BUSINESS

BP To Plead Guilty To Criminal Environmental Charges, Pay $50 Mil Fine

03/28/2008 02:45 am 02:45:25 | Updated May 25, 2011

New BP PLC Chief Executive Tony Hayward is making sweeping moves to clean up the oil giant's operational and regulatory troubles. Among them: an expected agreement to plead guilty to U.S. criminal environmental charges and pay a $50 million fine related to a deadly Texas refinery explosion two years ago, according to people familiar with the matter.

The London-based company also is expected to pay $303 million to settle civil charges and avoid criminal prosecution in the U.S. for allegedly manipulating and cornering the propane market in 2004, said people familiar with that matter. The settlement includes a compliance overhaul that could end BP's reign as one of the oil industry's most aggressive energy traders, they said.

Read more on Wall Street Journal

Suggest a correction