May 21, 2021 – BP is a major international energy conglomerate with a diverse energy portfolio and billions in revenue each quarter. Due to its size and dominance in the global energy market, BP can often hide behind financial reporting structures that enable it to obscure how much of its claimed profits are attributable to its price gouging San Antonians and Texans during Winter Storm Uri. BP did however disclose that it had an “exceptional” gas trading week during Winter Storm Uri, and although the company did not disclose its precise trading numbers, Citigroup analysts have estimated BP made more than $1 billion from natural gas trades during Winter Storm Uri. These profits, which will come out of the pockets of everyday consumers unless something is done, account for a significant portion of BP’s $2.6 billion first quarter profits.
CPS Energy was disappointed to receive a breach of contract counterclaim from BP given the company’s price gouging behavior rendered the contract unenforceable in the first place. CPS Energy remains confident in the merits of our case against BP.