Devon SFS Operating , Inc., and IMC Global, Inc. v. First Seismic Corporation, a Delaware Corporation

CourtCourt of Appeals of Texas
DecidedFebruary 16, 2006
Docket01-04-00077-CV
StatusPublished

This text of Devon SFS Operating , Inc., and IMC Global, Inc. v. First Seismic Corporation, a Delaware Corporation (Devon SFS Operating , Inc., and IMC Global, Inc. v. First Seismic Corporation, a Delaware Corporation) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Devon SFS Operating , Inc., and IMC Global, Inc. v. First Seismic Corporation, a Delaware Corporation, (Tex. Ct. App. 2006).

Opinion





In The

Court of Appeals

For The

First District of Texas

____________


NO. 01-04-00077-CV


DEVON SFS OPERATING, INC., AND IMC GLOBAL, INC., Appellants


V.


FIRST SEISMIC CORPORATION, Appellee





On Appeal from the 80th District Court

Harris County, Texas

Trial Court Cause No. 2002-32651





MEMORANDUM OPINION

          This declaratory judgment case resolved competing interpretations of an indemnity provision in a contract transferring ownership of seismic data. Appellee and plaintiff below, First Seismic Corporation (First Seismic), prevailed in the trial court on its claim for indemnity against appellants, Devon SFS Operating, Inc. (Devon) and IMC Global, Inc. (IMC). Trial was to the court, which filed findings of fact and conclusions of law. In four issues on appeal, Devon and IMC argue that the trial court erred in interpreting the indemnity provision and by permitting Seismic to recover attorney’s fees and expenses that Devon and IMC contend are either nonrecoverable or unreasonable. We affirm.

Facts and Procedural Background

          In early 1980, Adobe Resources Corporation (Adobe), Freeport McMoran Oil & Gas Company (McMoran) and McKenzie Management, Inc. (McKenzie) entered into a joint venture agreement to develop seismic data, screen leads and prospects, acquire acreage on prospects, and drill test wells in the East Texas basin area. Adobe, McMoran, and McKenzie owned participating interests in the joint venture’s assets in proportions of 37.5 percent, 50 percent, and 12.5 percent, respectively. The venture agreement expired by its own terms on December 31, 1987. Devon is Adobe’s successor-in-interest and IMC is McMoran’s successor-in-interest. McKenzie’s successors-in-interest to its 12.5 percent interest are East Texas Seismic Data LLC (ETSD) and Capmac Eighty-Two Limited Partnership (Capmac).

A.      September 1990 Data Exchange: First Seismic and Adobe and McMoran

          Lance Moreland, former vice-president of First Seismic Corporation (First Seismic), explained at trial that his company’s offshore market concentration had ceased by 1990. By summer of that year, operations had become reduced to winding down the company’s existing business in that market, under the supervision of the company president, Rogers Beal. Simultaneously, Adobe and McMoran, which had shifted its market focus from the East Texas basin to developing an offshore market, proposed the following transaction: Adobe and McMoran would transfer their ownership of the joint venture’s “1,000 plus miles” of seismic data assets to First Seismic; in exchange, First Seismic would surrender its licenses to 5,000 miles of offshore seismic data to Adobe and McMoran. Under the terms of the proposed transfer, First Seismic would forego any right to sell further licenses pertaining to the data that it was transferring and would also absorb the costs of required reprocessing of the data before releasing it to Adobe and McMoran. Kenneth J. Huffman, McMoran’s vice-president for exploration, served as chief negotiator among the parties, and Moreland drafted the agreement that memorialized the negotiations.

          As negotiations for the transfer progressed, however, Adobe and McMoran proved “unable to communicate” with McKenzie about transferring its 12.5 percent interest in the joint venture. Hoffman ultimately represented that McKenzie had either abandoned the joint venture or was in bankruptcy and could not be located in order to transfer the 12.5% minority interest. At that point, Beal asked that Adobe and McMoran provide $50,000 to compensate First Seismic for that interest, which Adobe and McMoran could not convey because McKenzie retained it. In addition, although indemnity provisions were not initially contemplated as part of the transfer, First Seismic’s general counsel required that the parties’ final agreement include an indemnity provision in favor of First Seismic in the event of claims by the 12.5 percent ownership or by others claiming through them. In turn, Adobe and McMoran required indemnity provisions by First Seismic for the data that it was transferring.

          In September 1990, the parties executed their agreement for the mutual exchange of data. The agreement recites that (1) Adobe and McMoran, the “majority owners” of the seismic data, would transfer to First Seismic “all of [their] right, title, and interest” in the data, but that (2) McKenzie, “the minority owner,” would “retain a 12.5% interest in said data,” and that (3) McMoran would “compensate First Seismic $50,000 for said interest” on delivery of First Seismic’s Exxon data to McMoran. The agreement also includes an indemnity provision, paragraph 5, which reflects the parties’ reciprocal agreements to indemnify each other against claims related to the seismic data they had exchanged. Paragraph 5.B., on which First Seismic relies in this lawsuit, addresses Adobe’s and McMoran’s transfer of their combined 87.5 percent ownership and McKenzie’s retained 12.5 percent interest in the seismic data as follows:

McMoran and Adobe hereby indemnify and hold harmless FIRST SEISMIC from and against any and all claims, cost, expenses or causes of action that may be asserted by the referenced minority owners or other owners should they exist.


[Upper case in original.]

B.      Oklahoma Litigation against First Seismic and Seitel

          In 1997, McKenzie’s legal successors-in-interest, ETSD and Capmac, filed suit in the United States District Court for the Northern District of Oklahoma against Devon and IMC, Adobe’s and McMoran’s legal successors-in-interest, First Seismic, and Seitel, to which First Seismic had transferred its interest in 1994. ETSD and Capmac (collectively, the current minority interests) asserted claims for damages, including punitive damages, for conversion of their 12.5 percent proportionate interest and sought an accounting for proceeds from sales by the defendants that arose from that interest. The current minority owners initially sought more than $1.2 million in damages. In 1998, the federal district court rendered summary judgment in favor of Devon and IMC on the conversion claim, on the grounds that the 1990 agreement unequivocally granted Adobe and McMoran the right to transfer their proportionate interest in the joint venture, without consent of the former minority owner or successors to that owner, two years after the joint venture expired on its own terms in December 1987. Because the transfer occurred in 1990, there was no conversion.

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Devon SFS Operating , Inc., and IMC Global, Inc. v. First Seismic Corporation, a Delaware Corporation, Counsel Stack Legal Research, https://law.counselstack.com/opinion/devon-sfs-operating-inc-and-imc-global-inc-v-first-texapp-2006.