BP to Pay $4.5B in
Fines for Deepwater Horizon Spill
November 16, 2012
British oil giant BP says it has reached agreement with U.S. prosecutors
to plead guilty to criminal charges and pay a record $4.5 billion for
the deadly 2010 oil platform explosion and spill in the Gulf of Mexico.
Under the deal, announced Thursday, BP will plead guilty to 11 felony
counts of misconduct in the deaths of 11 platform workers killed in the
so-called Deepwater Horizon explosion. The company also will plead
guilty to one felony count of obstruction of Congress and pay $525
million in fines to the Securities and Exchange Commission.
The April 20, 2010 platform blast touched off the biggest marine oil
spill in the industry's history, sending nearly 5 million barrels of oil
into the Gulf during a three-month period.
chief executive Bob Dudley said the company regrets the tragic loss of
life caused by the accident, as well as the impact of the spill on the
Gulf coast region.
Earlier this year, BP reached an agreement to settle claims from
fishermen and others affected by the disaster for $7.8 billion, but it
must still be approved by a federal judge and does not affect claims
brought by the government.
The previous record fine was given to pharmaceutical company Pfizer Inc,
which paid a $1.3 billion fine in 2009 for marketing fraud.