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BP fined $5 million for misreporting Colorado output
Posted on 7/1/10 at 11:20 am
Posted on 7/1/10 at 11:20 am
LINK
DENVER — The Interior Department has fined BP America $5.2 million for allegedly submitting false reports about energy production on an Indian reservation in Colorado.
The Interior Department said today that the U.S. unit of BP repeatedly misreported royalty rates for natural gas on Southern Ute Indian tribal lands. Interior spokesman Patrick Etchart said BP was not taking more natural gas than reported. Instead, BP at times reported erroneous royalty rates, or listed gas coming from the wrong wells, he said.
BP America spokesman Daren Beaudo said most of the errors came when BP listed royalty payments for "natural gas" instead of "coal-bed methane gas," a more specific designation with a different royalty schedule. The errors led BP to underpay the Southern Utes about $200,000, which has been repaid, Beaudo said. Beaudo couldn't say how long the error went on.
DENVER — The Interior Department has fined BP America $5.2 million for allegedly submitting false reports about energy production on an Indian reservation in Colorado.
The Interior Department said today that the U.S. unit of BP repeatedly misreported royalty rates for natural gas on Southern Ute Indian tribal lands. Interior spokesman Patrick Etchart said BP was not taking more natural gas than reported. Instead, BP at times reported erroneous royalty rates, or listed gas coming from the wrong wells, he said.
BP America spokesman Daren Beaudo said most of the errors came when BP listed royalty payments for "natural gas" instead of "coal-bed methane gas," a more specific designation with a different royalty schedule. The errors led BP to underpay the Southern Utes about $200,000, which has been repaid, Beaudo said. Beaudo couldn't say how long the error went on.
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Posted on 7/1/10 at 3:14 pm to Mudminnow
quote:
BP fined $5 million for misreporting Colorado output
We need a corporate death penalty. Full liquidation of the company, debt holders get 0. stock holders get 0. Everything goes to the cleanup and punitive damages.
Posted on 7/1/10 at 3:21 pm to Monkey
quote:
debt holders get 0. stock holders get 0.
There are so many people who have money invested that didn't even purchase the stock themselves...
Now if there could be a way to differentiate the "innocent bystanders" from those with a vested interest... large-volume individual investors ($500K or $750K and up) and BP executive shareholders, for example....
Posted on 7/1/10 at 3:25 pm to yurintroubl
quote:
Now if there could be a way to differentiate the "innocent bystanders" from those with a vested interest... large-volume individual investors ($500K or $750K and up) and BP executive shareholders, for example....
if BP's stock went to $1000, would they reap the benefits? Of course they would. BP paid a fat dividend, and the return was compensation for risk associated with their enterprise.
Well the risk has materialized, its time to pay.
Posted on 7/1/10 at 3:33 pm to Monkey
The average person whose retirement fund, 401K or similar... is managed by an outside entity that invests that person's "future" in energy/natural resources (which may include BP to varying degrees)... should NOT be punished for this. Not when there are individuals who were rampantly profiteering on an exponentially greater scale (and likely a say in business practices) out there. Surely you can appreciate the difference.
Posted on 7/1/10 at 3:36 pm to yurintroubl
quote:
The average person whose retirement fund, 401K or similar... is managed by an outside entity that invests that person's "future" in energy/natural resources (which may include BP to varying degrees)... should NOT be punished for this.
I beg to disagree. If you get the benefits of capitalism, why would you not get the downside? The free market works in both directions, not just one.
Of course, what I advocate isn't exactly the free market.
Heck, personally I think we should remove corporate limited liability and make stockholders PAY for the cleanup.
Posted on 7/1/10 at 3:44 pm to Monkey
Make that stock PURCHASERS and I'm on board with you. These people who determine how others' "future" should be invested are the ones actually receiving the current benefits from where they place other peoples' money... so there. THEY should be the ones taking the hit... not the "average hard worker" with the 401K. Problem solved.
Posted on 7/1/10 at 7:16 pm to yurintroubl
Why should they go under if they are able to pay their debts? There are 80,000 employees for BP and probably 3 times that working directly for BP projects. You are not just fricking with shareholders, you are fricking with the common worker who has no clue what is going on in Colorado or in the Gulf. Just hold BP accountable for the debts and everyone will be fine. Punishment should not be paid in flesh.
Posted on 7/1/10 at 7:18 pm to C
quote:
Why should they go under if they are able to pay their debts? There are 80,000 employees for BP and probably 3 times that working directly for BP projects. You are not just fricking with shareholders, you are fricking with the common worker who has no clue what is going on in Colorado or in the Gulf. Just hold BP accountable for the debts and everyone will be fine. Punishment should not be paid in flesh
Guy undoubtedly supported the moratorim as well. Corporations are evil, we need justice!!!
Posted on 7/2/10 at 7:53 am to acgeaux129
So the original post talks about BP making mistakes paying royalty owners and that somehow relates to the Macondo spill? Companies make mistakes all the time regarding royalty payments simply because there are humans doing to accounting and division orders. Throw in a few thousand wells to track production on and errors occur. The article seems to paint the episode as a mistake instead of sheer fraud. I'm not sure this is the best example of trying to feed the "takeover BP" agenda. I think most people agree they should pay for the damage this spill has caused and clean up as much of the oil as is possible, but we surely cannot have a communist style takeover of a private company. This article doesn't seem to be relevant imho.
This post was edited on 7/2/10 at 3:06 pm
Posted on 7/2/10 at 1:57 pm to Monkey
There is so much dumb in this thread.
Posted on 7/2/10 at 2:19 pm to Monkey
quote:
We need a corporate death penalty. Full liquidation of the company, debt holders get 0. stock holders get 0. Everything goes to the cleanup and punitive damages.
The politicians would eat the $ up and the clean up would get about 30%
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