Halliburton to settle Gulf of Mexico spill claims for $1.1B

Halliburton, the company contracted by BP to cement the ill-fated Macondo oil well in the Gulf of Mexico, has reached a $1.1 billion settlement with thousands of businesses, individuals and local governments that suffered losses from the 2010 Deepwater Horizon oil rig explosion, the company and plaintiffs announced on Tuesday.

According to the New York Times, the settlement is a small fraction of the damages paid out by the companies involved in the accident, which killed 11 workers and spilled millions of gallons of oil into the Gulf of Mexico.

The settlement agreement was long expected since the oil service company pleaded guilty to a criminal charge of destroying evidence last year. The company had set aside $1.3 billion to cover losses from litigation.

Read more from the New York Times.