Oil industry asks Texas Supreme Court to reconsider decision in Chesapeake royalties case

A coalition of energy companies and oil industry leaders is asking the Texas Supreme Court to reconsider a 5-4 decision that it recently handed down against Chesapeake Energy Corp. in a royalties dispute. In a June 12 decision, the Texas Supreme Court upheld a lower court ruling that Chesepeake (NYSE: CHK) owed the Hyder family of Fort Worth more than $575,00 in royalties for natural gas leases on their land. The court ruled that the Oklahoma City-based company improperly deducted post-production…