BP Slides By With 'Manageable' $18.7 Billion Settlement

The U.S. Justice Department announced Thursday that the United States, together with several state and hundreds of local governments, had reached a settlement for all remaining civil claims arising from the April 20, 2010, BP Deepwater Horizon explosion in the Gulf of Mexico. The disaster killed 11 men and set off the largest offshore oil drilling spill in history. The $18.7 billion dollar settlement would be the largest environmental settlement in U.S. history and the largest civil settlement with a single entity ever. It comes just days after the U.S. Supreme Court rejected BP's bid to insulate itself from any fines under the U.S. Clean Water Act. BP's chief financial officer, Brian Gilvary, said in a press release, "The impact of the settlement on our balance sheet and cashflow will be manageable."



wochit_business