Thanks to the 'Justice Department BP' is running out of oiispill compensation cash
Last edited Tue Jul 30, 2013, 11:04 AM - Edit history (1)
BP has revealed that there is just $300m left in its Gulf of Mexico oil spill compensation fund after costs jumped $1.4bn (£913m) in the second quarter of the year.
The company raised its estimate of compensation claims for last three months to $9.6bn from $8.2bn on Tuesday, and warned the total was ultimately likely to be much higher as further claims were received and processed. It also reported profits for the period which were sharply below expectations.
"There are a significant number of business economic loss claims which have been received but have not yet been processed, and further claims are likely to be received," the company said.
BP set aside a total $20bn fund to deal with compensation claims following the explosion and sinking of the Deepwater Horizon oil rig, which claimed 11 lives. On Tuesday it increased its overall provision for the disaster to $42.4bn from $42.2bn
http://www.theguardian.com/business/2013/jul/30/bp-deepwater-compensation-fund-running-dry
Justice Department deal reduces BP's Deepwater Horizon fine by $3.4bn
Court reduces company's maximum fine a week before trial over blowout that dumped millions of gallons of oil into Gulf of Mexico
But the oil company got a break when the Justice Department agreed not to hold BP accountable for 800,000 barrels of oil which were captured at the site of the broken well.
http://www.theguardian.com/environment/2013/feb/20/justice-department-bp-fine-reduced
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