The dustup over the Federal Energy Regulatory Commission’s decision to levy a fine against BP plc in a 2008 market manipulation case appears far from over. Last week BP filed a petition in the United States Court of Appeals for the Fifth Circuit asking the Court to step into the case [IN13-15] to review portions of July’s opinion No. 549 which imposed a $20.16 million fine and ordered BP to disgorge $207,169 (see Daily GPI, July 12; Aug. 13, 2015). And late on Monday, in response to a request from BP, FERC put the disgorgement on hold when it was discovered that the Texas Low Income Home Energy Assistance Program which was to receive the funds was not authorized to receive awards from FERC. The Commission also effectively tabled for now challenges to the main part of its decision by ordering rehearing for further consideration. BP detailed what it claimed were dozens of errors and inconsistencies that rendered opinion No. 549 “arbitrary, capricious, and contrary to law” (see Daily GPI, Aug. 12).
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Court Affirms $200M in FERC Imposed Market Manipulation Penalties
The U.S. Court of Appeals for the Ninth Circuit in California last Thursday continued to uphold penalties against market manipulation dating back to the western energy crisis of 2000-01.
BP Seeks Rehearing of FERC’s $20M Decision in 2008 Market Manipulation Case
BP plc has requested a rehearing of a FERC decision last month that affirmed the findings of an administrative law judge (ALJ) and levied a $20.16 million fine against the London-based supermajor in a 2008 market manipulation case, saying it “is not the product of reasoned decisionmaking and is not supported by substantial evidence.”
NGI The Weekly Gas Market Report
BP Profit Down on Weaker Refining
BP plc second quarter profit was off sharply from a year ago but it increased sequentially as the major producer continued to tout “drawing a line under” Macondo well blowout costs, as well as the success of cost-cutting efforts company-wide.
BP’s Dudley Talks Supply/Demand Coming into Balance, Suggests U.S. Policymakers Engage in ‘Sensible’ Energy Reforms
The oversupply that has gripped the energy complex may be moving into balance, but the massive transition by producers continues in the age of surplus oil and natural gas, which has forced all energy companies “to quickly adapt or perish,” BP plc Group CEO Bob Dudley said Thursday.
U.S. NatGas, Oil Resources Lead ‘Age of Plenty,’ Says BP
World natural gas production grew last year but across every region — led by North America — prices slumped, with Henry Hub at its lowest level since 1999, as the continued surge in output swamped anemic demand, BP plc said Wednesday.
E&P Distress, Regulations Among ‘Variables and Uncertainties’ Impacting NatGas, BP Exec Says
With so many “variables and uncertainties” impacting the natural gas industry looking ahead, risk management will be key for market participants, according to BP Energy Co. CEO Orlando Alvarez.
E&P Distress, Regulations Among ‘Variables and Uncertainties’ Impacting NatGas, BP Exec Says
With so many “variables and uncertainties” impacting the natural gas industry looking ahead, risk management will be key for market participants, according to BP Energy Co. CEO Orlando Alvarez.
BP Shareholders Reject Dudley’s Pay Raise; Chairman Says, ‘We Hear You’
BP plc shareholders staged a rare protest at the usually sedate annual meeting in London Thursday, roundly rejecting a decision to increase CEO Bob Dudley’s 2015 compensation by 20%, despite massive job cuts and record losses.
BP Shareholders Reject Dudley’s Pay Raise; Chairman Says, ‘We Hear You’
BP plc shareholders staged a rare protest at the usually sedate annual meeting in London Thursday, roundly rejecting a decision to increase CEO Bob Dudley’s 2015 compensation by 20%, despite massive job cuts and record losses.
