Marathon to pay $1M oil price manipulation fine

Marathon Oil will pay a civil penalty to settle charges that it attempted to manipulate crude prices in 2003, according to the Commodity Futures Trading Commission.

August 1 2007: 12:32 PM EDT

NEW YORK (CNNMoney.com) -- Marathon Oil Corp. agreed to pay a $1 million fine to settle charges that its Marathon Petroleum Company subsidiary attempted to manipulate crude oil prices in 2003, the Commodity Futures Trading Commission announced Wednesday.

The commission said it issued an order requiring Marathon to pay the penalty for attempting to manipulate a price of spot cash West Texas Intermediate crude oil which was delivered in Cushing, Oklahoma on November 26, 2003.

The commission says Marathon attempted to drive down the Platts market assessment for spot cash, which is used as the price of crude oil certain transactions.

As a net purchaser of foreign crude oil, Marathon (down $0.74 to $54.46, Charts, Fortune 500) would have benefited if it successfully sent the crude price lower. Top of page

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.