Processing Magazine

BP Says its Gulf Oil Spill Costs Now $450 Million

May 13, 2010
Global oil company BP PLC said its costs for fighting a massive oil spill in the Gulf of Mexico have risen by $100 million in three days to total about $450 million, according to the Associated Press. London-based BP PLC said in a filing to the U.S. Securities and Exchange Commission that the tab includes money it has given to the coastal states of Louisiana, Mississippi, Alabama and Florida and to the federal government for their responses. The costs also include efforts to contain the crude, ongoing work to drill a relief well, money it has given to Gulf Coast states, settlements and federal costs. BP''s chief operating officer Doug Suttles said Wednesday the price tag increases at least $10 million a day. BP did not immediately respond to a message Thursday to clarify details of the new total. Shares of BP have fallen about 20 percent on the New York Stock Exchange since the oil rig accident. The well has spewed more than 4 million gallons of oil into the Gulf.