As a result of the settlement, (click here) U.S. District Judge Carl Barbier
adjourned the trial before it was set to begin on Monday, to allow court
proceedings to focus on the environmental penalties that BP, Anadarko
Petroleum, Triton Energy and Transocean may face as a result of
violating the Oil Pollution and Clean Water Acts.
The petroleum industry is among the most corruption corporations in the world. Nothing stops them from using their money to corrupt governments and rob nations of their natural resources while leaving their pollution to clean up.
In the case of Triton Energy's payment for their stunts in Indonesia was nothing. These companies don't even feel the pain, but, because it sounds like a lot of money to most the settlements are considered an achievement. I guarantee if I looked into any of the settlements I could find a lot of 'side effects' of the pollution that was never included as the petroleum industry's responsibility.
By LESLIE EATON
Published: February 28, 1997
The Triton Energy Corporation,(click here) an international oil and gas development company based in Dallas, agreed yesterday to pay $300,000 to settle Federal charges stemming from bribes that a subsidiary paid to Indonesian Government officials in 1989 and 1990.
The unusual complaint was brought by the Securities and Exchange Commission, which contends that Triton officials not only made payments that violated the Foreign Corrupt Practices Act, but also falsified their records to make the bribes appear to be routine business payments.
Six former company officials, including a onetime Triton president, were named in the civil suit filed in United States District Court in Washington or in a related administrative proceeding. All but one settled with the S.E.C. and, like Triton, neither admitted nor denied the commission's charges. The remaining official, Richard L. McAdoo, a former vice president of Triton Indonesia who was named in the civil suit, intends ''to assert his innocence of any wrongdoing and to contest the charges,'' his lawyer, Henry Putzel, said....
Anadarko Petroleum is a defendant in the Deepwater Horizon oil disaster. They are dumpers that have set precedent for other companies like Duke Energy. At one point their dumping polluted Lake Mead. It was decades before all the effects of their dumping was cleaned up. As far as I am concerned, this settlement is nearly appropriate. 85 years of dumping to have the taxpayer clean up the mess.
By Nick Brown
(Reuters) - Energy company Anadarko Petroleum Corp(click here) agreed on Thursday to pay more than $5 billion to clean up areas across
the United States polluted by nuclear fuel, wood creosote and rocket
fuel waste that caused cancer and other health problems.
The agreement resolves a long-running lawsuit against the Kerr-McGee energy and chemical company, which Anadarko bought in 2006. The case was brought by a trust representing the U.S. government, 11 state governments, Indian tribes and individuals.
The trust was seeking cleanup costs at more than 2,000 sites nationwide. It was also seeking payment for claims from more than 8,000 people who said their exposure to Kerr-McGee's wood treatment plants in Avoca, Pennsylvania and Manville, New Jersey caused cancer, which in some cases led to death.
"If you are responsible for 85 years of poisoning the earth, you are responsible for cleaning it up," the U.S. Attorney for Manhattan, Preet Bharara, said at a news conference announcing the settlement....
The original liabilty was expected to be 3 to 4 times higher than this. For as egregious the offenses of this industry, the fines should send their stocks into the 'penny stock' column. Ask me what I care.
Dec 13, 2013 12:01 AM ET
Anadarko Petroleum Corp. (APC) (click here) and its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox Inc. and may have to pay as much as $14 billion related to environmental cleanup and health claims, a judge ruled.
Anadarko plunged 9.3 percent in after-hours trading, cutting its market value to $38 billion. The judge's ruling yesterday weighed how much money can be recovered from a successor to a polluting company, even after bankruptcy has ostensibly cleaned the slate of obligations. The company said it expects to appeal the ruling.
The case stems from Kerr-McGee’s spinoff of its chemicals business and old environmental liabilities as Tronox beginning in 2005. About three months after that transaction was completed, Anadarko offered to buy Kerr-McGee’s oil and natural gas assets for $18 billion.
Burdened by environmental debts, Tronox filed for bankruptcy in 2009 and sued Anadarko and Kerr-McGee the same year. A nonjury trial was held before U.S. Bankruptcy Judge Allan Gropper in Manhattan in 2012...
The petroleum industry is among the most corruption corporations in the world. Nothing stops them from using their money to corrupt governments and rob nations of their natural resources while leaving their pollution to clean up.
In the case of Triton Energy's payment for their stunts in Indonesia was nothing. These companies don't even feel the pain, but, because it sounds like a lot of money to most the settlements are considered an achievement. I guarantee if I looked into any of the settlements I could find a lot of 'side effects' of the pollution that was never included as the petroleum industry's responsibility.
By LESLIE EATON
Published: February 28, 1997
The Triton Energy Corporation,(click here) an international oil and gas development company based in Dallas, agreed yesterday to pay $300,000 to settle Federal charges stemming from bribes that a subsidiary paid to Indonesian Government officials in 1989 and 1990.
The unusual complaint was brought by the Securities and Exchange Commission, which contends that Triton officials not only made payments that violated the Foreign Corrupt Practices Act, but also falsified their records to make the bribes appear to be routine business payments.
Six former company officials, including a onetime Triton president, were named in the civil suit filed in United States District Court in Washington or in a related administrative proceeding. All but one settled with the S.E.C. and, like Triton, neither admitted nor denied the commission's charges. The remaining official, Richard L. McAdoo, a former vice president of Triton Indonesia who was named in the civil suit, intends ''to assert his innocence of any wrongdoing and to contest the charges,'' his lawyer, Henry Putzel, said....
Anadarko Petroleum is a defendant in the Deepwater Horizon oil disaster. They are dumpers that have set precedent for other companies like Duke Energy. At one point their dumping polluted Lake Mead. It was decades before all the effects of their dumping was cleaned up. As far as I am concerned, this settlement is nearly appropriate. 85 years of dumping to have the taxpayer clean up the mess.
By Nick Brown
The agreement resolves a long-running lawsuit against the Kerr-McGee energy and chemical company, which Anadarko bought in 2006. The case was brought by a trust representing the U.S. government, 11 state governments, Indian tribes and individuals.
The trust was seeking cleanup costs at more than 2,000 sites nationwide. It was also seeking payment for claims from more than 8,000 people who said their exposure to Kerr-McGee's wood treatment plants in Avoca, Pennsylvania and Manville, New Jersey caused cancer, which in some cases led to death.
"If you are responsible for 85 years of poisoning the earth, you are responsible for cleaning it up," the U.S. Attorney for Manhattan, Preet Bharara, said at a news conference announcing the settlement....
The original liabilty was expected to be 3 to 4 times higher than this. For as egregious the offenses of this industry, the fines should send their stocks into the 'penny stock' column. Ask me what I care.
Dec 13, 2013 12:01 AM ET
Anadarko Petroleum Corp. (APC) (click here) and its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox Inc. and may have to pay as much as $14 billion related to environmental cleanup and health claims, a judge ruled.
Anadarko plunged 9.3 percent in after-hours trading, cutting its market value to $38 billion. The judge's ruling yesterday weighed how much money can be recovered from a successor to a polluting company, even after bankruptcy has ostensibly cleaned the slate of obligations. The company said it expects to appeal the ruling.
The case stems from Kerr-McGee’s spinoff of its chemicals business and old environmental liabilities as Tronox beginning in 2005. About three months after that transaction was completed, Anadarko offered to buy Kerr-McGee’s oil and natural gas assets for $18 billion.
Burdened by environmental debts, Tronox filed for bankruptcy in 2009 and sued Anadarko and Kerr-McGee the same year. A nonjury trial was held before U.S. Bankruptcy Judge Allan Gropper in Manhattan in 2012...
