BP takes $1.7B charge on Deepwater Horizon claims closure

BP announced it would incur a new $1.7 billion charge in the fourth quarter and pay $1 billion of that in 2018.

The amount adds to the more than $60 million worth of penalties the company already has racked up over lawsuits related to the Deepwater Horizon accident in 2010.

“With the claims facility’s work very nearly done, we now have better visibility into the remaining liability,” Chief Financial Officer Brian Gilvary said Tuesday in a statement. “The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at $50 per barrel.”

Read more from Bloomberg.