BP confirms settlement in Gulf of Mexico spill claims, agrees to pay $18.7B

BP ( BP +4.2%) confirms it will settle federal, state and local Deepwater Horizon claims for up to $18.7B with payments to be spread over 18 years.

The agreement involves the states of Alabama, Louisiana, Florida, Mississippi and Texas as well as claims made by 400 local government entities.

BP agrees to pay a $5.5B civil penalty under the U.S. Clean Water Act, payable over 15 years; $7.1B to the U.S. and five Gulf states over 15 years for natural resource damage; and $4.9B over 18 years to settle economic and other claims made by the five Gulf states.BP says the […]