How much did BP pay in the BP oil spill settlement?
In 2015 the Justice Department and Gulf coast states reached a record civil settlement with BP that totaled over $20 billion, including a $5.5 billion civil penalty under the Clean Water Act, $8.1 billion in natural resource damages and $5.9 billion in payments to state and local governments.
What does the BP settlement mean for Gulf of Mexico?
Under the final consent decree, BP will pay the trustees up to $8.8 billion, the largest recovery of damages ever for injuries to natural resources, to restore the Gulf. The settlement includes: $1 billion already allocated during early restoration which began in 2011. $7.1 billion for restoration stretching more than 15 years beginning in 2017.
How much did BP pay for the Gulf of Mexico Disaster?
(NOAA) Under the final consent decree, BP will pay the trustees up to $8.8 billion, the largest recovery of damages ever for injuries to natural resources, to restore the Gulf. The settlement includes: $1 billion already allocated during early restoration which began in 2011.
How much is BP worth?
BP was worth more than $180 billion at the time of the Gulf oil spill and is still one of the largest companies in the world. But it was on the brink of collapse after the spill, and few other companies could afford the costs BP incurred.
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How much did the Deepwater Horizon survivors get paid?
On Feb. 15, 2018, the Mexican government agreed to the $25.5 million payout from BP, in return for settling their lawsuit, clearing the transnational energy giant of all damages to Mexican waters.
How much did BP pay in private settlements?
Under the final consent decree, BP will pay the trustees up to $8.8 billion, the largest recovery of damages ever for injuries to natural resources, to restore the Gulf. The settlement includes: $1 billion already allocated during early restoration which began in 2011.
How much did BP pay in compensation?
In 2015 the Justice Department and Gulf coast states reached a record civil settlement with BP that totaled over $20 billion, including a $5.5 billion civil penalty under the Clean Water Act, $8.1 billion in natural resource damages and $5.9 billion in payments to state and local governments.
How much did BP settle for?
In November 2012, BP agreed to pay $4.5 billion in criminal fines and fees to the federal government. The U.S. and state governments also filed a civil lawsuit against BP under environmental laws, which resulted in an $18.7 billion settlement in July 2015.
Is BP still paying for Deepwater Horizon?
Total BP money paid out pushing $60 billion It'll cost $6.4 million, but the city has that sum covered, thanks to their settlement with BP Oil. Almost 10 years since the Deepwater Horizon disaster in the Gulf of Mexico and five years from the settlement was announced, BP oil money is still coming to Tampa Bay.
Who was liable for Deepwater Horizon?
On Jan. 29, 2013, BP Exploration and Production Inc. pleaded guilty to illegal conduct leading to and after the 2010 Deepwater Horizon disaster, and was sentenced to pay $4 billion in criminal fines, penalties and restitution, including $2.4 billion for natural resource restoration.
How much did it cost to clean up the oil from Deepwater Horizon?
In July 2016, BP announced Deepwater Horizon's total cost was $61.6 billion dollars. According to Reuters, however, as of September, the British oil and gas company has paid $63.4 billion in legal fees and cleanup costs.
Is the Deepwater Horizon well still leaking?
That's right, two and a half years after the worst environmental disaster in U.S. history, oil is still leaking near the infamous Macondo well.
What happened to the BP executives on Deepwater Horizon?
Vidrine and fellow rig supervisor Robert Kaluza were indicted in 2012 on manslaughter charges, but the case eventually fizzled after a judge threw out some of the manslaughter charges and prosecutors elected to drop the rest.
Did anyone from BP go to jail for Deepwater Horizon?
(Reuters) - A former BP Plc BP. L rig supervisor who pleaded guilty to a misdemeanor charge in the 2010 Gulf of Mexico oil spill was sentenced to 10 months of probation on Wednesday, concluding a federal criminal case in which no one received prison time over the disaster.
How much money did BP make in 2010?
$308,928BP revenue for the quarter ending June 30, 2022 was $69.506B, a 84.87% increase year-over-year. BP revenue for the twelve months ending June 30, 2022 was $210.831B, a 60.29% increase year-over-year....Compare BP With Other Stocks.BP Annual Revenue (Millions of US $)2011$386,2162010$308,9282009$246,13810 more rows
How many died on the Deepwater Horizon rig?
On April 20, 2010, the oil drilling rig Deepwater Horizon, operating in the Macondo Prospect in the Gulf of Mexico, exploded and sank resulting in the death of 11 workers on the Deepwater Horizon and the largest spill of oil in the history of marine oil drilling operations.
Where did the BP oil spill money go?
Mississippi has received about $192 million from the fund. Alabama has received about $300 million; Florida, about $290 million; Louisiana, $603 million; and Texas, $203 million. About $940 million remains to be allocated.
How much did the Deepwater Horizon cost BP?
In July 2016, BP announced Deepwater Horizon's total cost was $61.6 billion dollars. According to Reuters, however, as of September, the British oil and gas company has paid $63.4 billion in legal fees and cleanup costs.
Does Donald Vidrine still work for BP?
Donald Vidrine, BP supervisor on Deepwater Horizon rig, dies at 69 - The Washington Post.
How much money is being spent to restore the Gulf?
The RESTORE Act The legal actions against BP and the other responsible parties were settled with more than $20 billion being set aside over a 16-year period for environmental and economic restoration of the Gulf region.
How much did BP spend on restoration of the Gulf of Mexico?
In 2011, one year after the Deepwater Horizon oil spill, BP agreed to provide up to $1 billion toward early restoration projects in the Gulf of Mexico. Since then, the Trustee Council has approved five early restoration plans, encompassing 65 projects at an estimated cost of $866 million. These projects allowed us to start restoring the Gulf before the formal damage assessment ended. Those funds are credited towards the possible final $8.8 billion total.
How much was the environmental damage settlement?
It was largely settled when a Federal District judge approved the largest environmental damage settlement in United States history – $20.8 billion – on April 4, 2016.
How many people died in the Deepwater Horizon oil spill?
Deepwater Horizon. On April 20, 2010, the Deepwater Horizon oil rig exploded off the Gulf Coast, killing 11 people and injuring 17. So began an 87-day oil spill that spewed 3.19 million barrels, or nearly 134 million gallons, into the Gulf of Mexico.
What percentage of the oil spill liability fund is used for oil spill removal?
The remaining 20 percent , or $1.33 billion, went to The Oil Spill Liability Trust Fund, a general government fund established in 1986 to aid in oil spill removal and assessment of the damage they have caused.
How much was the Deepwater Horizon case?
history. BP pled guilty in 2012 to 14 felony counts and was fined a record $4 billion –and half directly benefits the Gulf. $4 billion.
How many sea birds died in the Louisiana oil well?
But it left the region reeling from a disrupted coastal economy; a devastated ecosystem; the deaths of as many as 105,400 sea birds, 7,600 adult and 160,000 juvenile sea turtles; and up to a 51-percent decrease in dolphins in Louisiana’s Barataria Bay.
How much money did Louisiana get from the oil spill?
Louisiana will receive more than half the funding, $5 billion, since it saw the most significant damage from the spill. Detailed allocations and project information can be found on the Trustee Council website.
How much did BP pay out in economic loss?
At the time BP had already paid out $2.3bn in so-called business economic loss claims out of a total of $4.25bn in compensation claims to individuals and businesses, according to Patrick Juneau, the administrator appointed by the courts to handle claims.
How much did BP settle with the DOJ?
BP has reached an $18.7bn (£12bn) settlement with the US Department of Justice (DoJ) following the 2010 Gulf of Mexico oil spill.
How many people died in the Deepwater Horizon oil spill?
The Deepwater Horizon oil spill was one of the worst environmental disasters in US history and claimed the lives of 11 people. In December the US Supreme Court rejected the oil giant's legal challenge over an original compensation deal agreed in 2012.
How much money will be paid to settle claims on the Gulf Coast?
A total of $4.9bn will be paid over 18 years to settle economic and other claims made by the five Gulf Coast states. Up to $1bn will be paid to resolve claims made by more than 400 local government entities.
How much did the Clean Water Act pay?
Pay the US a civil penalty of $5.5bn under the Clean Water Act - over 15 years. Pay $7.1bn to the US government and five Gulf states including Florida, Alabama, Mississippi and Louisiana over 15 years for natural resource damages. A total of $4.9bn will be paid over 18 years to settle economic and other claims made by the five Gulf Coast states.
Who is the chief executive of BP?
In a statement, Bob Dudley, BP's group chief executive, called the settlement a "realistic outcome which provides clarity and certainty for all parties".
Is the settlement process separate from other court proceedings relating to the spill?
The settlement process is also separate from other court proceedings relating to the spill, including environmental and criminal penalties.
How much did BP pay for the well?
In 2016, the Department of Justice reached the largest environmental damages settlement in history, forcing United Kingdom-based BP to pay more than $20 billion. That money, combined with over $2 billion in criminal penalties — as well as smaller settlements against Transocean and Anadarko, two companies that owned the vessel and part of the well, respectively — is earmarked over the next decade or so through several federal funding programs and the five Gulf states of Texas, Louisiana, Mississippi, Alabama and Florida.
What is the purpose of BP funds?
The state has spent BP funds on several projects that address water quality: acquiring land that had been privately owned to help reduce harmful runoff; rebuilding the oyster population, which acts as a water filter; and implementing natural living shorelines with marshes, which, like oysters, remove excess nutrients, reducing the potential for harmful algae blooms.
What are some examples of spillway issues?
For example, after a record-breaking two openings of the Bonnet Carré Spillway last yea r, which wiped out marine life and left fishermen reeling, federal officials said earlier this year that any change in the spillway’s operation would require congressional action. The spillway openings cause sharp changes to the Gulf’s salinity, which in 2019 killed nearly all of the state’s oysters and over half of its shrimp and blue crabs.
What are the goals of the Mississippi spill?
After the spill, the Mississippi Department of Environmental Quality landed on three primary goals for the state’s $1.3 billion, which it said are based largely on conversations with local Coast stakeholders: improving water quality, restoring marine resources, and conserving coastal habitat.
Has Mississippi recovered from the oil spill?
He said that although the Coast had historically been an economic driver for the state, it hasn’t recovered as well as the rest of Mississippi since the Great Recession in 2008.
Who was the governor of Mississippi when the BP explosion happened?
After the explosion in 2010, Haley Barbour, Mississippi’s Republican governor at the time, demanded BP pay the entire cost of the cleanup.
Is Mississippi better off than before the oil spill?
While most in the conservation community agree Mississippi is better off now than before the spill , changes at the federal level leave some concerned about preventing similar disasters in the future. President Donald Trump’s administration has rolled back or is in the process of removing 20 drilling and extraction regulations, according to a New York Times analysis, including loosening safety protocols around blowout preventers, a policy written in direct response to the 2010 spill under the Obama administration.
How much did BP pay in compensation?
The terms of the Medical Class Action Settlement with BP Oil stipulate that cleanup workers and residents of coastal Zones A and B may obtain compensation for acute and chronic conditions that they have suffered as a result of the 2010 Deepwater Horizon Disaster and subsequent cleanup efforts.
Compensation available to cleanup workers
For acute medical conditions such as eye conditions, respiratory ailments, skin problems, neurological issues, and ear, nose and throat problems, cleanup workers may apply under Level A1, A2, A3 or A4.
Compensation available to residents of Zones A and B
Compensation for residents of Zones A and B are only available under Levels A1, A2 and B1:
How much did BP pay for the Gulf oil spill?
BP paid dearly for the reckless corporate culture of cost-cutting and excessive risk-taking that caused the spill: more than US$60 billion in criminal and civil penalties, natural resource damages, economic claims and cleanup costs. Indeed, from a legal standpoint, the legacy of the Gulf oil spill is the sheer size of the payout, which ushered in an era of multibillion dollar criminal and civil penalties for environmental and other corporate crimes.
What was the BP case?
In 2012 the company reached an agreement with the Justice Department to plead guilty to 14 criminal counts, including manslaughter, obstruction of Congress and violations of the Clean Water Act and the Migratory Bird Treaty Act.
What was the response to the Deepwater Horizon spill?
In response to the Deepwater Horizon spill, Congress passed the RESTORE Act in 2012, but this served only to ensure that civil penalties paid to the federal government by BP and its partners would be shared with Gulf coast states. The law was silent about drilling safety and future oil spills. Congress also did not act on recommendations made by the bipartisan commission that President Obama appointed to investigate the spill and offshore drilling, such as increasing energy companies’ liability limits for oil spills.
How many barrels of oil were spewed from the Macondo well?
A massive explosion killed 11 workers on the Deepwater Horizon drilling rig, and a blowout spewed more than 3 million barrels of oil from the Macondo well, located 70 miles off the coast of Louisiana. For three months the oil company, BP, struggled to contain its runaway well, which it finally capped on July 12 and permanently sealed in ...
What was the Obama administration's response to the oil spill?
The Obama administration imposed a brief moratorium on offshore drilling, reorganized the relevant offices within the Interior Department and enacted safety rules to prevent future oil spills.
How much did Volkswagen pay for the 2015 scandal?
Volkswagen paid more than $30 billion for the 2015 revelation that it cheated on diesel emission standards by rigging software in its cars. Bank of America and JPMorgan Chase have paid billions of dollars in fines since the 2008-2009 financial crisis for misconduct that included mortgage fraud.
How many miles of coastline did BP cover?
By that time, oil coated more than 1,000 miles of coastline in six states and covered over 40,000 square miles of the Gulf of Mexico.
How much did BP pay in the settlement?
Part of the settlement calls for BP to pay $5.5 billion to resolve its penalties for violating the federal Clean Water Act. That’s about 40 percent of the $13.7 billion the company could have been forced to pay if U.S. District Judge Carl Barbier imposed the maximum penalty in the pending court case.
How much did BP settle for the Deepwater Horizon?
authorities on an $18.7 billion settlement in the 2010 Deepwater Horizon disaster in the Gulf of Mexico.
Where is the oil spill in 2010?
FILE - In this file photo made June 3, 2010, a brown pelican covered in oil sits on the beach at East Grand Terre Island along the Louisiana coast in the wake of the BP Deepwater Horizon rig explosion. Retired Coast Guard Adm. Thad Allen, the federal government's point man on the disaster, said Sunday, Sept. 19, 2010, BP's well "is effectively dead." A permanent cement plug sealed BP's well nearly 2.5 miles below the sea floor in the Gulf of Mexico, five agonizing months after an explosion sank a drilling rig and led to the worst offshore oil spill in U.S. history. (AP Photo/Charlie Riedel, File)
How much did BP settle the 2010 Gulf of Mexico spill?
authorities on the settlement of the 2010 Gulf of Mexico spill for $18.7 billion.
How much did the Deepwater Horizon deal cost?
BP, the federal government and five states have reached a tentative settlement over economic and environmental damages from the 2010 Deepwater Horizon disaster, a record $18.7 billion deal that will steer much-needed resources into coastal restoration and help replenish cash-strapped local and state coffers across the Gulf Coast.
How much money did Louisiana receive from the oil spill?
But many scientists contend it will take more time, perhaps decades, to grasp the spill’s full impact. The $5 billion that Louisiana will receive for damage to natural resources results from five years of work by federal and state trustees to assess and put a value on the damage the spill caused.
How much did BP pay for the oil spill?
The deal brings BP’s total price tag for the spill above $50 billion, including $14 billion that the oil giant spent on response and cleanup.
