BP's $60 Billion Gulf Spill Tab Rises as Lawsuits Wind Down

Company expects $1.7 billion charge in fourth-quarter results
Payments from deadly accident now seen at $3 billion for 2018

Oil floats in the Gulf of Mexico near Orange Beach, Alabama, U.S., on Friday, June 18, 2010. The BP Plc oil spill, which began when the leased Transocean Deepwater Horizon oil rig exploded on April 20, is gushing as much as 60,000 barrels of oil a day into the Gulf of Mexico, the government said.
Photographer: Kari Goodnough/Bloomberg

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By Amanda Jordan and Kelly Gilblom

January 16, 2018 at 2:43 AM EST

Updated on

January 16, 2018 at 6:27 AM EST

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BP Plc raised the amount it will pay this year for the Deepwater Horizon accident as thousands of lawsuits related to the biggest oil spill in U.S. history start to wind down.

The 2010 explosion at a well in the Gulf of Mexico threatened BP’s existence after 11 people were killed and millions of barrels of oil spilled into the sea. While the latest liabilities will add to the more than $60 billion of penalties the company has already racked up, Chief Executive Officer Bob Dudley will see an end in sight to the largest court battles.

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