First Court Reverses Temporary Injunction Freezing Crude Oil Broker's Assets Over $5.6 Million Payment Dispute

A crude oil purchasing company sought to freeze $2.18 million in assets of a broker that failed to pay for 79,310 barrels of crude oil delivered in March 2023, claiming the broker's downstream counterparty Delek's nonpayment created an insolvency event under the parties' agreement incorporating ConocoPhillips General Terms and Conditions. The Houston First Court of Appeals reversed the trial court's temporary injunction, finding Apricus failed to establish irreparable harm where Axis maintained $4 million in cash and $33.6 million in receivables despite the payment dispute.