Gov. Jeff Landry
BATON ROUGE — Louisiana Gov. Jeff Landry says the state is “words away” from reaching a settlement with ConocoPhillips regarding coastal damage litigation.
Speaking March 5 to the state’s Coastal Protection and Restoration Authority Governor's Advisory Council, Landry said the agreement would help the state unlock “billions of dollars in coastal investments.”
The agreement would unlock 157,000 acres for restoration and hurricane projects. Landry said the state “now has more coastal projects in the pipeline than at any point in our history. We’re moving forward, protecting lives, strengthening our coast, and getting the job done!”
Landry told the authority the agreement will give the state access to 150,000 acres held by Conoco's subsidies where the state will implement coastal restoration and preservation projects. He also said it will allow hundreds of jobs to be created.
The state claims the oil and gas giant owes the state hundreds of millions of dollars in back taxes, penalties and interests. The settlement would have ConocoPhillips may into the state’s coastal trust fund, which Landry says would allow both parties to “move our energy industry forward together.”
“That is a promise made to the people of this state and a promise we are keeping,” Landry said.
Louisiana’s lawsuits allege oil and gas companies contributed to coastal marsh damage and wetlands loss. ConocoPhillips is named in 13 of the 42 lawsuits. Previous settlements have been reached with BP, Shell, Freeport-McMoRan and Hilcorp. Terms remain confidential, and local parishes must approve the ConocoPhillips settlement before it is finalized.
Some of the plans from the settlements include a 94-mile land bridge across Plaquemines and Terrebonne Parishes to protect communities and the expansion of Port Fourchon. Federal funding approaching $480 million could support these efforts.
Last year, the first of the coastal lawsuits went to trial in Plaquemines Parish, resulting in a $745 million jury award against Chevron. That verdict is now in limbo as the companies have appealed to the U.S. Supreme Court, arguing the cases involving oil and gas production during World War II should be heard in federal court. If the Supreme Court agrees, the case could be retried.
Chevron and Exxon are the only major companies that have not settled.
