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Resourse: FuelFix

BP faces millions of dollars in penalties and surrendered profits aftera Federal Energy Regulatory Commission judge concluded Thursday that thecompany manipulated natural gas markets in Texas in 2008.

“This is a classic case of physical for financialbenefits,” FERC Administrative Law Judge Carmen Cintron in Washington said in anon-binding ruling.

In 2013, federal energy regulators proposed a $28 million penaltyagainst BP, along with disgorgement of $800,000 plus interest. Cintron’sfindings said BP’s manipulation resulted in financial losses during 49 tradingdays.

“The evidence in this case shows that the Texas teamhad hundreds of affirmative acts in furtherance of the manipulative schemeduring the investigative period,” the judge said.

The judge’s decision will be taken up for consideration by FERC’sfive-member commission, which will issue a final ruling on the case.

BP spokesman Geoff Morrell said the company disagrees with the rulingand will appeal the decision to the full commission.

“The evidence overwhelmingly demonstrated that BP’snatural gas traders did not engage in any market manipulation,” Morrell said inan e-mail. “As the leading marketer of natural gas in North America, BP iscommitted to adhering to the highest ethical standards, conducting all tradingin compliance with all laws and regulations, and maintaining a strong controland compliance environment.”

BP previously said the case should be dismissed because the trades atissue are outside the agency’s jurisdiction. BP can appeal a final order to afederal court.

FERC brought charges against London-based BP in August 2013. Traders atBP’s Southeast natural gas desk were accused of a manipulative scheme to lowernext-day, fixed-price natural gas prices at the Houston Ship Channel hub fromSept. 18 through Nov. 30, 2008, to boost physical and financial bets.

The Thursday ruling comes after BP reached a record $18.7 billionagreement in July to settle claims from the 2010 Deepwater Horizon oil spill.

FERC began an inquiry of BP’s trading activity in November 2008, whenone of the accused traders discussed the alleged ploy on a recorded phone call.

BP was being monitored under a 2007 settlement agreement with theJustice Department and the U.S. Commodity Futures Trading Commission followingcharges that it manipulated the market for TET propane in 2003 and 2004.

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