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BP announces Deepwater Horizon figures
BP reports that following significant progress in resolving outstanding claims arising from the 2010 Deepwater Horizon accident and oil spill, it can now reliably estimate all of its remaining material liabilities in connection with the incident. As a result, taking into account this estimate together with other positive tax adjustments, BP expects to take an after-tax non-operating charge of around $2.5bn in its 2Q2016 results. This charge is expected to include a pre-tax non-operating charge associated with the oil spill of around $5.2bn. This would bring the total cumulative pre-tax charge relating to the Deepwater Horizon incident to $61.6bn, or $44bn after tax.
News Item details
Journal title: Petroleum Review
Subjects: Oil spill response, Health and safety, Banking, finance and investment, Law and Legal practice, Oil, Oil production, Taxation
