The University of Texas at Austin has withdrawn that study after an investigation revealed that the lead investigator, Charles "Chip" Groat, has financial interests in the natural gas industry, which he did not disclose in his report. Bloomberg News reported July 23, 2012 that Groat has been on the board of Plains Exploration & Production Co. (PXP) since 2007. As a board member, Groat receives 10,000 shares of restricted stock a year, as well as an annual fee, which was $58,500 in 2011 - according to company filings. Groat has since retired from his UT faculty position; Raymond Orbach, director of the Energy Institute at UT, which conducted the study, has resigned as well.