After five long litigious years in the wake of the massive Deepwater Horizon oil spill in the Gulf of Mexico, the oil giant BP recently reached an agreement in principle to settle for up to $18.7 billion all federal, state and local claims arising from the 2010 event.
BP announced that its U.S. upstream subsidiary, BP Exploration and Production Inc. (BPXP), has executed the agreements with the U.S. federal government and five Gulf Coast states. The agreement with the states of Alabama, Florida, Louisiana, Mississippi and Texas also includes settlement of claims made by more than 400 local government entities.
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