BIG PAYOUTS

THE KIND OF MONEY BP COULD BE ON THE HOOK FOR

2010

April 16

A BP manager overrules an engineer’s decision to use 21 centralizers to secure a drill pipe in the Macondo well; only six are installed.

April 20

BP decides not to run a test that would determine whether cement has properly sealed the well against leaks. That evening, the well erupts. Eleven men die as the Deepwater Horizon rig explodes and catches fire.

June 16

BP agrees voluntarily to put $20 billion into a fund to pay damages under the supervision of settlement expert Kenneth Feinberg.

July 15

BP and the Coast Guard cap the blown-out well, stopping a geyser of oil that spewed more than 4 million barrels of crude into the Gulf of Mexico.

Aug. 10

A panel of federal judges consolidates hundreds of claims tied to the disaster before U.S. District Judge Carl Barbier in New Orleans.

Dec. 15

The U.S. Justice Department sues BP, rig operator Transocean, and cement contractor Halliburton for violating environmental laws.

2011

Jan. 13

The family of Karl Kleppinger reaches the first settlement of a worker-death suit against Transocean.

April 20

BP sues Transocean and Halliburton, claiming that the contractors share responsibility for the Gulf spill.

Nov. 14

Judge Barbier rules that BP must face spill claims filed by Louisiana and Alabama. Eventually Florida, Mississippi, and Texas also sue BP.

2012

Jan. 26

Barbier rules that under its contract with Transocean, BP must “indemnify” the contractor for pollution-related economic claims. A few days later, the judge decides that BP has to cover certain claims against Halliburton as well.

Feb. 26

Barbier delays a civil trial to allow BP and the Plaintiffs’ Steering Committee to continue negotiating a potential settlement of private business claims.

March 2

BP and the plaintiffs announce an estimated $7.8b settlement to resolve most private claims for property damage, economic loss, and medical injuries.

August-September

Hurricane Isaac hits the Gulf Coast and reveals continuing oil contamination in coastal waters.

Nov. 15

BP agrees to plead guilty to 12 felony counts and pay $4b in criminal fines; the company also agrees to pay an additional $525m related to securities-law violations.

2013

Jan. 3

Transocean agrees to pay more than $1.4 billion, including a $400 million criminal fine, to settle federal criminal and civil allegations.

Feb. 5

BP increases the estimated cost of its economic-claims settlement by $680 million to $8.5b

March 5

Barbier rejects BP’s challenge to how court-appointed administrator Patrick Juneau is paying business claims. That issue is now before a federal appeals court in New Orleans.

June 1

BP to date has paid out about $25b to cover cleanup and damage claims. The company has set aside more than $40b for spill liability. The Justice Department is still seeking up to $17.5b while the state of Louisiana estimates that BP ultimately will pay “tens of billions” of dollars in additional claims.

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