BP to pay billions in Gulf spill settlement

By HLNtv.com Staff

updated 7:31 AM EST, Fri November 16, 2012

NEED TO KNOW

Oil company, Justice Department reach record-breaking deal
2 executives charged with manslaughter

BP has reached a record-breaking settlement for the 2010 Gulf oil disaster.

Justice Department officials say the oil company will pay $4.5 billion to resolve criminal charges and claims.

Bob Dudley, chief executive of BP, released a statement saying:

"All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region. From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf.

We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions."

The disaster killed 11 rig workers and dumped millions of gallons of oil into the Gulf of Mexico.

READ: Infamous ship Exxon Valdez sold for scrap

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