March 4, 2008 / 11:17 AM / 12 years ago

BP's Texas City compensation bill tops $2 billion

A BP logo is seen outside a petrol station in London February 4, 2008. - BP's compensation bill for an explosion at its Texas City refinery in 2005 which killed 15 workers has passed $2 billion, a spokesman for the oil giant said on Tuesday. REUTERS/Luke MacGregor

LONDON (Reuters) - BP’s compensation bill for an explosion at its Texas City refinery in 2005 which killed 15 workers has passed $2 billion, a spokesman for the oil giant said on Tuesday.

BP has paid out $1.6 billion already and has set aside another $525 for other claims. The spokesman said the total covered the biggest claims but was unable to say whether further charges would need to be taken to cover compensation costs.

Repairs and lost profits have also cost BP over $1 billion. BP said in its annual report on Tuesday that it had settled some shareholder legal actions related to the blast, but the spokesman declined to say how much, if anything, had been paid.

Reporting by Tom Bergin; Editing by Quentin Bryar

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