The Texas Supreme Court on Friday upheld a lower court’s decision to vacate a $500 million judgment because two energy titans had not created a formal partnership.
Energy Transfer Partners, LP (ETP) sued Enterprise Products Partners, LP in 2011 after efforts to collaborate on the creation of reversing of a pipeline from Cushing, OK, to the Gulf Coast dissolved. Recognizing a need to transport crude fuel from a storage hub in Cushing to the Gulf Coast, the two companies began discussing and marketing a project to build a new pipeline or reverse an existing pipeline.
