Category Archives: BP Settlement

Deepwater Horizon oil spill bill puts BP in deeper water

BP

The Deepwater Horizon oil spill happened in 2010 The company’s total bill for the disaster has now hit $65billion (£47.2billion).

Shares in the energy giant fell 141⁄2p to 5181⁄4p as it said it would take a further $1.7billion charge resulting from higher than expected compensation settlements in the fourth quarter of last year.

It said claims resolved in recent months were about seven times higher than anticipated, mainly owing to “significantly higher claims determinations” issued by the Court Supervised Settlement Program.The scheme was set up after the spill and included nearly 400,000 cases brought by individuals and businesses, ranging from tourism […]

Deepwater Horizon oil spill bill puts BP in deeper water

BP

The Deepwater Horizon oil spill happened in 2010 The company’s total bill for the disaster has now hit $65billion (£47.2billion).

Shares in the energy giant fell 141⁄2p to 5181⁄4p as it said it would take a further $1.7billion charge resulting from higher than expected compensation settlements in the fourth quarter of last year.

It said claims resolved in recent months were about seven times higher than anticipated, mainly owing to “significantly higher claims determinations” issued by the Court Supervised Settlement Program.The scheme was set up after the spill and included nearly 400,000 cases brought by individuals and businesses, ranging from tourism […]

Senate committee vote directs all of BP settlement funds to South Mississippi | The Sun Herald


A Blue Heron stands among marsh grass along the Pascagoula River in October 2010, a few months after the oil spill. On Monday the Senate Appropriations Committee passed a bill that would direct 100 percent of the BP settlement money paid to the state into a Gulf Coast Restoration Reserve Fund to fund projects to improve the ecosystem and economy on the Coast.
TIM ISBELL
TTIsbell@sunherald.com File

BP to take $1.7 billion Deepwater Horizon charge

Almost five million barrels of oil spilt into the Gulf of Mexico following an explosion on BP

Almost five million barrels of oil spilt into the Gulf of Mexico following an explosion on BP’s offshore rig BP said today it expected to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter results as part of the settlement of the deadly 2010 Deepwater Horizon spill in the US.

BP said the court supervised settlement programme set up in the wake of the disaster was now winding down.

"With the claims facility’s work very nearly done, we now have better visibility into the remaining liability," said Brian Gilvary, BP’s chief financial officer."The charge we are taking […]

BP to take $1.7B charge as part of Deepwater Horizon settlement


UK oil major BP will take a $1.7 billion post-tax non-operating charge in the fourth quarter of 2017 as the Deepwater Horizon claims facility approaches closure.

BP informed on Tuesday that the Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement, related to the 2010 Gulf of Mexico well blowout that killed eleven men, is winding down.

BP now expects to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter 2017 results for the remaining Business Economic Loss (BEL) and other claims associated with the CSSP. The cash impact […]

BP Pays $102M Whistleblower Settlement for Overcharging


California Attorney General Xavier Becerra today announced a $102 million settlement with BP Energy Company and affiliates (BP) over allegations that it intentionally overcharged the State of California for natural gas that the State purchased under three successive contracts from March 2003 to August 2012. The contracts allowed the California Department of General Services, which buys natural gas for numerous state agencies and political subdivisions, to cap the price it would pay BP for specific volumes of gas. BP regularly quoted and charged the State of California prices that violated this cap and concealed its overpricing by providing false […]

Attorney General: BP Energy Company Pays $102 Million in Settlement for Overcharging Californians


SACRAMENTO – California Attorney General Xavier Becerra Thursday announced a $102 million settlement with BP Energy Company and affiliates (BP) over allegations that it intentionally overcharged the State of California for natural gas that the State purchased under three successive contracts from March 2003 to August 2012. The contracts allowed the California Department of General Services, which buys natural gas for numerous state agencies and political subdivisions, to cap the price it would pay BP for specific volumes of gas. BP regularly quoted and charged the State of California prices that violated this cap and concealed its overpricing by […]

Attorney General Becerra: BP Energy Company Pays $102 Million in Settlement for Overcharging Californians for Natural Gas


SACRAMENTO – California Attorney General Xavier Becerra today announced a $102 million settlement with BP Energy Company and affiliates (BP) over allegations that it intentionally overcharged the State of California for natural gas that the State purchased under three successive contracts from March 2003 to August 2012. The contracts allowed the California Department of General Services, which buys natural gas for numerous state agencies and political subdivisions, to cap the price it would pay BP for specific volumes of gas. BP regularly quoted and charged the State of California prices that violated this cap and concealed its overpricing by […]

LSU gets millions in BP oil settlement money to study how to make drilling in Gulf safer

Billions at stake as latest phase of BP civil trial opens _lowres

Associated Press file photo — In this April 21, 2010, file image provided by the U.S. Coast Guard, fire boat response crews battle the blazing remnants of the offshore oil rig Deepwater Horizon. Louisiana researchers are getting the lion’s share of $10.8 million of BP oil settlement money to figure out ways to make offshore drilling safer and prevent disasters like the 2010 Deepwater Horizon spill.

The National Academies of Sciences, Engineering and Medicine announced the distribution of the $10.8 million in awards on Thursday, with LSU engineering professor Wesley Williams claiming the largest share.

His $4.9 million project will study […]

BP ‘Got Off Cheaply’ With $18.7 Billion Settlement


Adrian Dennis/AFP The U.S. Justice Department announced Thursday that the United States, together with several state and hundreds of local governments, had reached a settlement for all remaining civil claims arising from the April 20, 2010, BP Deepwater Horizon explosion in the Gulf of Mexico, which killed 11 men and set off the largest offshore oil drilling spill in history. If the proposed consent decree is approved after being submitted for public comment and then court-approval, BP will agree to pay $18.7 billion in fines over the next 15 years to the U.S. federal government and the state governments […]