BP Pleads Guilty in '05 Texas Blast, Settles Price-Fixing Suit
Struggling oil company also faces civil actions
By Jason Farago,  Newser Staff
Posted Oct 24, 2007 5:26 AM CDT
BP will agree to plead guilty to criminal charges in a 2005 Texas refinery explosion that killed 15, the Houston Chronicle reports.   ((c) futureatlas.com)
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(Newser) – BP has agreed to plead guilty to criminal charges and pay a fine in a 2005 Texas refinery explosion that killed 15 and injured 180, the Houston Chronicle reports. It's a tough moment for London's oil colossus, as the Washington Post reports that it simultaneously settled a $303 million price-fixing suit—on top of a 29% drop in profits last quarter.

Six months into the tenure of CEO Tony Hayward, the beleaguered company still faces more than 1,000 civil suits after the horrific explosion, and has set aside $1.6 billion to compensate victims. But officials said the deal will not end DOJ investigations into whether BP execs failed to maintain safety standards at the refinery.