LONDON—BP PLC has agreed to pay $18.7 billion over 18 years to
settle all federal and state claims arising from the Deepwater
Horizon oil spill, five years after the accident.
"Five years ago we committed to restore the Gulf economy and
environment and we have worked ever since to deliver on that
promise," said BP chairman Carl-Henric Svanberg.
"We have made significant progress, and with this agreement we
provide a path to closure for BP and the Gulf. It resolves the
company's largest remaining legal exposures, provides clarity on
costs and creates certainty of payment for all parties involved,"
he added.
Shares in BP climbed 4% after the announcement, gaining 20 pence
to trade at 439 pence in early afternoon trading in London.
Write to Ed Ballard at ed.ballard@wsj.com
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