NP represented a class of underpaid royalty owners in this action against SM Energy Co. and its successors, EnerVest and FourPoint. After vigorously prosecuting this action as class co-counsel for over four years, NP obtained a partial settlement with respect to the claims against EnerVest and FourPoint totaling nearly $55 million on behalf of the class. This settlement consisted of a $52 million cash payment (which alone represents approximately 100% of the class’s principle claim for royalty underpayment) and contractually guaranteed future benefits that ensure EnerVest and FourPoint will not deduct certain specific costs from royalty payments for a period of 36 months. These binding changes to the Settling Parties’ royalty payment methodology have a present value of at least $2.9 million.
The class was represented by NP partners Bradley Beckworth, Jeffrey Angelovich, Susan Whatley, Lisa Baldwin, Drew Pate, Trey Duck, and associate Cody Hill.