndaitsnto gh fa eim ro nthlryao trntee hc neot maplr essors. Botpha rrteiseetsrh vereii rga httt hb ee ntcrhti oaa rlg ue abotuhdteu raottfih roeen np tearalin otddhfa eir re nrtaatle . Thpea rwtiibleelsl imitto3e 0md i nupteesrsi fodre preseonfte avtiidroeenng caetr hdfaeii mnrog n trhelnyt al ra1t e. 1 Ju1l5y2, 0 2r4e,v miesdeidpa rtoopfrroo sMmaa lg isJturdCaghtere iA s.Bt riynaan . 2. Thpea rmtaidteehsfo e l loawdidnigat giroeneamle nts: 4. Alolt hiesrsa uncedls a iitnmh lsea wwsiubliewlt a ivAeldl. appewaibllewsl a ivTehdew.sa ei vweibrleesl n teraed as stipulation. 5. W &a gTr teboeu asyn Adx aigpr tesoee tslh 7lce o mpressors "aissw ,h eirsfoe"r t haem oudnett erbmyti hCneoe udar tt thbee nchT htsera oilthfaee cl o.m prweisolscloca runsbrd e funded 3w0di atoyhtfsih enen torffiy nj auld gment. 6. W& Ta greteposa tyhd ei fferiaefnn byce,et ,w tehreeen n tal paymiehtna tmssa daen tdh faei mro ntrhelnryta aatlse deterbmyti hCneeo dua rttth b ee ntcrhiT ahplea. y miefnt, anwyi,bl elp awiidt 3h0di anyo sft heen torfty hfi en al judg2ment. 3. W&TO ffshIonr(ceW.,& hTa)os w naendod p ertahMteae iPdna 6s1sAM ,a iPna 6s1sB , anSdo uPtah4s 9soA i pll at(fotr"hmPesl atsfoirnmJcsae"n )u1 a62r,0y 2 4. 4. W& Tp urchtahPsele adt frfoormmCs o Oxp eraLtLiC(n "gC,oi xnc" o)n newcittihon bankrpurpotcceySe edIeinr n eMg LsC.JL RL Ce,at l C.a;u Nsoe2. 3 -90it3nh2 Ue4n, i ted StaBtaensk rCuopufotrrctt yhS eo utDhiesrnot Tfre ixcats . 5. Thfoel losweivn(eg7cn )o mpr(ets"hsCeoo rmsp rerseslotarotsoea"ldn)ss d,p, a praer ts ownbeyAd x iaprc eu rrleonctoalntty ehP del atforms: SerNiuamlb Deers cription V1411 WaukeL7s 0h4a4 GGeSmIiF,nS i6 04 V2539 WaukeLs7h0a4 4GGeSmIiF,nS i5 04 V2919 WaukeL7s 0h4a4 AGrSiJIeG,lD -4 V2920 WaukeLs 7h0a4 A4rGiJSeGIlD, - 4 V2921 WaukeLs7h0a4 4AGrSiJIeG,lD -4 V2922 WaukeLs7h0a4 4AGrSiJIeG,lD -4 V1406 Wauke8sAhTa2 5DGrLe,sO sFe-r6 HU-4 6. ThCeo mpraersaeslto lhr rse ec-osmtparwgeiesat snOho r risgE iqnuailpM maennutfa cturer ("OEhMo"r)s eop1fo6 w8be0hr p . 7. AxiEpn eSregryv Li.c(PeA.sx p,ir po)v ciodmepdr seesrsvtiiWoo&c n Te osnt hPel atforms froamp opxrimJaatneul1ay6ur nyFt eiblr 2u92a,0r 2y4 .

8. Axitpe rmianlcalot mepdr seesrsviiotcnhPe els a toafonsor fFm esb r2u9a,r yT2 h0e24. Comprehsasvoer sro entm haPeil naetdsfo irntmchsee n. 9. V1 40a6nV d2 5c3o9m prweesirsneoeo rrpsab belfoWer& eTb ectahmoeew naenordp erator otfh Pel atafonrhdma svr eem aiinnorepadebs lient chee n. 10.ThVe2 5c3o9m prreesqsuaori rer pelsa ecnegmtieoonnp ete rate. 11.ThVeI4 0c6o mprheanssosb toe roe pne rsaitnJecaden uoa2fr0 y2 0. 12.W&Th ansou ts tehdVe 1 4c0o6m praensddso noeosrit n tteuons idet .

13.ThVe1 41V12,5 3V92,9 1V92,9 2a1nV,d2 9c2o2m preasrpseaso dtru sfoe r m ajor maint(eonorav necrehi a2nu0 l2s4). 14.Tom ainttaihVne1 4lV1,2 5V3299,V1 299,,2 an1Vd2 9c2o2mprmeasjsmooarrisn,tenance (o orv erhmauusblteps e)r formed. 15.Thees ticmoaosttfteh n dee cemsasjmaoarriy n t(eo norav necreho antu hVl1e s4 )1V 123,59 , V29V1299,a 2n1Vd,2 9c2o2m prie$ss2 s5o0rp,se0c r0o 0m pressor. 16.TigCearp Girtoa(ul"p T iagpeaprir"sa)end dde terthmeOi rndeeLdri lqyui Vdaal-tIuineo n

Pla(c"eVO -LI vPa"lo)utf eh C eo mpraeossOf sc otro3sb12 e 0r2u 3s,im nargka entid n come apparcohUessi.tn hagec quaisrsmeeedtt ohfot hdme a rakpeptr aonatdchd hei, s counted cafslho mwe thooftd hi en coamprepo aTcihg,de ert ertmhiOenLV e -dIv Pa loufte h e Compretsbose $o 5r,s4 54,500.00.

3 17.ThTei gOeLVr - vIaPl uaastsiuotmnhte ahdCte o mprewsesrgoeer nse riantcuionnmdgee r thCeo rxe nctoanlt ract. 18.ThOeLV -IP vsahloubuaealt ddij oudnso twendwb ay1r 5db% e catuhCseoe m preasrseors nol onbgeeirrne gnu tnedtdeh Creo cxo ntract.

19.ThOeLV -vIaPl uiatsth mieoo rsnet a soannoadbb jleemc etaniosdvf ee t erfmaiimrnar iknegt valiutneh c iassI weta. ps r epbayard eids intthepirarerdsat tntyedh,d ei nrsoee v idtehnacte iwta bsa soenid n codraroterfaac u tlm teyt hodTohlveoa glyu.at thAiaxotion pffs e arted trairlaeelr s esl bieacbaltuehws eeeypr ree pfoartr hecidasb s yRe o bSetritAl xeisCp,E' Os. 20. TdiegfietnrheO esLV -vIaPl ausfoe l lows: Ane stiammaotueenxdtp ,ri etnse sroemfdsU d .oSl.wl haristc,hth ea ragsecstoe utl d typirceaallalisyzs eut,mhi aanlatgls stehtcasot n ttritobhu rete ev egneunee rating capaobtfih lteia traygs ewstoe utbl esd o ilndta aasbc utn adatlp er ivnaetgeoltyi ated saplreo,p erlya napddr voeferstsmiiasonenadabg lyaels dye, lo lbelri gsaetleld to ovearne xtepnedreoidfto idm ues,u wailtlshyii txnot e wlmvoen tahsos ft, h e effecdtaiotvftee h e aprperpwaoiirbtstoha pt lah r futlilaeyws a orfae lr le levant factFsu.r thetrhamebo irolefti, hta eys sgertot uodp r aswu ffipcrioesnpte ctive buyteor si nsureo ffceiorcsmso p nestiiAdtleailrsv esaeder t.tebo s e s o"ladis s ," ''wihseA.rn"edy e leotarid odnisttt oih toeon atssa slae ptpsr caoiucslhedadt n hgee psychoalnod/mgooirnc eaatlpa prneyea cle tsgosai athnre vy a liunedsi cThaitsed. apprcaoinsciaeislpn tt efonrad sesde tp-lbaanpsnueirdnp goC soenss.i deration i givfoerng oodawniidln lt anagsisbeTlthesid .se finidtoienosorn te present expecitanab tainoknrasuu pcttciyo n. 21.AlthAoxuigcphr itciecriatzsaepisoen fct thTsei gOeLrV -vIaPl ua(tPiloaAnix,ni tpiff EneSregyr vLiPc'Reses s ptooWn TsIeT' rsiB arlid eofc,nk oe5.t8a pt2. ) ,T itgheer valuiarste iaosnou nnadtbehfalrece ot tfsh ciassM eo.r eoTviegre,rt hvceao lmuperde ssors aosOf c to3b12e,0r 2S 3i.nt chteeh nce o mprheasvseo rdse pnroerwce iqamutaiejrdoe r and maint(eonorav necreh auls). 4 22.Accoufonrt i1tn5hg%de i scadojuunsttfo mrte hnCeto mpretshasedo jrusOs,Lt Ve-dI P valoutfeh C eo mprei$ss4s ,o6r3s6 ,325.00. 23.$4,636i,ts3h fa2ei5m r.a 0r0vk aeltout feh c eo mpraettsh steoi romtsfer ial. 24.Thfaei mra rvkaeltout feh s ep apraera tntsdo oolnt shP el atafottrh mtesi o mtfeh trei iasl $292,526.00. 25.W& Tp aid $fo3rt1 h7se,iu 8xs2 a4cb olmep rfoersJ saonru1sa6t r hyr oFuegbhr2 u9a,ry

202T4h.ei qsu aam losn trhelnryta oatf$le 3 5,p3eu1rs3 a cbolmep ressor. 26.$35,p3em1ro3 n itasrh e asorneanrbtafolatrelte h ceo mprseesrsAvixioicnppe r so voinded thPel atformsJ anbuea1tr6wy-e Fee2nb9 r2,u0 a2r4y. 27.W&TpaAixdiapna d ditionpalem ro$ n1pt7euh,rs 5 a0b0l e caoasbm aprrere enfostrsaolr Martchhr Aouugguh2s 0t2 4. 28.$17,5p0em0ro. n0pt0ehu r s acbolmep rieasrs esaosro rneanrbtalaateftle Fe erb r2u9a,ry 2024.

CONCLUSIOOFLN ASW 1. ThCeo mpreasnssdpo aprrartsesa ntdo oalrgseo ods. 2. Thfaei vra loutfe hc eo mpraenssdsp oaprrasera tntsdo oslhsobu edl edt ermaisont feh de daottfe r Aiuaglu1,s3 2t,0 24. 3. Famiarr keitas p v earlmuimese saifonbrdsl e et er"mfaivinaril nauguse s "ie tndh pea rties' agreement. 4. Famiarr keto ifvn acplorumoeed purcoipncegabr nedt eyt erumsiinnegd m veartihooudss . BoaorSfdu perovLfio suoirSssti Uaantnieav evGr.es ris2tyo6 Sn0o3, .d 6 3644,(1LA ap.p .

4tChi 2r0.1 8)d,e nw2ir6eSi6dot ,. 2 39(d2L 2a0.1 9). 5. “Business valuation methods are not an exact science and are basically guides to determine a fair market value for buyers and sellers of a given business. Vedros v. Vedros, 229 So. 3d 677, 689 (La. App. Sth Cir. 2017), writs denied, 237 So.3d 520 and 1185 (La. 2018). 6. The fair market value of Axip’s spare parts and tools that remains on the W&T Platforms should be determined separately from the value of the Compressors.

CONCLUSION If any finding of fact should more properly be characterized as a conclusion of law, it is hereby adopted as a conclusion of law. If any conclusion of law should more properly be characterized as a finding of fact, it is hereby adopted as a finding of fact. ORDER Plaintiffs Motion for Temporary Injunction Order (docket no. DENIED AS MOOT. SIGNED at Houston, Texas, on this the 16th day of September, 2024.

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SENIOR UNITED STATES DISTRICT JUDGE