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BP to take $1.7bn charge on Deepwater Horizon spill

16 January 2018

The oil giant said it expects to take a charge of that amount in its upcoming earnings report from the fourth quarter of 2018.

The energy giant BP Plc (formerly known as British Petroleum) is expected to record costs for 1.7 billion Dollars in Q4 2017 related to the environmental incident with the Deepwater Horizon platform in 2010.

As of 08:40 GMT, BP's share price had given up 1.37 percent to 525.40p.

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The company announced that it would take the charge as part of the Court Supervised Settlement Program (CSSP) for the Deepwater Horizon class action settlement. It has cost the company tens of billions of dollars in compensation and other costs.

BP paid around $63.4 billion by the end of September to cover clean-up costs and legal fees linked to the largest environmental disaster in United States history where 11 rig workers were killed.

According to BP, the cash impact is expected to be spread over a multi-year period.

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The charge comes from significantly higher claims determinations issued by the CSSP in the fourth quarter.

"Work on claims for damages is nearly over, and we now have a better look at our remaining obligations", said the Chief Financial Officer of BP, Brian Gilvary.

"We note that the last few remaining claims are likely to be the most complex and sizeable, with this quarter's provision being evidence of that", Warn said.

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BP to take $1.7bn charge on Deepwater Horizon spill