What is in this article?:
- BP Says in 'Advanced Discussions' with US to Settle Gulf of Mexico Oil Spill Charges
- Rumors of Record Penalty
- BP says discussions relate to federal criminal and SEC claims
- Rumors circulating of record penalty
- BP has already paid out more than $35 billion in compensation costs related to Deepwater Horizon incident
Editor's Note: Read an update to the below article here: BP to Pay Record $4.5 Billion in Fines for Gulf Oil Spill
British energy giant BP (IW 1000/4) revealed Thursday that it was in "advanced" talks with U.S. authorities to settle criminal charges and claims arising from the devastating 2010 Gulf of Mexico oil spill disaster.
"BP confirms that it is in advanced discussions with the United States Department of Justice and the Securities & Exchange Commission (SEC) regarding proposed resolutions of all U.S. federal government criminal and SEC claims against BP in connection with the Deepwater Horizon incident," the firm said in a statement.
"No final agreements have yet been reached and any resolutions, if agreed, would be subject to federal court approvals in the United States."
The Wall Street Journal, citing sources, said that U.S. Attorney General Eric Holder was expected to announce the agreement at a news conference in New Orleans later on Thursday, amid speculation of a record fine. BP declined to comment on the report.
The energy major added however that the proposed resolutions are not expected to cover federal civil claims, including damages under the Clean Water Act, federal and state natural resources damages claims, or outstanding private civil claims.
"A further announcement will be made if and when final agreements are reached. Until final agreements are reached, there can be no certainty any such resolutions will be entered into," the company said.
In morning London trade, the group's share price dipped 0.65% to 423 pence on the British capital's FTSE 100 index of top companies, which was 0.30% lower at 5,704.46 points.