States, BP reach $18.7B settlement over oil spill

Shares of BP Plc (NYSE: BP) are spiking following the announcement of an $18.7 billion settlement by BP that accounts for all state and federal claims against the oil giant relating to its 2010 Deepwater Horizon oil spill.

“Five years ago we committed to restore the Gulf economy and environment and we have worked ever since to deliver on that promise”, he said in a statement.

Payments will begin around one year from the final agreement and will be around $1.1bn a year for the majority of the payment period.BP had said its spill-related costs already were expected to exceed $42 […]