Commodity

In its annual report to Congress, the Commodity Futures Trading Commission (CFTC) said it brought eight major enforcement actions against energy companies in fiscal 2003 as a result of its “extensive investigation of alleged abuses in energy-related markets.” And, it added, more are in store.

The Commodity Futures Trading Commission “has wrapped up nearly all the energy investigations of companies” that were begun in late 2002, and is now looking at only a “few remaining companies” and individuals at energy firms that it believes engaged in market misconduct, Chairman James E. Newsome told a group of attorneys.

The Commodity Futures Trading Commission “has wrapped up nearly all the energy investigations of companies” that it began in late 2002, and is now looking at only a “few remaining companies” and individuals at the energy firms who were responsible for market misconduct, Chairman James E. Newsome told a group of attorneys Friday.

Despite higher commodity prices and a contribution from Russian exploration, BP plc’s earnings fell flat in the final quarter of 2003, pulled down by a weak U.S. dollar and restructuring charges. Quarterly profit was $2.67 billion, up 1% above $2.64 billion reported a year ago, but below Wall Street’s forecast of $3.01 billion.

Despite higher commodity prices and a contribution from Russian exploration, BP plc’s earnings fell flat in the final quarter of 2003, pulled down by a weak U.S. dollar and restructuring charges. Quarterly profit was $2.67 billion, up 1% above $2.64 billion reported a year ago, but below Wall Street’s forecast of $3.01 billion.

The Commodity Futures Trading Commission (CFTC) announced several new initiatives as part of its comprehensive review of the effectiveness of self-regulation in the futures industry.

Top U.S.-based independent Devon Energy Corp.’s earnings and production surged in 2003 on higher commodity prices and its significant acquisition of Ocean Energy, the company said Thursday. Net earnings climbed more than 1,500%, assuring last year as the most profitable in Devon’s history.

The Commodity Futures Trading Commission (CFTC) announced last Wednesday it reached settlements totaling $50 million with six energy trading companies resolving charges that they knowingly reported false information on natural gas trades to index publishers. Two of the firms also were charged with attempted manipulation of gas prices.

The Commodity Futures Trading Commission (CFTC) said Wednesday it reached settlements totaling $50 million with six energy trading companies resolving charges that they falsely reported information on natural gas trades to index publishers. Two of the firms also were charged with attempted manipulation of price indexes.