March 26, 2017 12:18 PM ET

Oil, Gas and Consumable Fuels

Company Overview of BP Exploration & Production Inc.

Company Overview

BP Exploration & Production Inc. offers oil exploration and production services. The company also owns and operates oil wells. The company was incorporated in 1996 and is based in Houston, Texas. BP Exploration & Production Inc. operates as a subsidiary of BP p.l.c.

200 Westlake Park Boulevard

Suite 1090

Houston, TX 77079

United States

Founded in 1996

Key Executives for BP Exploration & Production Inc.

BP Exploration & Production Inc. does not have any Key Executives recorded.

BP Exploration & Production Inc. Key Developments

BP Exploration & Production to Settle Federal, State Deepwater Horizon Claims for $18.7 Billion

BP Exploration & Production Inc. has agreed in principle to settle all federal and state claims arising from the 2010 Deepwater Horizon incident and subsequent oil spill with payments over 18 years totaling $18.7 billion. The agreements with the US federal government and Alabama, Florida, Louisiana, Mississippi, and Texas also include settlement of claims made by more than 400 local government entities. The principal payments are as follows: BP is to pay the US a civil penalty of $5.5 billion under the CWA payable over 15 years. The US District Court for the Eastern District of Louisiana in January ruled under Phase 2 of the MDL 2179 civil trial that 3.19 million bbl of oil were discharged into the Gulf of Mexico during the incident. BP will pay $7.1 billion to the US and the five gulf states over 15 years for NRD. This is in addition to the $1 billion already committed for early restoration. BP also will set aside an additional $232 million to be added to the NRD interest payment at the end of the payment period to cover any further natural resource damages that are unknown at the time of the agreement. A total of $4.9 billion will be paid over 18 years to settle economic and other claims made by the five Gulf Coast states. As much as $1 billion will be paid to resolve claims made by more than 400 local government entities. The expected impact of the agreements would be to increase the cumulative pretax charge associated with the Deepwater Horizon incident and spill by about $10 billion from $43.8 billion at the end of the first quarter.

Halliburton Reaches Agreement with BP Exploration & Production Inc. to Resolve Remaining Issues

Halliburton announced that it has reached an agreement with BP Exploration & Production Inc. to resolve remaining issues, which includes indemnities between the parties and dismissal of all claims against each other, relating to the April 20, 2010, Deepwater Horizon well incident in the Gulf of Mexico. Halliburton previously announced that it reached an agreement to settle punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon incident, and all claims against Halliburton that BP assigned to the settlement class in BP’s April 2012 settlement with the Plaintiffs’ Steering Committee.

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