BP, Louisiana Agree $350M Deepwater Settlement

BP and Louisiana have agreed to resolve two lingering matters stemming from the 2010 Deepwater Horizon disaster: the company will pay the state about $350 million upfront, and remaining coastal-zone lawsuits brought by Louisiana parishes against BP will be settled. The payment accelerates BP’s remaining obligations under a 2015 economic-damages settlement, replacing roughly $373 million in interest-free installments that had been scheduled over the next seven years. Louisiana officials said resolving the disputes would provide earlier access to funds and help reduce uncertainty for the state’s energy industry. The agreement covers BP’s Louisiana-related obligations; the company still has outstanding payments to other Gulf Coast states and the federal government.