BP Faces Fines as Judge Sees Texas Gas-Market Manipulation
BP Breakup Worth $100 Billion to JPMorgan on Strategy Doubts
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BP Plc faces millions of dollars in penalties and surrendered profits after a Federal Energy Regulatory Commission judge concluded Thursday that the natural gas producer manipulated markets in Texas in 2008.
BP artificially lowered the price of gas at a Houston hub in 2008 for financial gain, FERC Administrative Law Judge Carmen Cintron in Washington said in a non-binding ruling. The judge’s decision will be voted on by FERC’s five-member commission, which will issue a final ruling on the case.