Energy Transfer to Appeal Reduced Award in Greenpeace Lawsuit
Energy Transfer will appeal a judge's decision to reduce a $660 million award to $330 million in its lawsuit against Greenpeace.Summary
Energy Transfer, the company operating the Dakota Access Pipeline, is appealing a recent court decision that halved a $660 million award it initially won in a lawsuit against Greenpeace. The original lawsuit stemmed from Greenpeace’s protests against the pipeline, which Energy Transfer claimed caused significant delays, increased costs, and damaged its reputation. A jury initially awarded Energy Transfer $660 million, but the judge reduced the amount to $330 million, prompting the appeal.
The Dakota Access Pipeline, a 1,172-mile pipeline capable of transporting 750,000 barrels of oil per day, has been operational since 2017 despite ongoing legal challenges and protests. Energy Transfer argues the pipeline is a safe and environmentally sound method of oil transportation compared to alternatives like rail.
Greenpeace USA has stated it may not be able to afford the $330 million judgment or continue operations if it is enforced, reporting cash and cash equivalents of only $1.4 million as of December 31, 2024.
(Source：Headtopics)