BP Resolves Federal Government Ban With EPA, Shares Edge Higher

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Oil giant BP (BP) was as much as 1% higher on Friday after BP and the U.S. Environmental Protection Agency resolved all suspension and debarment actions against BP that barred the company from doing business with the federal government following the company’s guilty plea in the Deepwater Horizon disaster of April 2010.

Under the agreement, which will be in place for five years, BP is required to retain an independent auditor approved by the EPA who will conduct an annual review and report on BP’s compliance with the agreement.

Since November 2012, the EPA has suspended 25 BP entities and disqualified BP Exploration and Production, Inc. from performing federal contract work at its corporate facility in Houston, Texas.

Shares of BP were last fractionally higher at $47.71, with a 52-week range of $40.12 to $51.02.

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