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BP pays record $18.7B to settle claims in Gulf spill

BP will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill.

By Margaret Cronin Fisk, Bloomberg, Laurel Calkins, Bloomberg, Del Quentin Wilber, Bloomberg | Updated on July 02, 2015
BP will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as 18 years. (TK Kurikawa/Shutterstock.com)

(Bloomberg) – BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill.

The payments will be spaced out over as long as 18 years, according to the preliminary agreement. A record $5.5 billion will cover federal penalties under the Clean Water Act, topping the previous high of $1 billion. Louisiana, Mississippi, Alabama, Florida and Texas will also receive payouts for harm done in the worst offshore spill in U.S. history.

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