US Judge Approves BP Civil Settlement With Government Over 2010 Spill

Reuters

HOUSTON, April 4 (Reuters) - U.S. Judge Carl Barbier granted final approval on Monday to BP Plc's civil settlement over its 2010 Gulf of Mexico oil spill after it reached a deal in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states.

The company at the time said its total pre-tax charges from the spill set aside for criminal and civil penalties and cleanup costs were around $53.8 billion. (link.reuters.com/duz94w)

Under the terms of the original agreement with the U.S. Department of Justice and the Gulf Coast states, BP will pay at least $12.8 billion for Clean Water Act fines and natural resource damages, plus $4.9 billion to states. The payouts will be staggered over some 16 18 years.

The rig explosion on April 20, 2010, the worst offshore oil disaster in U.S. history, killed 11 workers and spewed millions of barrels of oil onto the shorelines of several states for nearly three months.

(Reporting By Jonathan Stempel and Terry Wade)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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Brook | Apr. 6, 2016
That cost of doing business forced BP to sell off a large chunk of its assets. Thankfully, that was when the price of oil was at $100/bbl. Furthermore, the reporters claim that millions of bbls of oil spewed on the shorelines is grossly overstated.

Jim | Apr. 5, 2016
The payouts will be staggered over some 16 18 years. They got off easy. Cost of doing business.


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