BP to Book $1.7 Billion Charge for Deepwater Horizon Claims

By FeaturesDow Jones Newswires

BP PLC (BP.LN) said Tuesday that it expects to book a $1.7 billion post-tax non-operating charge in its 2017 fourth-quarter results for claims associated with the Deepwater Horizon court-supervised settlement program.

The oil company said the court-supervised settlement program, established as part of the class action related to the Deepwater Horizon oil spill in 2010, is now approaching its closure.

Continue Reading Below

Cash payments in 2018 related to the Deepwater Horizon case will be around $3 billion, the company said, compared with its third-quarter estimate of more than $2 billion.

The charge is fully manageable within BP's existing financial framework, the company said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

January 16, 2018 02:42 ET (07:42 GMT)

Continue Reading Below