Friday, August 10, 2007

BP Discloses Expanded Probe of Its Commodity Trading

Oil giant BP plc had earlier disclosed that its commodity trading operation was being investigated by the CFTC and the Department of Justice, and its most recent disclosure (here) indicates that the probe is expanding.  The company's initial disclosure was that the government was looking at trading back to 2002, but it latest filing states: "The US Commodity Futures Trading Commission and the US Department of Justice are currently investigating various aspects of BP’s commodity trading activities, including crude oil trading and storage activities, in the US since 1999, and have made various formal and informal requests for information. BP has provided, and continues to provide, responsive data and other information to these requests."  Expansion, in this case, is probably not a good thing. (ph)

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