BP braces for $2.5bn charge in second quarter results for 2010 Deepwater Horizon spill – taking final bill total to $61.6bn
Oil giant BP is set to take a $2.5bn (£1.9bn) charge in its second quarter results as it reveals the final bill for 2010 Deepwater Horizon oil spill.
The charge will take the final pre-tax bill for the Gulf of Mexico oil spill, the largest in US waters, to $61.6bn, or $44bn after tax. Nearly 5m barrels of oil were spilled in the accident at the Macondo Prospect, in which 11 workers died.
BP’s second quarter results will be released on 26 July.
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Brian Gilvary, BP chief financial officer, said: “Over the past few months we’ve made significant progress resolving outstanding Deepwater Horizon claims and today we can estimate all the material liabilities remaining from the incident.
“Importantly, we have a clear plan for managing these costs and it provides our investors with certainty going forward.”
BP agreed to settle with shareholders for $175m last month over a class action lawsuit sparked by the Deepwater Horizon incident.