ConocoPhillips Settles With DOJ For $105M

Law360, New York (August 15, 2007, 12:00 AM EDT) -- A ConocoPhillips Co. subsidiary on Wednesday agreed to pay $105 million to settle the Department of Justice's claims that it “systematically” underpaid natural gas royalties it owed the federal government and Indian tribes.

The DOJ alleged that Burlington Resources Inc., which ConocoPhillips acquired last year, claimed overly high deductions for the cost of transporting and treating gas in order to understate the value of the gas it produced each month.

“The Department of Justice is committed to ensuring that those who remove valuable assets from public...
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