FERC Fines Company for Violating Capacity Release, Shipper-Must-Have-Title, Buy-Sell Rules

摘要

Noble Energy Inc. (NEI) (IN10-1) - parent company of Noble Energy Marketing Inc. (NEMI) and Noble Gas Pipeline Inc. (Noble Gas) - will pay a civil penalty of $4 million and disgorge about $160,487 plus interest under a stipulation and consent agreement reached with FERC's Enforcement Staff and approved by the Commission on 3/12/10. Enforcement opened an investigation in late 2007 into possible "flipping" activities in the capacity release market, including transactions involving NEMI and Noble Gas. At that time, NEI was an independent exploration and production company. The order resolves an investigation into violations of the open-access transportation program, including posting and bidding requirements for released capacity, the shipper-must-have-title requirement, and the prohibition against certain buy/sell transactions. NEI agreed to submit a one-time compliance monitoring report if it or any of its affiliates or subsidiaries become involved in certain interstate gas operations within four years of this order.