BP, having agreed to pay $373 million in fines and penalties to settle
simultaneous probes by the US government into three segments of its vast
operation, acknowledged Thursday it "failed to meet our own standards and the
requirements of the law."

Bob Malone, chairman of BP America, said it a statement: "For that, we
apologize."

BP will pay the $373 million to settle investigations into three recent
black marks against the global energy major -- alleged manipulation of the US
propane market, the deadly blast at its Texas City refinery, and crude oil
spills from its pipeline network in Alaska.

Additionally, the US Department of Justice said four ex-traders on BP's
US propane desk were indicted in a 20-count indictment that came out of the
probe.

Government officials announced the fines, penalties and indictments at a
press conference in Washington.

"These agreements are an admission that, in these instances, our
operations failed to meet our own standards and the requirements of the law,"
Malone said. "They represent an absolute commitment to work with the
government as we continue our efforts to prevent another tragedy like Texas
City, to make our Prudhoe Bay pipeline corrosion program more responsive to
changing operating conditions and to ensure that our participation in the
nation's energy markets is always appropriate."

BP's statement said the deals Thursday "end governmental investigation of
company wrongdoing." But Acting US Attorney General Peter Keisler, at the
Washington press conference, said the probe into BP's activities in the
propane market was "ongoing."

--Kevin Saville, kevin_saville@platts.com