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BP Settlement Costs Rise Again

Claims from individuals and businesses affected by the Gulf oil spill are more numerous and costly than BP anticipated.

By Alanna Byrne | Updated on March 11, 2013

BP, which is already on the hook for billions of dollars over the Deepwater Horizon oil spill, will pay spill victims even more than it was expecting, according to the company’s annual report.

Last year, BP agreed to a settlement with individuals and businesses that had suffered either medical or economic damages as a consequence of the spill. BP initially estimated that the settlement would cost $7.8 billion, but it later revised that amount to $8.5 billion. 

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