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 oil spill clean-up costs exceed $3 billion

By CNNMoney.com staff

LONDON (CNNMoney.com) -- BP has spent more than $3 billion to clean up the Gulf of Mexico oil spill and paid out nearly half of the claims that have been submitted, the company said Monday.

Since its leased Deepwater Horizon oil rig exploded on April 20, the company has spent roughly $3.12 billion in total, BP said in a statement on its website.

That figure includes costs for responding to the oil spill, relief well drilling, making grants to Gulf states, paying claims as well as paying federal costs.

The oil giant said that of the nearly 95,000 claims that have been submitted, it has paid out more than 47,000, totaling almost $147 million.

The company's latest update on its response to the oil spill comes amid speculation that it is seeking strategic investors to help fend off potential takeover bids.

A report in Britain's Sunday Times said the company is looking to sell a stake in itself to ward against takeover approaches. The report sparked a more than 2% rally in BP shares in London on Monday.

Shares of BP (BP) have fallen so steeply since the Deepwater Horizon exploded -- the stock is down more than 50% -- that industry analysts say the company is ripe for a takeover.

BP last month agreed to commit $20 billion to an independently managed account to cover damages related to the oil spill.

The company said Monday that it is too early to quantify other potential oil-spill costs and liabilities.  To top of page

Search for Jobs

Index Last Change % Change
Dow 18,164.37 -4.90 -0.03%
Nasdaq 5,244.22 -39.18 -0.74%
S&P 500 2,136.05 -7.11 -0.33%
Treasuries 1.79 0.03 1.88%
Data as of 2:02pm ET
Company Price Change % Change
Apple Inc 114.93 -3.32 -2.81%
Bank of America Corp... 16.82 0.10 0.60%
Chesapeake Energy Co... 5.96 -0.15 -2.45%
Southwest Airlines C... 38.88 -3.07 -7.32%
Ford Motor Co 11.82 -0.03 -0.21%
Data as of 1:47pm ET


Canada's top pharmacy chain -- Shoppers Drug Mart -- is hoping to be the first to legally sell over-the-counter medical marijuana. More

Comparing the rise of Donald Trump with the shocking Brexit vote in the U.K. is misguided, according to a pair of new reports released on Wednesday. More

Google Fiber is pausing its expansion into new markets, losing its top executive and planning a round of layoffs. More