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

Index Last Change % Change
Dow 16,102.38 -272.38 -1.66%
Nasdaq 4,683.92 -49.58 -1.05%
S&P 500 1,921.22 -29.91 -1.53%
Treasuries 2.13 -0.04 -1.85%
Data as of 5:05am ET
Company Price Change % Change
Bank of America Corp... 15.65 -0.29 -1.82%
Apple Inc 109.27 -1.10 -1.00%
Alcoa Inc 9.49 -0.08 -0.84%
Microsoft Corp 42.61 -0.89 -2.05%
General Electric Co 24.00 -0.51 -2.08%
Data as of Sep 4
Sponsors

Sections

Jessica Alba's Honest Company has been sued by a customer who claims the company is making false claims in its marketing and labeling. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Google has released Chrome 45, which claims to make your browser faster and give your laptop battery extra life. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Pimco's famous fund once managed by star manager Bill Gross has less than $100 billion in management for the first time since 2007. More