Oops! BP Recalculates Costs; Deepwater Horizon Outstanding Claims Now Total $65 Billion - Reuters
LONDON (Reuters) - BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion.
The post-tax, non-operating $1.7-billion charge BP will take in its fourth quarter results came after claims resolved in recent months were about seven times higher than anticipated, the London-based company said.
The claims were part of the Court Supervised Settlement Program that was set up in the wake of the disaster and included nearly 400,000 cases, BP said. A spokeswoman for the group said hundreds of outstanding claims have yet to be closed, raising the prospect of further charges. BP shares were down 2 percent by 1117 GMT.
BP paid around $63.4 billion by the end of September to cover clean-up costs and legal fees linked to the largest environmental disaster in U.S. history where 11 rig workers were killed.
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https://www.reuters.com/article/us-bp-deepwaterhorizon/bp-deepwater-horizon-costs-balloon-to-65-billion-idUSKBN1F50NL
