From the Field

A $20-billion settlement has been reached for the BP Deepwater Horizon spill in 2010, US attorney general Loretta Lynch announced on Tuesday.

BP to take Deepwater Horizon hit


HOUSTON, July 15, 2016 – BP late on Thursday said the cumulative pre-tax charge relating to the 2010 Deepwater Horizon incident in the Gulf of Mexico totals USD 61.6 billion, with the company expecting an after-tax non-operating charge of some USD 2.5 billion in its results over Q2 of 2016.


“Over the past few months we’ve made significant progress resolving outstanding Deepwater Horizon claims,” BP CFO Brian Gilvary said in a press release, adding that this progress contributed to the company being able to calculate the remaining material liabilities estimate. BP aims to use dividends to cover its financial obligations related to the spill.

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