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Oil giant BP takes another $1.7bn hit from Deepwater Horizon oil spill

by January 16, 2018

written by 16^th Jan 18 10:20 am

Shares plunge 1.6 per cent in morning trading

Shares in oil major BP were down 1.61 per cent in morning trading after it announced it will take a $1.7bn (£1.2bn) charge as it winds down a settlement over the 2010 Deepwater Horizon disaster.

The 2010 oil spill in the Gulf of Mexico, which was one of the worst environmental disasters in US history, has already cost the group more than $60bn.

But the group said despite the fourth-quarter hit, the lengthy settlement process for the mammoth claims related to the spill is now winding down.

Brian Gilvary, BP’s chief financial officer, said: “With the claims facility’s work very nearly done, we now have better visibility into the remaining liability.

“The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at $50 per barrel.”