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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
1/24
\JKPL@ WPIPLW @KWPRKGP GF\RP
WF\POLRJ @KWPRKGP FN JLS [FRE
]@^ Wwlljy, Kjg., lt ih.,
]ltktkfjlrs,
v
Gfjfgf]okhhkps Gf., lt ih.,
Rlspfj`ljts.
IHKWFJ
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90-gv-
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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K
BIGECRF\J@
I ]irtkls
Poks gisl prkjgkpihhy gfjglrjs i afkjt vljturl bltwllj Gfjfgf]okhhkps ij` ]ltrfhlfs `l
^ljlzulhi, W.I. ( ]@^WI ). Wll @et. Jf. 2?, Lx. 9 ( ]irtkih Iwir` ) k99. Pol vljturl
kjvfhvl` i judblr f subsk`kirkls ij` i gfdphlx wlb f icrlldljts cfvlrjkjc tol supphy ij`
dijicldljt f tol fkh rlnkjkjc fplritkfj. Gfjfgf]okhhkps
ks
i @lhiwirl gfrpfritkfj ij` tol
pirljt f Wwlljy Wub. K`
kk
97. ]@^WI ks i ^ljlzulhij gfrpfritkfj wofhhy fwjl` by tol
^ljlzulhij cfvlrjdljt. K` k99=. ]@^ Wwlljy ij` ]@^ Plxis irl bfto kj`krlgthy wofhhy
fwjl` subsk`kirkls f ]@^WI. K`
?
;. Pwf ljtktkls gfdprksl` tol igtuih afkjt vljturl1
Dlrly Wwlljy, H.]., i @lhiwirl hkdktl` pirtjlrsokp, ij` Wwlljy Gfelr H.H.G. ( Wwlljy
Gfelr ), i @lhiwirl hkdktl` hkibkhkty gfrpfritkfj.
K`
9>. ]@^ Wwlljy ij` Wwlljy Wub wlrl
hkdktl` pirtjlrs kj Dlrly Wwlljy, H.]., wkto ligo ljtkty pfsslsskjc i 0;.< plrgljt stiel.
K`
Pol rldikjkjc 9 plrgljt kjtlrlst kj tol pirtjlrsokp wis gfjtrfhhl` by Wwlljy Gfelr, wokgo ktslhn
wis fwjl` kj lquih pirt by ]@^ Plxis ij` Gfjfgf]okhhkps.
K`
B Pol fkjt ^ljturl
Kj tol hitl 9;;=s, Gfjfgf]okhhkps, ]@^WI, ij` tolkr rlsplgtkvl subsk`kirkls gfddljgl`
i afkjt vljturl tf `lskcj, gfjstrugt, fwj, supphy, ij` fplritl rlnkjkjc nigkhktkls wktokj tol
brfi`lr gfjnkjls f i hircl rlnkjkjc gfdphlx fwjl` by Gfjfgf]okhhkps kj Plxis.
K` 9.
Poks
wis ejfwj is tol Wwlljy Rlnkjlry.
K`
99=. ]@^WI ij` kts innkhkitls supphkl` gru`l fkh
nrfd ^ljlzulhi wokgo wis tolj prfglssl` by Gfjfgf]okhhkps, wokgo oi` crlitlr rlnkjkjc ij`
fplritkfjih lxplrtksl toij ]@^WI.
K`
999. Gfjfgf]okhhkps' kjtlrlst kj tol irrijcldljt wis
toit kt wis ibhl
tf
slgurl i hfjc-tlrd, hfw-gfst sfurgl f gru`l fkh nrfd ^ljlzulhi, wokgo kt wis
2
Gisl 9190-gv-=
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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tolj ibhl tf gfjvlrt kjtf okco-vihul lj` prf`ugts. ` Pol Wwlljy Rlnkjlry ij` ftolr ijgkhhiry
nigkhktkls wlrl fwjl` by Dlrly Wwlljy, H.]. ` 990.
I judblr
fn
icrlldljts cfvlrjl` tol rlhitkfjsokp bltwllj tol virkfus pirtkls tf tol
afkjt vljturl. Pol fbhkcitkfj
fn
]@^WI ij` kts innkhkitls tf supphy Gfjfgf]okhhkps ij` tol
Wwlljy rlnkjlry wkto ^ljlzulhij gru`l fkh wis cfvlrjl` by tol Idlj`l` ij` Rlstitl` Gru`l
Fkh Wupphy Icrlldljt (tol GFWI ).
Wll
]kzzurrf @llh., Lx. 75 ]irtkih
w i r ` ~
99;. Pol
GFWI, skcjl` kj 9;;;, ks cfvlrjl` by ^ljlzulhij hiw.
Wll
]irtkih w i r ` ~ 99;. I rlhitl`
icrlldljt wis tol Idlj`l` ij` Rlstitl` Wupphldljtih Gru`l Fkh Wupphy Icrlldljt (tol
WGFWI ) bltwllj ]@^WI ij` Gfjfgf]okhhkps. Pol WGFWI, ihsf cfvlrjl` by ^ljlzulhij
hiw, fbhkcitl` ]@^WI
tf
issudl tol rlspfjskbkhkty nfr supphykjc rlphigldljt gru`l fkh, fr piy
slhhlr `idicls, tf Gfjfgf]okhhkps kj tol lvljt toit fjl fn kts subsk`kirkls wis prlvljtl` nrfd
supphykjc gru`l fkh uj`lr tol GFWI `ul
tf
tol igtkfjs
fn
tol ^ljlzulhij cfvlrjdljt.
Wll
]kzzurrf @llh., Lx. 05 ]irtkih
w i r ` ~
929.
G Pol Prijsnlr Icrlldljt ij` tol Gihh Fptkfj
Pol icrlldljt dfst `krlgthy it kssul kj toks gisl, ofwlvlr,
ks
tol Prijsnlr Icrlldljt.
Poit icrlldljt, cfvlrjl` by lw [fre hiw, rlstrkgtl` tol dijjlr kj wokgo tol pittkls gfuh`
trijsnlr afkjt vljturl kjtlrlsts.
Wll
]irtkih
w i r ` ~
99?. Pol Prijsnlr Icrlldljt `lhkjlitl`
twf gitlcfrkls
fn
fkjt vljturl kjtlrlst trijsnlrs. Pol nkrst, iutofrkzl` trijsnlrs, wlrl trijsnlrs
vfhujtirkhy di`l by tol pittkls, wokgo tol Icrlldljt subalgtl`
tf
glrtikj rlstrkgtkfjs.
Wll
]kzzurrf @llh., Lx.
2
Irt. KKK. Pol slgfj` gitlcfry, dij`itfry trijsnlrs, gfjglrjl` glrtikj
gfdpuhsfry trijsnlrs
fn
afkjt vljturl isslts.
K`.
Irt. K̂ . Dij`itfry trijsnlrs igtl` is i rldl`y
nfr Gfjfgf]okhhkps kj tol lvljt
fn
]@^WI's brligo.
Wll
]irtkih
w i r ` ~
99?. Poks wis rlnlrrl`
tf
is tol Gihh Fptkfj, wokgo gfuh` bl trkcclrl` by fjl
fn
slvlrih splgknkgihhy k`ljtknkl` gihh
7
Gisl 9190-gv-=
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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lvljts. ll ]kzzurrf @llh., Lx. 2 Irt K .̂, Wlg. 0.9. Pwf gihh lvljts k`ljtknkl` by tol Prijsnlr
Icrlldljt irl rlhlvijt tf toks gisl. Pol nkrst fggurrl`
k
i ]@^WI subsk`kiry nikhl` tf dllt kts
fbhkcitkfj tf supphy gru`l fkh uj`lr tol GFWI ij` toit nikhurl rldikjl` ujgurl` nfr ;= `iys.
K` Wlgfj`, ij` skdkhirhy, i gihh lvljt fggurrl` k ]@^WI nikhl` tf diel i piydljt fbhkcitkfj
uj`lr tol WGFWI ij` toit nikhurl rldikjl` ujgurl` nfr ;= `iys. K` \j`lr lktolr sgljirkf,
Gfjfgf]okhhkps wfuh` oivl tol rkcot tf lxlrgksl tol Gihh Fptkfj, iutfditkgihhy ihhfwkjc kt tf
igqukrl tol afkjt vljturl kjtlrlst f ]@^WI ij` kts subsk`kirkls. ll ]irtkih I w i r ` ~ 99?.
Kj tol lvljt toit fjl f tol pirtkls lhlgtl` tf lxlrgksl tol Gihh Fptkfj, tol Prijsnlr
Icrlldljt prfvk`l` twf nfrduhis nfr gihguhitkjc tol purgoisl prkgl.
K ` ~
9>
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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@ Pol @kssfhutkfj f tol Afkjt ^ljturl
Kj Aijuiry 2==;, tol ]@^WI pirtkls gurtikhl` tolkr supphy fn ^ljlzulhij gru`l fkh tf
Gfjfgf]okhhkps `ul, ihhlcl`hy, tf gutbiges kj tol prf`ugtkfj ij` lxpfrt fn gru`l fkh nrfd
^ljlzulhi.
`
920-92>. Gfjfgf]okhhkps ghikdl` kt wis `ul slhhlr `idicls uj`lr tol GFWI
ij` WGFWI ij` tol pirtkls blcij i gfrrlspfj`ljgl rlcir`kjc tol lxtljt fn
]@^WI s
hkibkhkty.
K ` ~ ~ 923-92;. Fj Iucust 2?, 2==;, Gfjfgf]okhhkps kjnfrdl` ]@^ Wwlljy ij` ]@^ Plxis
toit kt wis lxlrgkskjc tol Gihh Fptkfj uj`lr tol Prijsnlr Icrlldljt.
`
97>. Gfjfgf]okhhkps
lhlgtl` tf buy tol ]@^WI soirl
fn
tol afkjt vljturl iggfr`kjc tf tol slgfj` gfjtrigtuih nfrduhi,
wokgo rlqukrl` Gfjfgf]okhhkps
tf
piy lkcoty plrgljt
fn
tol ]@^WI pirtkls' gipktih gfjtrkbutkfjs
tf
tol afkjt vljturl dkjus ihh gipktih `kstrkbutkfjs nrfd tol afkjt vljturl tf tol ]@^WI pirtkls.
K`
9>?. Kj ellpkjc wkto tol Prijsnlr
Icrlldljt, Gfjfgf]okhhkps wis ihsf fbhkcitl` tf issudl tol ]@^WI pirtkls' futstij`kjc `lbt
fbhkcitkfjs, wokgo idfujtl` tf ipprfxkditlhy 9;< dkhhkfj. K` 9>;. Gfjfgf]okhhkps lhlgtl`
jft tf tlrdkjitl tol GFWI fr WGFWI ij` ]@^WI ij` kts innkhkitls rlsudl` sokpdljts fn gru`l
fkh kj Fgtfblr 2==;. K ` ~ 9>0.
L Pol Irbktritkfj
Pol ]@^WI pirtkls gfddljgl` irbktritkfj uj`lr tol KGG Ruhls fn Irbktritkfj fj
Nlbruiry 2
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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blgiusl kt rlsuhtl` kj i purgoisl prkgl
fn
zlrf `fhhirs nfr tolkr soirl
fn
tol
afkjt
vljturl, wokgo
tol Gfjfgf]okhhkps lxplrt wktjlss tf tol irbktritkfj vihul` bltwllj $7
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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ihsf ; \.W.G. § 2=2. Poks gisl nurtolr nihhs uj`lr tol Kjtlr-Idlrkgij Gfjvljtkfj fj
Kjtlrjitkfjih Gfddlrgkih Irbktritkfj ( Kjtlr-Idlrkgij Gfjvljtkfj ) blgiusl kt irfsl nrfd i
gfddlrgkih rlhitkfjsokp bltwllj gktkzljs
fn
skcjitfry jitkfjs tf toit Gfjvljtkfj. Wijhuks
@lvlhfpdljts H.H.G. v. GG] Wijhuks H.H.G. 0;?
N
Wupp. 2` >;;, 3=2 ([email protected].[. 2==3).
Pol Kjtlr-Idlrkgij Gfjvljtkfj splgknkls toit wolj bfto Gfjvljtkfjs ipphy,
kn
i
diafrkty
fn
tol pirtkls kf tol irbktritkfj icrlldljt irl gktkzljs
fn
stitls toit irl skcjitfrkls tf tol
Kjtlr-Idlrkgij Gfjvljtkfj ij` irl dldblr stitls fn tol Frcijkzitkfj fn Idlrkgij Wtitls, tol
Kjtlr-Idlrkgij Gfjvljtkfj dust cfvlrj. Ljlrcy Prijsp. Ht .̀
v.
D ^ Wij Wlbistkij 70? N
Wupp. 2` 9?>, 9;; ([email protected].[. 2==0) (gktkjc ; \.W.G. § 7=
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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Pwf
ekj`s
fn
igtkfjs fr prfgll`kjcs nihh uj`lr
tol
Jlw
[fre
Gfjvljtkfj ij` tolrlnfrl
ckvl
rksl
tf subalgt dittlr aurks`kg tkfj kj toks Gfurt1 nkrst, i pltktkfj nfr ij fr`lr gfjnkrdkjc ij irbktritkfj
iwir`,
sll
; \.W.G. § 2=3, ij` slgfj`, i pltktkfj nfr ij fr`lr gfdplhhkjc irbktritkfj
pursuijt
tf
ij irbktritkfj icrlldljt. Wll ; \.W.G. § 2=>. Fjhy fjl ekj`
fn
igtkfj nihhs uj`lr tol hjtlr
Idlrkgij Gfjvljt kfj, jidlhy, i pltktkfj nfr ij fr`lr tf gfjnkrd ij irbktritkfj iwir`. Wll ;
\.W.G. § 7=2. Blgiusl Rlspfj`ljts grfss-pltktkfj nfr ij fr`lr gfjnkrdkjc tol ]irtkih
Iwir`
ij`
Nkjih Iwir`, bfto tol Jlw
[fre
Gfjvljtkfj ij` Kjtlr-Idlrkgij Gfjvljtkfj, is kdphldljtl`
by tol NII,
prfvk`l
i aurks`kgtkfjih bisks nfr toks `ksputl uj`lr 2? \.W.G.
§
9779.
Ofwlvlr, kt ks kdpfrtijt tf jftl toit ]ltktkfjlrs' dftkfj tf vigitl, stij`kjc ihfjl,
wfuh`
jlglssktitl i `kstkjgt bisks nfr aurks`kgtkfj. Jlktolr tol Jlw
[fre
Gfjvljtkfj
jfr
tol Kjtlr
Idlrkgij Gfjvljtkfj diels UijyT dljtkfj fn vigitur igtkfjs. Gfurts toit oivl
spfelj
fj tol
kssul, lvlj kj `kgti, ujkvlrsihhy icrll toit nl`lrih `kstrkgt gfurts `f jft oivl frkckjih
aurks`kgtkfj
tf olir i
dftkfj
tf vigitl ij irbktrih iwir` pursuijt tf tol Gfjvljtkfj,
wolj tol dftkfj tf
vigitl ks tol sfhl bisks
fr
subalgt dittlr aurks`kgtkfj." Kjcislfsis Kjt' Gf
v
Igfjgicui
Kjvlstkjc Ht`.,
=;-gv-27=3?,
2=99SH
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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hiw ij` rlgfcjkzls `lnljsls tf tol ljnfrgldljt fn ij iwir`. ) Ofwlvlr, toks prlsicls i
grktkgih kssul j toks gisl5 jidlhy, toit tol Kjtlr-Idlrkgij Gfjvljtkfj prfvk`ls jf kj`lplj`ljt
bisks nfr vigitur lxglpt nfr tofsl bisls ivikhibhl uj`lr `fdlstkg hiw.
Khh ]LPKPKFJ PF ^ G PL POL S R@
]ltktkfjlrs rlqulst toit tol Gfurt vigitl tol ]irtkih Iwir` tf tol lxtljt kt nfuj` tol Gihh
Fptkfj prfvkskfj fn tol Prijsnlr Icrlldljt tf gfjstktutl i vihk` ij` ljnfrglibhl gfjtrigt ghiusl,
wokgo toly gfjtlj` kj nigt igtl` is ij ujljnfrglibhl pljihty. Is i hlcih bisks nfr vigitur,
pltktkfjlrs ircul toit Irtkghl
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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uj`lrdkjkjc tol twkj cfihs fn irbktritkfj, jidlhy, sltthkjc `ksputls lnnkgkljthy ij` ivfk`kjc hfjc
ij` lxpljskvl hktkcitkfj.
Ljgyghfpil`ki \jkvlrsihks
WI v
Ljgyghfpil`ki Brktijjkgi, Kjg.,
0=7
N.7` ?; N
Wupp. 2` 02, >>< N.7` 7?0, 7;3 (2` Gkr. 2=99)).
Pol Jlw [fre Gfjvljtkfj prfvk`ls k`ljtkgih crfuj`s nfr rlnuskjc tf rlgfcjkzl ij irbktrih iwir`
ij` gfurts wktokj toks Gkrgukt oivl skdkhirhy `lsgrkbl` tolsl crfuj`s is `lnljsls tf
ljnfrgldljt. Wll, l.c., Plhljfr Dfbkhl Gfddg js IW v Wtfrd HHG,
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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virkfus `lnljsls tf i pltktkfj tf ljnfrgl ij iwir`, but `fls jft prfvk`l ij kj`lplj`ljt bisks nfr
sllekjc vigitur.
Wll [usunIodl` Ihcoijkd Wfjs
v.
Pfys R
\s
Kjg.,
92> N.7` 9> (BLJ) (JHW), 2=9= SH 2?0-?< ([email protected].[. 2==7)
(ofh`kjc toit i gfurt ipphykjc tol Kjtlr-Idlrkgij Gfjvljtkfj diy vigitl ij irbktritkfj iwir`
bisl` fj tol crfuj`s rlgfcjkzl` kj ; \.W.G. § 9F i)) (gktkjc Kjtlrjitkfjih Kjs. Gf. v. Giai
Jigkfjih
`l Iofrrf v Wlcurf, FF-gv->3=7, 2==9 SH 722==
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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Nkjihhy, tol Wlgfj` Gkrgukt ois rlgfcjkzl` fjl jfj-stitutfry pito tf vigitur uj`lr tol
Jlw [fre Gfjvljtkfj ij` tol Kjtlr-Idlrkgij Gfjvljtkfj. "Kj i``ktkfj tf tol stitutfry
prfvkskfjs, ij iwir` diy bl vigitl`
k
kt wis rlj`lrl` kj 'dijknlst `ksrlcir`
f
tol Aiw."'
Bijgf `l Wlcurfs, 2?< (quftkjc Crlljblrc v. Blir, Wtlirjs Gf. 22= N.7`
22, 2? (2` Gkr. 2===)). Pol gfjtkjul` lxkstljgl f toks `fgtrkjl ois bllj gist kjtf `fubt by tol
Wuprldl Gfurt's `lgkskfj kj
Oihh Wtrllt Issfgkitls,
H.H.G.
v. Dittlh, Kjg.,
32 j.7 (2=9=). Iggfr`kjchy, gfurts wktokj tol
Wlgfj` Gkrgukt oivl gfjtkjul` tf rfutkjlhy ipphy tol `fgtrkjl.
Wll, l.c., ]isoi
v.
Aijslsoek,
90-
gv-9?3=, 2=9< SH 9=>99>0, it * 9 (2` Gkr. Dir. 92, 2=9
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@kst. Gfujgkh Slhnirl Nuj`, ]ljskfj Nuj ,̀ Ijjukty Nuj̀ , Prikjkjc ]rfcrid Nuj` v
Jigkrldi Ljvth. Wlrvs. Gf., 97-gv-7>;
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`lnlrljtkih `fgtrkjl fn dijknlst `ksrlcir` lxksts is i jfj-stitutfry bisks nfr vigitur).
Iggfr`kjchy, tol Gfurt jfw dust `ltlrdkjl woltolr fr jft ]ltktkfjlrs irl ljtkthl` tf vigitur
uj`lr tol stitutfry crfuj`s fn
tol NII fr tol `fgtrkjl
fn
dijknlst `ksrlcir`.
B Ipphkgitkfj
Blgiusl ]ltktkfjlrs slle tf slt isk`l tol ]irtkih I wir` fj tol bisks fn i jfj-lxkstljt
pubhkg pfhkgy ritkfjihl nfr vigitur, tolkr dftkfj `fls jft `krlgthy i``rlss woltolr tol irbktrih
]ijlh dijknlsthy `ksrlcir`l` tol hiw fr woltolr fjl fn tol nfur stitutfry crfuj`s nfr vigitur
uj`lr tol NII ks ipphkgibhl. Pol Gfurt wkhh gfjstrul ]ltktkfjlrs' dftkfj is sllekjc tf vigitl
tol ]irtkih I wir` uj`lr tofsl hlcih crfuj`s igtuihhy ivikhibhl tf told.
Nuj`idljtihhy, ]ltktkfjlrs gfjtlj` toit tol ]ijlh crfsshy dksipphkl` wlhh-lstibhksol`
Jlw [fre gfjtrigt hiw rlcir`kjc tol ljnfrglibkhkty
fn
gfjtrigt prfvkskfjs fplritkjc is i pljihty.
Wll ]lt s B r ~ ~ 3, 9>; ([email protected].[. 9;;=) (gktkjc Brlgolr
v
Hikekj, 07= N.Wupp. 9=7, 9=> ([email protected].[.
90
Gisl 9190-gv-=
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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9;33)). Ofwlvlr, kt ks nir nrfd ghlir toit toit `fgtrkjl gfjtrfhhl` tol `kspfsktkfj fn toks gisl.
Rlspfj`ljts tffe tol pfsktkfj toit i gfjtrigt ghiusl gij fjhy bl `lldl` ij ujljnfrglibhl
pljihty kn kt diy ihsf bl gitlcfrkzl` is i hkquk`itl` `idicls ghiusl. Wll ]irtkih Iwir` 93?-
9?3. ]ltktkfjlrs, fj tol ftolr oij`, ircul` toit gfjtrigtuih pljihtkls wlrl jft jlglssirkhy
gfjgfdktijt wkto hkquk`itl` `idicls ghiusls ij` toit ijy ghiusl gfuh` bl `lldl` i pljihty sf
hfjc is kt dlt fjl fn i judblr fn tlsts lstibhksol` by Jlw [fre hiw. K` 932-933. Pol ]ijlh
uhtkditlhy grl`ktl` tol Rlspfj`ljts' pfsktkfj, gfjghu`kjc toit tf nkj` toit tol gfjglpt
fn
ujljnfrglibhl pljihty ks kj`lplj`ljt nrfd tol gfjglpt fn hkquk`itl` `idicls wfuh` uj`uhy
`lpirt nrfd
Jlw
[fre hiw.
K`
9?;. Blgiusl tol ]ijlh nurtolr gfjghu`l` toit tol Gihh
Fptkfj igtl` is i tlrdkjitkfj prfvkskfj, ritolr toij i hkquk`itl` `idicls prfvkskfj, kt gfjghu`l`
tolrl wis jf jll` tf `ltlrdkjl woltolr tol ghiusl gfuh` bl `lldl` i pljihty.
K`
]ltktkfjlrs kjskst toit tol ]ijlh lrrl`. Pol Gfurt `fls jft `ksgfujt toit pfsskbkhkty, but
]ltktkfjlrs oivl jfjltolhlss nikhl` tf dllt tolkr bur`lj
fn
`ldfjstritkjc tol lxkstljgl
fn
i
ghlirhy cfvlrjkjc hlcih prkjgkphl ij` tol irbktritfr's dijknlst `ksrlcir`
fn
sugo i prkjgkphl.
j
rl Irbktritkfj Bltwllj Itolrtfj Fjhkjl ^k l̀f Jltwfre Kjg. 230 N Wupp. 2` )).
Jf sugo ghirkty lxksts kj toks gisl. Jlktolr pirty ois kjtrf`ugl` ijy hlcih iutofrkty toit
gfjghuskvlhy ijswlrs tol qulstkfj put blnfrl tol ]ijlh gfjglrjkjc woltolr tol Gihh Fptkfj igtl`
is i pljihty. ]ltktkfjlrs kjtrf`ugl twf iutofrktkls fj tol kssul. Pol nkrst, tol Rlstitldljt
9<
Gisl 9190-gv-=
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(Wlgfj`) fn Gfjtrigts, jftls kj i gfddljt toit i gfurt wkhh hffe tf tol substijgl
fn
tol
icrlldljt tf `ltlrdkjl woltolr tol pirtkls oivl ittldptl` tf `kscuksl i prfvkskfj nfr i
pljihty, kjghu`kjc tofsl toit purpfrtUT tf phigl i vihuitkfj fj prfplrty tf bl `lhkvlrl`.
Rlstitldljt (Wlgfj`) fn Gfjtrigts § 7 gdt g (9;?9 . But tol igtuih substijgl fn toit slgtkfj
fn tol Rlstitldljt, jftibhy tkthl` Hkquk`itl` @idicls ij` ]ljihtkls, stitls ujlqukvfgihhy toit
i tlrd nkxkjc ujrlisfjibhy hircl hkquk`itl` `idicls ks ujljnfrglibhl fj crfuj`s
fn
pubhkg
pfhkgy is i pljihty.
K`
§ 7(9) (ldpoisks i``l`). Kt wis oir`hy ujrlisfjibhl nfr tol ]ijlh tf
gfjghu`l fj tol bisks fn toks iutofrkty toit i 'tlrd nkxkjc ujrlisfjibhy hircl hkquk`itl` `idicls'
ks i prlrlquksktl tf `lldkjc i ghiusl 'ujljnfrglibhl fj crfuj`s
fn
pubhkg pfhkgy is i pljihty.'
]ltktkfjlrs nurtolr gktl Kj
rl
= ]
D Hliskjc Wlrvs., Kjg., 27
B.R. 9=0 (Bijer. [email protected].[.
9;?2), wokgo stij`s fjhy nfr tol prfpfsktkfj toit hiblhs irl krrlhlvijt kj `ltlrdkjkjc woltolr i
ghiusl igts is i pljihty. But jftokjc kj tol ]irtkih Iwir` gfjtri`kgtl` toit biskg prfpfsktkfj. Kj
nigt, tol ]irtkih Iwir` phikjhy stitl` toit tol Prkbujih icrlls wkto tol Ghikdijts Uk.l.
]ltktkfjlrsT toit tol hiblh ckvlj tf i prfvkskfj `fls jft dittlr.
Wll
]irtkih Iwir` r 9?;.
Jftokjc lhsl kj toit gisl suppfrts tol ]ltktkfjlrs' ircudljt toit ujljnfrglibhl pljihtkls lxkst
kj`lplj`ljthy
fn
hkquk`itl` `idicls ghiusls. Kj`ll`, tol nigts
fn
toit gisl splgknkgihhy
gfjglrjl` i hkquk`itl` `idicls ghiusl ij` tol gfurt olh` jftokjc dfrl toij toit kt wfuh` jft
ljnfrgl i hkquk`itl` `idicls ghiusl toit ks kj rlihkty i pljihty.
K`
it 999. ]ltktkfjlrs diy
tolrlnfrl oivl `ldfjstritl` tol lxkstljgl fn i wlhh-lstibhksol` `fgtrkjl fnJlw [fre hiw, but
toly oivl jft `ldfjstritl` kts fbvkfus ipphkgitkfj tf toks gisl.
I``ktkfjihhy, ]ltktkfjlrs oivl nikhl` tf `ldfjstritl toit tol ]ijlh, tofuco iwirl
fn
cfvlrjkjc prlgl`ljt, rlnusl` tf ipphy kt fr kcjfrl` kt ihtfcltolr.
Sihhigl,
73? N.7` it 9?;-;=.
Kj nigt, tol ]ijlh gfjsk`lrl` tol pfsktkfj
fn
bfto pirtkls lxtljskvlhy, kjghu`kjc tol ]ltktkfjlr's
9>
Gisl 9190-gv-= fn 20
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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ircudljt toit tol Gihh Fptkfj igtl` is i pljihty. Wll ]irtkih Rlpfrt kkk 932-9?3. Poit tol ]ijlh
uhtkditlhy grl`ktl` tol Rlspfj`ljts' pfsktkfj
ks
jft lvk`ljgl fn dijknlst `ksrlcir` nfr tol hiw.
Kj sud, UtTolrl ks jf lxphkgkt lvk`ljgl kj tol rlgfr` toit ijy fn tol irbktritfrs blhklvl` toit
Uujljnfrglibhl pljihtyT hiw ipphkl`. Jfr ks tolrl ijy `lhkblritljlss fr wkhhnuhjlss lxokbktl`
wktokj tol iwir` toit sofws tol irbktritfrs' kjtljt tf nhfut tol hiw. Pol irbktritfrs' rlisfjkjc
`fls jft strikjUT grl`uhkty. Wll Sklj Dihekj HH] v Olhdshly-Wplir, Kjg., > J.[.7` 039,
0?0 (2==>) (gktkjc Slstlrblel, 7=0 N 7` it 29>) (kjtlrjih quftitkfjs rldfvl`). Pol ]ijlh wis
iwirl fn tol hlcih prkjgkphls toit tol ]ltktkfjlrs blhklvl suppfrtl` tolkr pfsktkfj, but uhtkditlhy
`ltlrdkjl` toit toly `k` jft ipphy. Poit ks jft i nhfutkjc
fn
tol i`au`kgitkvl prfglss, but ritolr
kts usuih nujgtkfjkjc.
Wll Woijcoik Nff`stunns Kdp. Lxp. Gfrp.
v
Kjt' Gold., Kjg.,
;;-gv-
772= (RGG), 2==0 SH 297=9;, it 7 ([email protected].[. Nlb. 0, 2==0) (gktkjc Bijgf `l Wlcurfs `l
Lsti`f v Dutuih Dirkjl Fnnkgl, Kjg., 700 N.7` 2 N.7` 9290, 929> (2` Gkr. 2==2) (gktkjc Wklclh
v Pktij Kj`us. Gfrp., 33; N.2` ?;9, ?;2-;7 (2` Gkr. 9;?
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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uhtkditl gfjghuskfj, kt gfjsk`lrl` tol ircudljts fn bfto pirtkls, rlvklwl` tol pl9kkjljt nigts ij`
stitl gisl hiw, ij` ittldptl` kts fwj rlisfjl` ipphkgitkfj fnJlw [fre hiw tf tol nigts fn tol
gisl.
Wll
]irtkih Iwir` 9??-299. Pol ]irtkih Iwir` prfvk`ls ij lxphijitkfj fn woy tol
]ijlh grl`ktl` tol Rlspfj`ljts' vlrskfj fn tol hiw fvlr ]ltktkfjlrs' ij` glrtikjhy fnnlrs i
birlhy gfhfribhl austknkgitkfj fn tol rlsuht.
Wll Sihhigl
73? N.7` it 9;=. Ghlirhy tolrl `k`
jft lxkst olrl 'dfrl toij lrrfr fr dksuj`lrstij`kjc wkto rlsplgt tf tol hiw.' Kj
rl Irbktritkfj
Bltwllj ]OW. ^IJ FDDLRLJ
J
^
v
AJF. DgGihh Gfih Lxp. Gfrp.
?;-gv->? (ADS),
9;;= SH 990300, it *0 ([email protected].[. Ipr. 23, 9;;=) (quftkjc Bfbelr ?=? N.2` it ;77).
Blgiusl ]ltktkfjlrs oivl nikhl` tf `ldfjstritl toit tol ]ijlh dijknlsthy `ksrlcir`l`
rlhlvijt hiw, ij` blgiusl tol stitutfry crfuj`s nfr vigitur kj tol NII irl ghlirhy kjippfsktl
tf
toks gisl, ]ltktkfjlrs' dftkfj tf vigitl ks `ljkl`.
K^. GRFWW-]LPKPKFJ PF GFJNKRD RLGFCJKQL IJ@ LJNFRGL POL
ISIR@
Rlspfj`ljts grfss-pltktkfj nfr gfjnkrditkfj
fn
tol ]ijlh's ]irtkih Iwir` ij` Nkjih
Iwir`. Nfr tol rlisfjs blhfw, tol grfss-pltktkfj ks crijtl`.
I Hlcih Wtij`ir`
Pol Rlspfj`ljts' grfss-pltktkfj ks skdkhirhy cfvlrjl` by tol Kjtlr-Idlrkgij Gfjvljtkfj,
wokgo ipphkls gf-lxtljskvlhy wkto tol Jlw [fre Gfjvljtkfj.
Wll ]rf`ugtfs Dlrgijtkhls
27
N.7` it 0
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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Cftt`kljlr,
0>2 N.7` ;).
Wll ihsf
N
Ofnndijj-Hi Rfgol Ht̀ .
v
Ykiclj
Ciktolrsburc, Kjg., 37= N. Wupp. 2` 79?, 772 ([email protected].[. 2=9=). Poks hkdktl` rlvklw ks jlglssiry
tf ivfk` uj`lrdkjkjc tol twkj cfihs fn irbktritkfj, jidlhy, sltthkjc `ksputls lnnkgkljthy ij`
ivfk`kjc hfjc ij` lxpljskvl hktkcitkfj. '
Ljgyghfpil`ki \jkvlrsihks,
0=7 N.7` it ;= (quftkjc
[usun5
92> N.7` it 27).
@lspktl tol jfrdihhy rfutkjl jiturl fn gfjnkrdkjc irbktrih iwir`s, Irtkghl ^ fn tol Kjtlr
Idlrkgij Gfjvljtkfj prfvk`ls toit tol rlgfcjktkfj ij` lxlgutkfj fn ij irbktrih `lgkskfj diy
ihsf bl rlnusl` kn tol gfdpltljt iutofrkty fn tol Wtitl kj wokgo tol rlgfcjktkfj ij` lxlgutkfj ks
rlqulstl` nkj`s1 UtToit tol rlgfcjktkfj fr lxlgutkfj
fn
tol `lgkskfj wfuh` bl gfjtriry tf tol
pubhkg pfhkgy ( fr`rl pubhkg ) fn toit Wtitl. Wll Kjtlr-Idlrkgij Gfjvljtkfj, Irt. ^(2)(b).
7
Iggfr`kjchy, tol ]ltktkfjlrs' pubhkg pfhkgy ircudljts `f nkj` i ofdl kj tol Gfjvljtkfj 's
splgknkgihhy ljudlritl` `lnljsls
tf
ljnfrgldljt, rlgfcjktkfj, ij` gfjnkrditkfj fn ij irbktrih
iwir`, lvlj tofuco pubhkg pfhkgy prfvk`ls jf innkrditkvl crfuj` nfr vigitur uj`lr tol Kjtlr
Idlrkgij Gfjvljtkfj fr NII.
Wll, l.c., Hij`lr,
9=3 N.7` it 03?5
[usun,
92> N.7` it 22.
Jfjltolhlss, tol pubhkg pfhkgy `lnljsl sofuh̀ bl gfjstrul` jirrfwhy. Sitlrsk`l
Fglij Jivkcitkfj
Gf v
Kjtlrjitkfjih Jivkcitkfj Ht`.,
373 N.2` 9
([email protected].[. 2==0) (quftkjc
]irsfjs Sokttldfrl Fvlrslis
Gf v
Wfgkltl Cljlritl `l
H'hj`ustrkl `u ]ipklr,
;,
;37 30
(2` Gkr. 9;30)). Iggfr`kjchy, Irtkghl ^(2)(b) ois
bllj rli` tf ljgfdpiss fjhy tofsl gkrgudstijgls wolrl ljnfrgldljt wfuh` vkfhitl fur dfst
7
Pol Jlw [fre Gfjvljtkfj gfjtikjs ij k`ljtkgih prfvkskfj.
Wll
29 \.W.P. 2
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
20/24
biskg jftkfjs fn dfrihkty ij` austkgl. Plhljfr,
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Iwir` wfuh` vkfhitl tol dfst biskg jftkfjs
fn
dfrihkty ij` austkgl, tol grfss-pltktkfj dust bl
crijtl`.
@lspktl rlstkjc tolkr ircudljts nfr vigitur ij` `ljkih fn gfjnkrditkfj fj pubhkg pfhkgy
crfuj`s, ]ltktkfjlrs nikh tf dljtkfj tol wlhh-lstibhksol` stij`ir` nfr rlnuskjc gfjnkrditkfj fn ij
iwir` `ul tf pubhkg pfhkgy.
Wll l.c. Ickhkty ]ub. Sirlofuskjc
Gf
E.WG.
]rfn
Gfjtrigt
I`dkjkstritfrs v Wuprldl Nff`slrvkgl CdbO 0;< N Ipp'x 90;, 9
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
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lvksglritl tol vlry cfih
fn
tol Gfjvljtkfj. Gfutkjof Girf
Gf
\W.I. v Dirgus Pri`kjc,
Kjg., ;2(ISP), 2=== SH 07, it *92 (@. Gfjj. Dir. 90, 2===).
Pol ]ijlh's ihhlcl` dksipphkgitkfj
fnJlw
[fre gfjtrigt hiw gfjglrjkjc ujljnfrglibhl
pljihtkls `fls jft vkfhitl tol stitl
fr
jitkfj's dfst biskg jftkfjs fn dfrihkty
fn
austkgl. Wugo
jftkfjs dkcot bl tirjksol` kn tol `lnlj`ijt's `ul prfglss rkcots oi` bllj vkfhitl`- nfr
lxidphl,
kn
`lnlj`ijt oi` bllj subalgt tf ijy gflrgkfj fr ijy pirt
fn
tol icrlldljt oi` bllj tol
rlsuht fn `urlss. Idlrfpi IC v Oivk Fglij
Gf
HHG, 9F-gv-720= (P]C), 2=99 SH , 2=99) (gktkjc
Prijsdirkjl Wliwiys Gfrp. qn Dfjrfvki
v
Dirg Rkgo
Gf
I.C.,
0?=
N.
Wupp. 7
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innkrdl` tol hfwlr ipplhhitl gfurt's `ltlrdkjitkfj toit tol irbktrih iwir` sofuh` bl gfjnkrdl`
`lspktl ghlirhy kdpfskjc i pljihty.
Wll Issfgkitl` Clj Gfjtrigtfrs Jlw [fre Wtitl Goiptlr
Kjg
v Wivkj Brfs. 0< [email protected]` 97>, 900 (J.[. Ipp. @kv. 9;30). Poks gisl ois bllj gktl` nfr tol
sidl prfpfsktkfj by i gfurt wktokj toks @kstrkgt. Wll IP P Gfrp. v ]ub. Wlr. Ljtlrp. fn]i.
Kjg.
;?-gv->977 (HI]), 9;;; SH >32, 9;;;) (gktkjc
Dittlr fn
Issfgkitl` Clj Gfjtrigtfrs 7>
J.
[.2` it ;
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8/20/2019 PDV Sweeny v ConocoPhillips - USDC SDNY - Order & Opinion Confirming ConocoPhillips Award - 1 September 2015
24/24
@itl`1
~ ,
=9<
lw
r
lw
[fre
Gisl 9190-gv-=