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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

Index Last Change % Change
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Data as of 3:15am ET
Company Price Change % Change
EMC Corp 28.35 0.49 1.76%
Bank of America Corp... 15.52 -0.06 -0.39%
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Apple Inc 111.60 -0.52 -0.46%
Data as of Oct 12


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