Panhandle Eastern said it has reached a settlement.
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The Houston-based company said it agreed during arbitration proceedings to pay a total of $335 million to General Dynamics, Moore McCormack Resources and Sonatrach, an Algerian-owned oil and gas company. The three companies had alleged that Panhandle Eastern breached agreements to purchase and transport Algerian liquefied natural gas. The settlement will result in a net after-tax charge of about $460 million to Panhandle Eastern’s earnings in the second quarter.
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