BP has agreed to pay a record environmental fine of $18.7bn to settle legal actions brought by the US and several states over the fatal 2010 Gulf of Mexico oil spill.
The US justice department, along with the states of Louisiana, Mississippi, Alabama, Texas and Florida, all sued BP for damages not covered by the company’s earlier settlements with businesses and individuals harmed by the worst offshore spill in US history.
The settlement ends all litigation between BP, the states and the US government and allows the company to pay over 18 years. BP’s share price rose on the news.