100506-N-6070S-819 Gulf of Mexico (May 6, 2010) — Dark clouds of smoke and fire emerge as oil burns during a controlled fire in the Gulf of Mexico. The U.S. Coast Guard working in partnership with BP PLC, local residents, and other federal agencies conducted the “in situ burn” to aid in preventing the spread of oil following the April 20 explosion on Mobile Offshore Drilling Unit Deepwater Horizon. (U.S. Navy photo by Mass Communication Specialist 2nd Class Justin Stumberg/Released)

BP’s long, flammable nightmare is finally over. It has agreed to a record settlement to cash out all of the federal and state claims against it arising from the Deepwater Horizon oil spill.From the Wall Street Journal:

BP PLC on Thursday agreed to pay $18.7 billion to settle all federal and state claims arising from the 2010 Deepwater Horizon oil spill, ending most litigation stemming from the deadly accident with what federal authorities called the biggest settlement ever with a corporation…

The settlement brings BP’s total tab for the spill to $53.8 billion, more than its combined profits since 2012.

Yes, but not more than its revenue since 2012, is it?

BP still gets to exist. You can’t say the same for a lot of businesses along the Gulf Coast.

Originally published on Breaking Energy, July 2 2015. 


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