Civil Plaintiff

BP Agrees to Pay $10.75 Million to Settle U.S. Natgas Market Manipulation Case

Oil major BP agreed to pay a civil penalty of $10.75 million to cover allegations company traders manipulated natural gas markets in 2008, which is less than BP has already paid in the case, U.S. energy regulators said in a filing.

The U.S. Federal Energy Regulatory Commission (FERC) alleged that BP violated the Natural Gas Act by manipulating the next-day gas market at Houston Ship Channel from mid-September through Nov. 30, 2008.

BP paid a civil penalty of $24,356,686 in December 2020 and disgorgement of unjust profits of $250,295 in January 2021 in the case. But the company paid those penalties under protest and appealed the case to the U.S. Court of Appeals for the Fifth Circuit, which remanded the matter back to FERC to reassess the civil penalty.

Read the source article at Yahoo

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