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BP P.L.C.

April 2010 Gulf of Mexico Oil Spill – Private Economic Loss and Medical Claims Settlement

Date: 03/02/2012 (Date of Settlement Announcement)

Misconduct Type: Environment

Enforcement Agency: Non-Governmental

Contracting Party: None

Court Type: Civil

Amount: $7,800,000,000

Disposition: Settlement

Synopsis: BP reached a $7.8 billion settlement over the 2010 Deepwater Horizon oil rig disaster. In April 2010, a blowout on the Macondo well destroyed the Deepwater Horizon, killed 11 workers, and caused the spill of more than 4 million barrels of oil into the Gulf of Mexico over three months. The settlement will resolve approximately 100,000 private claims for economic loss, property damage and medical injuries. It includes $2.3 billion specifically earmarked for economic losses related to the seafood industry in the Gulf of Mexico. BP also promised to provide $105 million to improve the availability, scope and quality of healthcare in Gulf communities. The settlement, which does not cap the amount BP must ultimately pay, does not resolve claims brought by the federal and state governments, nor does it cover claims against BP’s partners on the Deepwater Horizon rig, including rig owner Transocean and cement contractor Halliburton. The settlement is not an admission of liability by BP.