BP Wins $1.3M Judgment From Royalty Interest Claim

By Michael Phillis (April 28, 2020, 10:00 PM EDT) -- The Federal Claims court ruled Tuesday that the government owes BP America Production Co. more than $1.3 million for interest on oil and gas royalty overpayments, despite Congress yanking authorization for such interest payments.

U.S. Federal Claims Court Judge Thomas C. Wheeler said BP is still owed the money, even though the Fixing America's Surface Transportation Act removed authorization for interest payments on overpaid oil and gas royalties and eliminated the pool of money the government used to make the interest payments. Those provisions, however, were not retroactive and therefore the company was owed money that accrued before the change, Judge...

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