Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

BP: We've spent $2 billion on clean-up

By Aaron Smith, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- BP has spent $2 billion cleaning up the oil spill in the Gulf of Mexico, the company said Monday.

In a statement, BP said the sum includes "the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs" that have emerged since April 20. That's when the Deepwater Horizon rig exploded and sank off the coast of Louisiana, killing 11 workers.

BP also said that more than 65,000 claims have been submitted and more than 32,000 paid out, totaling more than $105 million.

BP (BP)'s stock was down nearly 3% in the first hour of trading. The stock has lost about half of its value since April 19.

The company reported the tally just days after creating a $20 billion escrow account, under pressure from the White House, to cover clean-up costs and claims from fishermen and other impacted businesses.

But even $20 billion might not be enough. Estimates of the total cost range from $11 billion to as high as $100 billion.

BP also said that two systems, called a lower marine riser package and a Q4000, have captured 249,500 barrels of oil spewing from the ocean floor and piped it up to tankers on the surface since the systems were installed earlier this month.

The company began drilling two relief wells on May 2. But the wells are expected to take three months - until sometime in August - to complete.

BP owns 65% of the Macondo well that is spilling up to 60,000 barrels per day, according to government estimates. Anadarko Petroleum, which owns 25% of the well, has been trying to distance itself from BP, blasting its rival for "reckless" behavior on Friday.

Anadarko's (APC, Fortune 500) stock was up more than 1%. To top of page

Search for Jobs

Index Last Change % Change
Dow 20,816.24 -21.20 -0.10%
Nasdaq 5,842.78 -19.12 -0.33%
S&P 500 2,364.99 -4.76 -0.20%
Treasuries 2.36 -0.01 -0.34%
Data as of 9:57am ET
Company Price Change % Change
Frontier Communicati... 3.01 -0.28 -8.51%
Target Corp 57.96 -8.95 -13.38%
Bank of America Corp... 24.48 -0.09 -0.37%
Endo International P... 13.78 0.49 3.69%
Realty Income Corp 61.64 -1.50 -2.38%
Data as of 9:42am ET
Sponsors

Sections

Sterling Jewelers, the company that owns Kay Jewelers and Jared the Galleria of Jewelry, has been accused of fostering a culture of sexual harassment and discrimination against its female employees. More

In the years after Arizona mandated all employers to use E-Verify to check new hire's legal status, the number of undocumented workers fell dramatically. But the number of opportunities that were made available for legal residents didn't materialize at nearly the same rate, researchers found. More

Tom Wheeler, the former FCC chairman who became the cable industry's worst enemy, speaks out against the new FCC administration's actions. More

California is the hardest state for first-time homebuyers, according to a new report from Bankrate.com, while Iowa is the easiest state to put down roots. More