Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC (BP.)

176
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

BP plc : U.S. Justice, Gulf states crafting BP spill settlement

02/23/2013 | 05:05pm US/Eastern

(Reuters) - The U.S. government and Gulf Coast states are considering offering BP Plc a deal under which it pays $16 billion to settle civil suits stemming from the deadly 2010 Deepwater Horizon explosion and oil spill, the Wall Street Journal reported on Friday.

The deal would cover the company's potential penalties under the Clean Water Act and payments under the Natural Resources Damage Assessment, the newspaper said, citing sources familiar with the discussions.

It was unclear if the deal has been formally offered to BP. The U.S. Justice Department declined to comment.

A settlement could avert a bruising courtroom battle over the worst ever U.S. offshore oil spill slated to start on Monday in New Orleans, although the trial may begin as the terms of the deal are hammered out.

A settlement would also put a solid number on BP's costs under the Clean Water Act, which range from $4.5 billion to $17.5 billion, as well as potential natural resources damage assessments to the states under the Oil Pollution Act.

"BP doesn't talk about possible offers or negotiations, but I can tell you we are ready for trial and looking forward to the opportunity to present our case starting Monday," BP spokesman Geoff Morrell said when contacted by Reuters.

BP has spent or committed $37 billion on cleanup, restoration, payouts, settlements and fines. That includes an estimated $8.5 billion deal with most plaintiffs and a record $4.5 billion in penalties, and a guilty plea to 14 criminal counts to resolve criminal charges from the Justice Department and civil claims from the U.S. Securities and Exchange Commission.

BP has said it would settle on "reasonable terms," but was prepared to go to trial if the demands were "excessive and not based on reality."

(Reporting by Karl Plume in Chicago; Editing by Vicki Allen and Gunna Dickson)

React to this article
Latest news on BP PLC
07:36a BP : EDITORIAL: Transparency questions surround BP deal
07/04 BP : Keys BP money could be $5 million to $6 million, much lower than anticipate..
07/03 BP : $18.7 Billion Gulf of Mexico Settlement the Largest in History, Oil & Gas o..
07/03DJLONDON MARKETS : FTSE 100 Logs Biggest Weekly Loss This Year Amid Greece Worries
07/03DJBP Turns Page on a Dark Chapter
07/03 BP : to pay state $2.3B
07/03 MADAGASCAR OIL : Directorate Change
07/03 BP : Celebrates Start-up of Zhuhai PTA 3 Plant
07/03DJLONDON MARKETS : FTSE 100 Lower As Bank Shares Fall; Weekly Loss In Sight
07/03 BP : *deutsche bank raises bp price target to 485 (470) pence - 'buy'
Advertisement
Chart
Duration : Period :
BP plc Technical Analysis Chart | BP. | GB0007980591 | 4-Traders
Income Statement Evolution
More Financials