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BP (BP.)

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

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02/23/2013 | 05:05pm EDT

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)

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Financials ($)
Sales 2017 229 892 M
EBIT 2017 12 157 M
Net income 2017 7 089 M
Debt 2017 37 817 M
Yield 2017 6,78%
P/E ratio 2017 17,01
P/E ratio 2018 14,03
EV / Sales 2017 0,66x
EV / Sales 2018 0,60x
Capitalization 113 534 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 6,39 $
Spread / Average Target 10%
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NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Paul Milton Anderson Independent Non-Executive Director
Ian Edward Lamert Davis Independent Non-Executive Director
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