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Energy

Update: BBC Reports BP Fine $3 Billion to $5 Billion

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By Paul Ausick Updated Published
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A report at the BBC claims the fine against BP PLC (NYSE: BP) in the settlement of criminal charges related to the explosion of the Deepwater Horizon in 2010 will be in the range of $3 billion to $5 billion.

The BBC also reports that up to four BP staff members will be charged and arrested. And the Associated Press reports that two BP employees will face charges of manslaughter related to the explosion.

The AP also says that the company will plead guilty to obstruction charges for lying to Congress about the extent of the spill.

BP is expected to make a final payment of $860 million into its $20 billion Gulf of Mexico compensation fund by the end of this year.

BP has booked more than $38 billion to pay liability claims related to the disaster that killed 11 workers and spilled more than 5 million barrels of oil into the Gulf of Mexico.

Here’s our earlier report on this story.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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