BP in $1.7-bln Deepwater Horizon charge

LONDON, January 16, 2018 – BP will incur a new USD 1.7-billion charge over the 2010 Deepwater Horizon disaster in the Gulf of Mexico, the super-major announced on Tuesday.

While the Court Supervised Settlement Program is wrapping up its work, Reuters calculated in a separate report that the total costs for the company following the spill will amount to about USD 65 billion. BP will pay about USD 3 billion of the damages in 2018, up from a previous estimate of USD 2 billion, the company statement added.

“With the claims facility’s work very nearly done, we now have better visibility into the remaining liability,” said CFO Brian Gilvary. “The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at USD 50 per barrel.”

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