Noble Energy, Inc. v. Conocophillips Company

Justice Willett, Justice Boyd, Justice Devine, and Justice Brown joined.

The principal question in this case is: whether, under the terms of a bankruptcy court order confirming a plan- of reorganization and an agreement for sale of the debtor’s assets, 'the purchaser was assigned an undisclosed contractual indemnity obligation of the debtor. We agree with the court of appeals1 that the answer is yes and therefore affirm.

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Conoco2 and Alma swapped oil and gas interests in 1994 under an Exchange Agreement in which each accepted responsibility and indemnified the other for any environmental claims…