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Pharos Capital co-founder Kneeland Youngblood pursuing $900M claim against ConocoPhillips for right to land

Youngblood and his family are pursuing a lawsuit seeking over $900 million from ConocoPhillips, a crude oil producer.

Pharos Capital co-founder Kneeland Youngblood pursuing $900M claim against ConocoPhillips for right to land
Dallas-based Pharos Capital Group co-founder Kneeland Youngblood is fighting a legal battle against a company that claims to own his family's land. PHAROS CAPITAL PHOTO

Dallas-based Pharos Capital Group co-founder Kneeland Youngblood is engaged in a legal battle to safeguard his family’s heritage, according to the Wall Street Journal.

Youngblood and his family are pursuing a lawsuit seeking over $900 million from ConocoPhillips, a crude oil producer.

“If it goes to a verdict, I think we can get a lot more,” Youngblood told WSJ.

The lawsuit alleges that ConocoPhillips has unfairly denied the Youngblood family the benefits of their oil-rich land in Texas, originally owned by the Eckfords, who gained ownership post-Civil War freedom from slavery. The complexity arose when another family claimed the land after the Eckford family’s passing.

Legal experts in the energy sector are skeptical about Youngblood’s chances of success in court. Nevertheless, he sees the lawsuit as crucial to preserving his family’s history.

“This is about legacy.”

Youngblood graduated from Princeton University in 1978 and earned an M.D. degree from the University of Texas, Southwestern Medical School, in 1982. Based in Dallas, he is also a member of the Council on Foreign Relations. Furthermore, he has held leadership roles in various organizations. He was the chairman of American Beacon Funds and served as a director for Starwood Hotels, Burger King, Gap Inc., and the Teacher Retirement System of Texas. He was also a former director of the U.S. Enrichment Corporation (now Centrus Energy). Youngblood is currently the lead director at Light & Wonder, Inc., and is on the boards of The Black Economic Alliance, California Institute of Technology (“Caltech”), Core Scientific, Inc., and the Prostate Cancer Foundation.

Recently, a Texas jury confirmed the Youngblood family’s co-ownership of the land. The Korths, a white family residing on the property since World War II, had acquired Eliza Eckford’s portion upon her death. In 2008, ConocoPhillips obtained leases from the Korth family and signed agreements with some Eckford family heirs before drilling on the land.

Chico Korth, the great-grandson of the original property owner, argued that they rightfully own the entire land track due to their long-term residence, payment of taxes, and possession of deeds.

“It seems very straightforward that if you pay taxes, and you’re operating the land and you have a deed that stipulates that you are the owner of the land, then it’s yours,” he said.

The case is now awaiting a final verdict on land ownership, and the legal proceedings against ConocoPhillips are progressing to a separate court, according to the family lawyer. The Youngblood family seeks $900 million in damages, covering unpaid royalties, legal fees, and punitive damages.

“Regardless of the judgment, it’s not going to change my life,” Youngblood told WSJ. “But for many of my relatives, it could be transformative.”