According to The Guardian, BP has just revealed that there is only $300 million left in its Deepwater Horizon compensation fund. The $20 billion fund was originally created to pay reparations to ailing business that suffered in the wake of the massive oil spill in May of 2010. In the petroleum company’s second quarter financial report, BP said it will be increasing its trust fund to help business by just $200 million, raising the total provisions payed out to $42.4 billion. They’ve also noted they were prepared to take legal action against any compensation claim they deem as “absurd”.
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In the same financial report, the British company also raised its estimate of compensation claims for the last three months from $8.2 billion to $9.6 billion. While this all looks nice on paper, the petroleum giant continues to fight every civilian claim. Back in March, Reuters reported the gas company also cried foul against “fictitious” claims that would financially endanger the company. Meanwhile, BP chief executive Bob Dudley’s latest defensive statements to The Guardian show that BP is still prepared to fight long-haul legal battles and is appealing against what they deem to be illegitimate compensation claims worth more than $1 billion.
Via The Guardian