Monday, August 20, 2007
ConocoPhillips Unit to pay $97.5 M for Royalty Underpay
CNN.com is reporting that Burlington Resources Inc., a subsidiary of ConocoPhillips, has agreed to pay $97.5 M to settle allegations that it underpaid royalties owed on natural gas produced from federal and Indian leases.
The settlement resolves allegations under the False Claims Act that Burlington systematically underreported the value of natural gas that it produced on federal and Indian leases between 1998 and 2005. Additionally, Burlington paid less royalties than it owed to the U.S. government and various Indian tribes.
Click here to read the article on CNN.com, ConocoPhillips Settles Royalty Underpay.
Posted by Quitam Help Admin on 08/20 at 05:33 AM
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