BP Agrees to Pay $18.7 Billion to Settle Deepwater Horizon Oil Spill Claims

3 Jul 2015   USA, Water

If approved by a federal judge, the deal would conclude a monumental legal showdown over the Deepwater Horizon disaster, which killed 11 crew members aboard the drilling rig and caused the largest offshore oil spill in U.S. history. The agreement would avert years of litigation over the environmental impact of the spill, which leaked millions of barrels of crude into the Gulf and coated hundreds of miles of sensitive beaches, marshes and mangroves. The settlement would add at least $10 billion to the $44 billion BP has already incurred in legal and cleanup costs, pushing its tab for the spill higher than all the profits it has earned since 2012. But the payments would be stretched out over 18 years at around $1.1 billion annually, softening the blow to the company‚Äôs cash flow. Much of the penalties would likely be tax-deductible, analysts noted. The money largely will end up […]

Comments are closed.