Energy

BP Gulf Spill Trial Set to Begin

BP
courtesy of BP plc
Nearly three years after the explosion and sinking of an oil rig in the Gulf of Mexico that killed 11 workers and spilled 5 million barrels of oil, a federal judge in New Orleans is scheduled to hear opening arguments today in a civil trial that will determine how much more BP PLC (NYSE: BP) will have to pay in fines and penalties. The company has coughed up more than $24 billion so far and figures it may end up with another $18 billion or so before the case is closed.

Now $42 billion is not chump change, even for BP. But plaintiffs in the case want much more from the firm. The big issue is whether BP acted with gross negligence. If the judge decides that the company did, BP is liable for up to triple damages.

Claims against both rig owner and operator Transocean Ltd. (NYSE: RIG) and cement contractor Halliburton Co. (NYSE: HAL) are not yet resolved, but are not at issue in the trial that begins today.

Get Ready To Retire (Sponsored)

Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Get started right here.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.