Daily Management Review

BP to write off $ 1.7 billion due to the 2010 accident


01/16/2018


British oil company BP said it would include a write-off of $ 1.7 billion in its report for the fourth quarter of 2017, reports Reuters.



Mike Mozart via flickr
Mike Mozart via flickr
The write-off is justified by the 2010 accident on the platform Deepwater Horizon in the Gulf of Mexico near the US coast.

The company also said that the program to resolve the claims of victims of the accident is ending.

Cash payments in 2018, related to the case of Deepwater Horizon, will amount to about $ 3 billion, the company said, compared with the estimate in the III quarter of 2017, which implied expenses of $ 2 billion.

"Since the claims are almost completed, we now better evaluate the remaining liabilities, the expenses that we fix as a result are fully manageable within our existing financial structure, especially now that the company returns to balance at an oil price of $ 50 per barrel ", said BP Chief Financial Officer Brian Gilvary.

In October 2015, the US Department of Justice, authorities of the five states and BP agreed on a record fine in settling charges of environmental damage to the corporation for the disaster in the Gulf of Mexico.

According to the press release of the US Justice Department, the oil company BP agreed to pay a fine of $ 20.8 billion to settle civil claims by the United States, as well as five states (Alabama, Louisiana, Mississippi, Texas and Florida) in connection with the accident of 2010 on the Deepwater Horizon platform in the Gulf of Mexico.

This is a record fine for any one company or organization for environmental pollution in the history of American justice.

source: reuters.com
 






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