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BP To Pay $4 Billion Settlement For Gulf Oil Spill

Lauren Foliart |
November 15, 2012 | 10:05 a.m. PST

Executive Producer

The Lower Alabama costal wetlands two months after spill. (Jim Greenhill/Flickr)
The Lower Alabama costal wetlands two months after spill. (Jim Greenhill/Flickr)
BP accepted a criminal liability of $4 billion in payments for the April 2010 oil spill that poured into the Gulf of Mexico.

The London-based oil giant agreed Thursday to pay the the fines and other payments to the United States government, pleading guilty to the 14 criminal charges against them for the environmental catastrophe.  

Much of the settlement will go directly to governmental environmental agencies, according to a statement released by BP.

Bob Dudley, BP's Group Chief Executive said in the statement:

“All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region.  From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf. We apologize for our role in the accident, and as today’s resolution with the U.S. government further reflects, we have accepted responsibility for our actions.”

ALSO SEE: First Charges Filed In BP Oil Spill Investigation

BP will also pay $525 million to the Securities and Exchange Commission in settlement claims over a three-year period, according to the Washington Post.

But the criminal settlement doesn't cover federal or private civil claims, and claims of damages to natural resources, which could cost BP billions of more dollars.  The company said it will defend itself against these remaining claims.

What they are agreeing to, however, in the criminal charges are the counts of misconduct, neglect and misdemeanor counts under the Clean Water Act, the Migratory Bird Treaty Act and a felony account for obstructing Congress.

The settlement is subject to the approval of the U.S. federal court.


BP settles with US for $4.5 billion in Gulf spill (Los Angeles Times)

BP to Admit Crimes and Pay $4.5 Billion in Gulf Settlement (New York Times)

BP to Plead Guilty to Felonies, Pay $4.5 Billion in Spill (Wall Street Journal)

BP to pay record fine in Gulf oil spill; 2 to face manslaughter charges (CBS News)



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