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People & Business :: Companies

BP to Spend $370 Million to Settle Safety and Price-Fixing Probes

2:33 PM MDT | October 25, 2007 | Michelle Bryner and Kara Sissell

BP has agreed to pay an estimated $370 million to settle three major U.S. investigations into company wrongdoing: safety violations at its Texas City, TX site; propane price-fixing charges; and environmental fines related to leaks at the company’s Prudhoe Bay, Alaska pipeline, officials say. The agreement includes a $50 million penalty for criminal violation of EPA’s Risk Management Plan (RMP) requirements in connection with the March 2005 explosion at its Texas City refinery that killed 15 workers and injured more than 170. It is the first time a...

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