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

Just the hot list include
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 24,462.94 -201.95 -0.82%
Nasdaq 7,146.13 -91.93 -1.27%
S&P 500 2,670.14 -22.99 -0.85%
Treasuries 2.95 0.04 1.27%
Data as of 3:37am ET
Company Price Change % Change
General Electric Co 14.54 0.55 3.93%
Bank of America Corp... 30.26 0.08 0.27%
Apple Inc 165.72 -7.08 -4.10%
Ford Motor Co 10.82 -0.14 -1.28%
Advanced Micro Devic... 9.99 -0.12 -1.19%
Data as of Apr 20
Sponsors

Sections

The American newspaper industry says tariffs on Canadian paper could force it to cut jobs, drop pages or print fewer editions. Some are worried that smaller papers might not survive. More

US regulators are close to slapping Wells Fargo with a $1 billion fine for forcing customers into car insurance and charging mortgage borrowers unfair fees. More

The Justice Department is probing wireless carriers, and that investigation could put the eSIM card rollout on hold. More