As 'Top Kill' fails, BP spill costs near $1 billion



NEW YORK (CNNMoney.com) -- As BP's latest attempt to stop the flow of oil from a ruptured well in the Gulf of Mexico failed Saturday, its costs related to the spill began to approach $1 billion.

Prior to the scrapping of the "Top Kill," effort, BP said Friday its costs have totaled $930 million to date. That includes expenditures on the spill response, containment, relief well drilling, grants to the Gulf States, claims paid, and federal costs.

BP has a 65% stake in the project. Anadarko Petroleum (APC, Fortune 500) and Japan's Mitsui hold the rest. BP has claimed responsibility for the disaster, but it's not clear yet if it will have to pay all the costs.

Investors believe BP (BP) will get hit pretty hard. They've sent its stock down nearly 30% since the Deepwater Horizon rig exploded on April 20. Analysts have thrown out a wide range of estimates -- from $4 billion to $25 billion -- on how hard the incident will hurt the company's bottom line.

BP has not put a figure on ultimate costs, because it does not when the spill will be contained, how much damage it will do, and what will happen to the lawsuits it faces from workers injured in the blast or from the families of victims of the blast who died.

The company's new solution effort, the Lower Marine Riser Package (LMRP) Cap Containment System, has never been tried before at these depths. It will take three to four days to put into play and has no guarantee of success. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,566.64 166.97 1.02%
Nasdaq 4,390.49 74.42 1.72%
S&P 500 1,933.21 29.20 1.53%
Treasuries 2.21 0.03 1.24%
Data as of 12:07pm ET
Company Price Change % Change
Apple Inc 102.01 2.25 2.26%
Bank of America Corp... 16.49 0.23 1.41%
The Coca-Cola Co 40.75 -2.54 -5.87%
Regions Financial Co... 9.24 0.08 0.87%
Micron Technology In... 30.59 0.90 3.03%
Data as of 11:52am ET

Sections

Shares of Chipotle tumbled due to concerns about slowing sales growth in 2015. But investors love Qdoba and its burger chain parent Jack in the Box. More

Chinese iCloud users are facing a new wave of attacks -- not from cybercriminals, but from their own government. More

Startups focusing on "ag tech," or agricultural technology, are gaining the attention of farmers and investors More

Foreign workers, lured by false promises of good jobs and benefits in America, soon find themselves enslaved in plain sight as victims of labor trafficking, a report from the Urban Institute finds. Here's how it can happen. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.