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Pennsylvania-based Rice Energy Inc. this week closed its $1.05 billion initial public offering of 50 million common shares priced at $21 per unit.

Pennsylvania-based Rice Energy Inc. this week closed its $1.05 billion initial public offering of 50 million common shares priced at $21 per unit.

A Dallas jury, in a potential landmark verdict that has attracted a lot of attention from energy companies and general counsel, ruled last Tuesday that two businesses can be involved in a legally binding partnership even when one of the parties never intended for the joint venture to be official.

The jury ordered Enterprise to pay ETP $319 million in damages for violating the corporate version of a common law marriage. The victory was the largest for prominent trial lawyer Mike Lynn and one of the largest ever awarded by a North Texas jury.

However, it did not find that Enterprise and Enbridge conspired for Enterprise to breach its duty to ETP for their partnership.

Jurors awarded ETP $319 million in actual damages to ETP, but an additional amount for restitution could be added.

The jury’s conclusion is a landmark decision for Texas business lawyers and their corporate clients for what under State law constitutes a business partnership.

The decision follows four full weeks of intensive testimony from the three oil and gas giants. ETP claimed that Enterprise violated their “Double E” partnership agreement by cutting ties with ETP to pursue a more financially viable pipeline project with Enbridge and that the two conspired to cut ETP out of their new deal.

More details as the story develops.