BP will pay $4.5 billion in Deepwater Horizon oil spill settlement

Amount is the new record U.S. criminal penalty

Today BP Plc announced that it will pay $4.5 billion and plead guilty to 14 criminal charges related to the epic environmental disaster that occurred more than two years ago in the Gulf of Mexico.

The settlement with the Department of Justice and Securities and Exchange Commission resolves criminal claims related to the Deepwater Horizon oil spill, which was the worst offshore spill in the country’s history. BP owned a well connected to the Deepwater Horizon drilling rig, which exploded in April 2010 and resulted in the death of 11 workers and 4.9 million barrels of oil spilling into the Gulf for 87 days. 

Ashley Post

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