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2 Jul 2015

Margaret Cronin Fisk, Laurel Brubaker Calkins & Del Quentin Wilber, Bloomberg Business (USA)

BP Pays Record $18.7 Billion to Settle Claims in Gulf Oil Spill

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...A record $5.5 billion will cover federal penalties under the Clean Water Act...Louisiana, Mississippi, Alabama, Florida and Texas will also receive payouts...“This agreement will resolve the largest liabilities remaining from the tragic accident,” BP Chief Executive Officer Bob Dudley said...“For the United States and the Gulf in particular, this agreement will deliver a significant income stream over many years for further restoration of natural resources and for losses related to the spill.”...The settlement comes on top of at least $28 billion BP has already spent on response, clean-up and compensation...Shares gained 3.7 percent...as investors welcomed news that the company had reached an agreement...The agreement is the “largest settlement with a single entity in American history,”...