This is one of numerous opinions dealing with the bankruptcy of SemGroup and various affiliated parties. In this case, Chevron is seeking relief from the automatic stay provisions to effect a setoff of certain debts that are owed or owing between it and three of the debtors in the case. At the time of the filing of the bankruptcy petitions, SemGroup and its affiliate companies provide various goods and services to the oil and gas industry including gathering, transporting, storing, blending, marketing and distributing crude oil and natural gas products throughout the United States. Chevron executes contracts with three affiliates that provide for the sale or purchase of crude oil, regular unleaded gasolilne, and/or butane, isobutene and propane. Some of the relevant contracts provide that if either party fails to make a timely payment of monies due or fails to make a timely delivery of a product or products, the non-breaching party may offest any deliveries or payments due under the agreements with the contracting party and their affiliates.
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