Now approaching eight years since the BP Deepwater Horizon Oil Spill, clients still come to me with questions regarding the current state of affairs regarding Oil Spill payments to residents and workers of the Gulf Coast region. An excellent and informative January article in Insurance Journal, BP Still Paying Gulf Oil Spill Claims as Court Battles Wind Down provides an excellent and up-to-date overview. In short, the number of cases pending is going down, but the amount that BP projects paying in 2018 is rising.
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. Recent 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.
Obviously, this is a tremendous amount of money aimed at helping the Gulf region and those harmed by the spill, having experienced counsel help you attain your fair share of that settlement is critical if you were harmed. Barrett Law has the experience to help you through this process. Contact us now at (800) 707-9577.
From Insurance Journal:
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.
“With the claims facility’s work very nearly done, we now have better visibility into the remaining liability,” Chief Financial Officer Brian Gilvary said in the statement. “The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at $50 per barrel.
The British company faced more than 390,000 claims from businesses such as seafood producers and tourism providers following the oil spill. More than 99 percent of the cases have been reviewed, according to court documents. Some are being paid out when determined to be valid. Still, the “last few remaining claims are likely to be the most complex and sizable,” according to Brendan Warn, an analyst at BMO Capital Markets Ltd.
What Should You Do If You Were Injured or Harmed By the 2010 BP Oil Spill?
If you were injured or harmed as a result of the 2010 BP Deepwater Horizon Oil Spill, you may be due compensation for your losses. Hiring a general practitioner to handle a claim related to the spill is a serious mistake, as only an attorney with extensive experience in getting oil spill claims for clients will represent your interests adequately.
Call Barrett Law now, an experienced Mississippi BP Oil Spill law firm, to represent you if you were injured or harmed as a result of the Spill.
Barrett Law has the experience to take on defense attorneys that are focussed on denying your compensation for the harm you experienced. Contact us now at (800) 707-9577.
