I receive calls about the BP Deepwater Horizon oil spill whenever there is a new article about the spill in the news. Lately, Gulf residents here in Mississippi have called me to ask questions about BP taking a $1.7 billion dollar “charge” and what that means for them. Remember, in 2015 BP agreed to settle all claims with the U.S. federal and state governments in a $21 billion dollar settlement. Pursuant to that settlement, the company will pay out that amount over roughly twenty years. I have attached a useful article from Bloomberg News that describes the current state of the oil spill settlement well and encourage you to read it.
Were you affected by the BP Deepwater Horizon oil spill? Did you participate in the cleanup effort or come into contact with dispersants? Did you rent out your boat to those participating in the cleanup effort? Any of those activities may entitle you to a portion of settlement funds. If you think you are entitled to some of the BP Deepwater Horizon settlement, having experienced counsel help you attain your fair share is critical. Barrett Law has expertise in Gulf oil spill litigation and has the experience to help you through this process. Contact us now at (800) 707-9577.
What Does Taking a “Charge” Mean?
Companies often record a huge debt in the wake of an investment that goes bad, a product that fails to launch, or a disaster. Clearly, in regards to BP the debt was due to its disastrous spill and the liability it incurred amounted to $21 billion dollars. That said, BP has some control over how they structure the debt so that they can remain in business. That means the debt is not added to their books all at once; rather, they pay that debt back strategically over time. Recent oils spill settlement payments have been substantial, with BP paying out $1.7 billion for the fourth quarter in 2017 and an anticipated payment of another $3 billion in 2018. The company’s spill-related payouts will rise to $3 billion in 2018 from an earlier estimate of $2 billion, while those for 2017 will remain at $5.5 billion.
BP is likely paying out more money now and in the near future because settlement claims are becoming more predictable in size, and the breadth of the total universe of claims is becoming clearer. This allows BP to have a better picture of how to distribute its debt over time. It also means that the settlements are going to get calcified, meaning it is increasingly unlikely to get a settlement much larger than the average without aggravating factors. If you still feel that you are owed money, the time is now to call an attorney to discuss what claims remain available to you.
What Should You Do If You Were Injured or Harmed By the 2010 BP Oil Spill?
If you were harmed as a result of the 2010 BP Deepwater Horizon Oil Spill or its cleanup, you may be due compensation for your losses. Hiring an amateur or general practitioner to handle a claim related to the spill is a serious mistake, as only an attorney with extensive experience in getting BP Deepwater Horizon Oil Spill claims paid will represent your interests adequately.
Call Barrett Law now, an experienced Mississippi BP Oil Spill law firm, to represent you if you were harmed as a result of the spill.
Barrett Law has the experience to take on defense attorneys that are focused on denying your compensation for the harm you experienced. Contact us now at (800) 707-9577.
