July 3, 2015 / 1:26 AM / 5 years ago

Factbox: BP settlement payouts to coastal states in 2010 oil spill

(Reuters) - (This version of the story was refiled to add dropped word ‘hit’ in paragraph 10 to make it ‘hardest-hit’)

BP Plc’s agreed to pay out $18.7 billion to the U.S. government and five coastal states to settle damages claims from the 2010 Gulf of Mexico spill.

The following are details of the payouts and reaction from officials in Alabama, Florida, Louisiana, Mississippi and Texas:

THE BP PAYOUT:

$4.9 billion to resolve the states’ economic claims over 18 years.

$7.1 billion over 15 years to resolve natural resource damage claims under the Oil Pollution Act of 1990. This is in addition to the $1 billion already committed by BP.

BP will set aside an additional $232 million to cover any further damages unknown at the time of the agreement.

$5.5 billion to resolve Clean Water Act civil penalties over 15 years.

Up to $1 billion to resolve claims to more than 400 local government entities.

LOUISIANA:

The hardest-hit state because of its proximity to the spill will receive more than $6.8 billion, including $5 billion for natural resource damage, $1 billion for economic damages and $787 million in Clean Water Act penalties.

It brings Louisiana’s total recovery from the Deepwater Horizon disaster to about $10 billion, more than any state has received for this type of case, Attorney General Buddy Caldwell said.

Caldwell told a news conference: “The current settlement will allow us to have immediate action to provided needed restoration of the Louisiana Gulf, and the Louisiana shoreline, as well as to rejuvenate certain areas of the state’s economy that still suffer from the spill’s impact.”

In a statement, Governor Bobby Jindal said the funds will help restore the damage inflicted on Louisiana’s coastal resources as well as fight coastal erosion.

“These funds will allow us to build on the momentum gained through the state’s increased investment in coastal protection and restoration since 2008.”

FLORIDA:

The Sunshine State, where almost 200 miles of coastline were affected by the spill, stands to receive more than $3.25 billion, including $2 billion for its economic loss claims, with the remainder going toward natural resource damage claims and Clean Water Act penalties.

Governor Rick Scott said the deal will help Florida “implement key projects and invest in environmental priorities to keep our state beautiful.”

MISSISSIPPI

The Magnolia State will get about $1.5 billion, including about $183 million in natural resource damage payments and about $582 million in Clean Water Act penalties.

BP will also fork out $750 million in economic damages, which was seven times more than initial projections for economic damages, Attorney General Jim Hood said.

Governor Phil Bryant said the compensation for the disaster was a “victory for Mississippi and a victory for a treasured way of life on the Gulf Coast.”

ALABAMA

The cotton state will get $1 billion in economic damages and $296 million for natural resources.

TEXAS

The U.S. oil capital will get $150 million in economic damages and $238 million in natural resources damages.

Compiled by Josephine Mason; Editing by Jeffrey Benkoe and Grant McCool

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below