Compensating the people and communities affected
Following the Deepwater Horizon accident, BP committed to restoring the Gulf region’s economy and began paying claims within weeks of the accident. BP paid $6.67 billion through the Gulf Coast Claims Facility (GCCF) and has made significant progress in resolving remaining economic loss and property damage claims from individuals and businesses under the 2012 settlement with the Plaintiffs Steering Committee (PSC). Additionally, the vast majority of opt-out and excluded economic loss claims have also been settled or dismissed.
Also, the settlement approved in April 2016 includes a total of $4.9 billion to be paid over 18 years to settle economic and other claims made by the five Gulf Coast states, and up to $1 billion to resolve claims made by more than 400 local government entities. BP has accepted releases received from the vast majority of local government entities, and payments required under those releases were made during the third quarter of 2015.