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This is the final settlement with states and the U.S. government, bringing costs related to the spill to $54 billion. For BP it helps close the chapter of the Gulf Spill. The $18.5 billion will be paid out in annual payments of $1.1 billion over 18 years, with most of the payment deductible from taxes. After courts had ruled against BP this provides clarity and certainty on costs for investors. It strengthens BP's credit ratings.
Grouped Articles
BP Agrees to Pay $18.7 Billion to Settle Deepwater Horizon Oil Spill Claims
Wall Street Journal 07.03.2015
BP to Pay $18.7 Billion for Deepwater Horizon Oil Spill
New York Times 07.02.2015
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