BP found to be grossly negligent in 2010 Gulf of Mexico oil spill

Benjamin SnyderBy Benjamin SnyderManaging Editor
Benjamin SnyderManaging Editor

Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

BP Filling Station Signage
LONDON, UNITED KINGDOM - FEBRUARY 1: The sign for a BP filling station in Westminster on February 1, 2011 in London, England. BP has reported a loss for 2010 of 3.1bn GBP, this is the first time the oil giant has made an annual loss since 1992. This compares with a profit of 8.6bn GBP for BP in 2009. The dramatic difference can be largely attributed to the 25.3bn GBP set aside by the company for charges relation to the Gulf of Mexico oil spill last year. (Photo by Oli Scarff/Getty Images)
Oli Scarff—Getty Images

A U.S. District Judge announced Thursday that BP (BP) acted with gross negligence during the 2010 Gulf of Mexico oil spill, the largest offshore spill in U.S. history. As a result, the company will likely pay billions more.

Carl Barbier, the judge, held a trial without a jury to determine the company most responsible for the spill which claimed the lives of 11 workers. Along with BP, Transocean (RIG) and Halliburton (HAL) were examined in the case.

“BP’s conduct was reckless,” according to Barbier in his decision on Thursday. “Transocean’s conduct was negligent. Halliburton’s conduct was negligent.”

Barbier found that BP was at fault for 67% of the spill, 30% for Transocean and 3% for Halliburton, according to Bloomberg.

The energy company could now be fined over $18 billion more, according to Bloomberg. The company stated in July that it was taking a $43 billion charge to cover future penalties.

On Tuesday, Halliburton announced that it’d pay $1.1 billion to settle lawsuits related to the spill after its Macondo well exploded, spewing the oil into the ocean. Halliburton was accused for faulty cement work on the well which BP owned.

BP shares were down as much as 4.7% on Thursday morning after the ruling, while shares of Transocean and Halliburton climbed.