• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Current price of oil as of June 16, 2026

2

Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup

3

Current price of oil as of June 15, 2026

1

Current price of oil as of June 16, 2026

2

Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup

3

Current price of oil as of June 15, 2026

BP Has Dropped Its Fight to Pay $1 Billion in Gulf Oil Spill Damages

Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
May 3, 2016, 3:59 PM ET
One Year Anniversary Of BP Oil Spill Approaches
Photograph by Mario Tama — Getty Images
Add Fortune on Google for similar content.

This story has been corrected. See bottom.

BP has agreed to hand over $1 billion to shrimpers, fishermen, oystermen, and seafood processors for its role in the 2010 Gulf of Mexico oil spill.

The energy giant was initially asked to pay about $2.3 billion to fisheries and sailors whose livelihoods were affected by the incident. But after paying $1 billion, BP claimed that the number of plaintiffs had been inflated and the company fought against paying the rest for the past two years.

Now BP is letting it go—although some of the people it is compensating might not even exist or aren’t related to the case.

“We have withdrawn our claims seeking an injunction against payments by the Seafood Program so the program can be concluded,” Geoff Morrell, a spokesperson for BP told Fortune in an email. A New Orleans federal judge accepted the request to drop the claim Monday, Bloomberg reported. The $2.3 billion Seafood Program is just a portion of the reparations BP has promised to make to state and local governments and other individuals.

In 2010, BP spilled four million barrels of crude into the ocean, affecting five states, killing 11 rig workers, and forcing several fisheries to close down. As a result, the company has spent $56 billion so far over the past six years to clean up the aftermath.

 

Roughly two years ago, BP said there were irregularities in a list of plaintiffs submitted by Texas attorney Mikal Watts, and claimed that the lawyer had injected extra names—adding hundreds of millions of dollars in expenses for BP.

Although BP has agreed to pay the $2.3 billion to fisheries in full, the company is still pursuing another lawsuit against Watts, who was indicted in October, having been accused of making false claims and identity theft in relation to the case. Watts has previously claimed as many as 44,000 boat captains and crew members as clients—though it was later revealed that some of those names and social security numbers were tied to dead people and in one case, a dog, Bloomberg reported.

That said, BP could still face even more expenses related to the gulf spill in the future—hurting the company’s earnings at a time when the price of crude is already low. And even now, the company isn’t sure how much higher those expenses will go.

“It’s impossible to come up with a best estimate,” BP CFO Brian Gilvary told analysts during the company’s earnings call last month, according to the Wall Street Journal.

Correction: In a previous version of this story, a headline incorrectly stated that BP had to pay an additional $1 billion for its role in the 2010 Gulf of Mexico oil spill. The $1 billion is part of a previously announced settlement plan.

About the Author
Lucinda Shen
By Lucinda Shen
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Citi, Ford, and Experian share their strategies for scaling AI agents
C-SuiteBrainstorm Tech
Citi, Ford, and Experian share their strategies for scaling AI agents
By Alexei OreskovicJune 16, 2026
8 hours ago
Vietnam has to find $200 billion to fund its ambitious growth agenda. Techcombank’s CEO thinks that has to come from overseas
BankingAsia Agenda
Vietnam has to find $200 billion to fund its ambitious growth agenda. Techcombank’s CEO thinks that has to come from overseas
By Angelica AngJune 16, 2026
10 hours ago
Vessels lie at anchor in the Strait of Hormuz off Iran's coast.
Energyoil and gas
Filling up your car won’t feel normal until next summer, S&P says
By Tristan BoveJune 16, 2026
10 hours ago
A man sits at a red checkerboard table with a Tiffany-style Pizza Hut lamp hanging above him.
RetailFood and drink
Pizza Hut is getting the private equity treatment in a $2.7 billion deal as its owner offloads the brand that defined 1990s dining nostalgia
By Sasha RogelbergJune 16, 2026
11 hours ago
Anthropic CEO Dario Amodei speaking into a microphone.
NewslettersEye on AI
Decision on Anthropic’s Fable and Mythos models means the U.S. has a licensing regime for frontier AI—it just doesn’t want to admit it
By Jeremy KahnJune 16, 2026
11 hours ago
Exclusive: PayPal winds down venture arm as fintech giant restructures under new CEO
Startups & VenturePayPal Holdings
Exclusive: PayPal winds down venture arm as fintech giant restructures under new CEO
By Ben WeissJune 16, 2026
11 hours ago

Most Popular

Current price of oil as of June 16, 2026
Personal Finance
Current price of oil as of June 16, 2026
By Joseph HostetlerJune 16, 2026
18 hours ago
Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup
Success
Team USA star Ricardo Pepi grew up in a trailer in El Paso—and his parents pawned their car title to fuel his soccer dream. Now, he’s in the World Cup
By Preston ForeJune 15, 2026
2 days ago
Current price of oil as of June 15, 2026
Personal Finance
Current price of oil as of June 15, 2026
By Joseph HostetlerJune 15, 2026
2 days ago
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
Big Tech
Hundreds of Stanford students walked out of their grad ceremony to protest Google CEO’s commencement speech. It wasn’t all about AI
By Tristan BoveJune 15, 2026
2 days ago
Cursor’s 25-year-old CEO is a former Google intern who just cemented a $60 billion deal with SpaceX
AI
Cursor’s 25-year-old CEO is a former Google intern who just cemented a $60 billion deal with SpaceX
By Marco Quiroz-GutierrezJune 16, 2026
17 hours ago
Current price of silver as of Monday, June 15, 2026
Personal Finance
Current price of silver as of Monday, June 15, 2026
By Joseph HostetlerJune 15, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.