The Dallas/Fort Worth Airport board approved an $8.2 million deal with Chesapeake Energy that will settle a lawsuit filed last year alleging the energy firm did not live up to its drilling commitments.
The settlement, which includes an $8 million payment related to the drilling commitments and a $200,000 royalty payment, still needs to be approved by the city councils of Dallas and Fort Worth.
As part of the agreement, the airport and Chesapeake will ask the court to decide whether the drilling commitment required vertical or horizontal wells. If the court sides with DFW, Chesapeake said it will pay an additional $10.2 million to the airport.
DFW claims Chesapeake failed to fulfill the terms of a 2012 settlement of a previous lawsuit, which alleged it was shortchanged on royalty payments by the Oklahoma City-based company. The airport won $5 million from Chesapeake along with assurances that it would drill more wells.
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Also at its monthly meeting, the airport board was briefed on November passenger traffic. The airport served 5,186,056 passengers in November, down 0.5 percent from November 2015.
American Airlines’ passenger traffic was down 0.1 percent, however its international traffic was up 5.4 percent for the month. The airport’s international passenger traffic overall was up 8.7 percent in November.