BP gets approval for $7.8 billion settlement

San Antonio Business Journal by Mike W. Thomas, Reporter

Date: Monday, December 24, 2012, 6:22am CST

Reporter- San Antonio Business Journal

A federal district judge has approved BP Plc’s $7.8 billion settlement with businesses and individuals over the Deepwater Horizon rig disaster and oil spill.

Judge Carl Barbier, in a 125-page ruling issued on Dec. 21, effectively closed the book on a settlement that is expected to resolve thousands of claims filed in a class action suit.

In November, BP resolved the federal criminal and securities claims filed against the company related to the spill in a deal worth $4.5 billion, the largest such settlement in U.S. history.

San Antonio-based Tesoro Corp. (NYSE: TSO) struck a deal with BP in August to buy the company’s 266,000-barrel-per-day refinery in Carson, Calif. BP divested a number of its properties in anticipation of paying the record fine. Tesoro is paying $2.5 billion for BP’s refinery and related assets in California. That deal should close in mid-2013.

Source: Houston Business Journal





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