BP reveals $6.3bn quarterly loss due to Deepwater Horizon bill

[buddhallah_the_christ]

BP reveals 6.3bn quarterly loss owing to Deepwater Horizon bill Business The Guardian
I can't stand this negligence. I am fed up with these stories.
Every board member should be in prison.
I mean, they only poisoned an entire ecosystem and disregarded authorities when they deployed Corexit to sink the whole mess to the seabed, killing everything for hundreds of miles. What's the big deal, right?
They are sure that huge money will help them to avoid any punishment.

 

[Mr. H.]

And folks think that these things are paid for our of "pretend money".
BP doesn't have a printing press like Obama does. They can't just print themselves out of responsibility and accountability like Obama has for the past seven years.

Agriculture has been "poisoning entire ecosystems" for generations. Where's your outrage?

Everything for hundreds of miles wasn't killed, you moron.

You pathetic petrophobe.

 

[waltky]

... "the largest settlement with a single entity in American history."

BP to pay record $20 bn penalty for Gulf of Mexico oil spill
Tuesday 6th October, 2015 - The US government announced a record $20-billion civil settlement with the British oil company BP over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Attorney General Loretta Lynch called it "the largest settlement with a single entity in American history."

The deal, announced by the US Department of Justice on Monday, is the largest settlement in the department's history and resolves the government's civil claims under the Clean Water Act and Oil Pollution Act, as well as economic damage claims from regional authorities, according to a US Justice Department statement Monday. The pact is designed "to not only compensate for the damages and provide for a way forward for the health and safety of the Gulf, but let other companies know they are going to be responsible for the harm that occurs should accidents like this happen in the future," Lynch told reporters at a briefing in Washington The announcement Monday includes $700 million for injuries and losses related to the spill that aren't yet known, $232 million of which was announced earlier.

It also adds $350 million for the reimbursement of assessment costs and $250 million related to the cost of responding to the spill, lost royalties and to resolve a False Claims Act investigation, according to a consent decree filed by the Justice Department at the US District Court in New Orleans. "Once approved by the court, this agreement will launch one of the largest environmental restoration efforts the world has ever seen," Lynch said. "BP is receiving the punishment it deserves, while also providing critical compensation for the injuries it caused to the environment and the economy of the gulf region. The steep penalty should inspire BP and its peers to take every measure necessary to ensure that nothing like this can ever happen again." The maximum $ 5.9 billion is to be paid directly to state and local governments in Alabama, Florida, Louisiana, Mississippi and Texas to reimburse them for economic losses under an agreement separate from the federal deal with BP. After the disaster, the federal government closed more than a third of the gulf to commercial fishing, causing $2.5 billion in losses. Lost tourist revenues were estimated at up to $23 billion. About $4.7 billion is to go towards habitat restoration and conservation.

The federal government and state agencies will spend the money to restore wetlands and coastal habitats, with the lion's share, $4.3 billion, going to restoration in Louisiana. Alabama will get $96 million, Florida $38 million, Mississippi $140 million and Texas $100 million, while $4.4 billion will go towards civil penalty to the states under the Clean Water Act BP will pay this for violating the Clean Water Act. The money will be divided equally by the five states to spend on environmental restoration, economic recovery projects, tourism and seafood promotion. Of the total $1.8 billion will be spent on wildlife restoration: to replenish and restore wildlife, including sturgeon and other fish, sea turtles, birds, oysters and marine mammals such as dolphins. The largest amount, $404 million, will be spent to aid water fowl species whose habitat was destroyed by the spilled oil - $380 million will be spent on fish and invertebrates and $163 million on trying to restore the sea turtle population.

BP to pay record 20 bn penalty for Gulf of Mexico oil spill