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

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 24,083.83 59.70 0.25%
Nasdaq 7,003.74 -3.61 -0.05%
S&P 500 2,639.40 4.84 0.18%
Treasuries 3.02 0.00 0.00%
Data as of 8:18am ET
Company Price Change % Change
Wells Fargo & Co 53.11 0.60 1.14%
Merck & Co Inc 59.63 -0.46 -0.77%
Masco Corp 37.17 1.01 2.79%
Synchrony Financial 33.29 -1.06 -3.09%
Hewlett Packard Ente... 17.31 -0.05 -0.29%
Data as of Apr 25
Sponsors

Sections

Deutsche Bank is retreating from Wall Street and making "painful" jobs cuts in its investment bank after reporting a slump in profits. 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

Nissan's redesigned electric car isn't as exciting as some competitors but it's practical and affordable. More