BP and the state of Louisiana resolved two long-standing disputes related to the 2010 Deepwater Horizon oil spill. BP will make a single, early payment of approximately $350 million to the state.
This payment consolidates remaining economic damage funds owed to Louisiana. These funds were originally scheduled for payout over the next seven years.
The deal also resolves the last coastal zone lawsuits brought by Louisiana parishes against the company. This brings a long period of litigation to a close.