Texas Business Report: BP to Shell Out $4.5B to the Feds

The energy giant agreed to pay the Department of Justice and the SEC the hefty sum to settle the criminal cases associated with the Deepwater Horizon oil spill. 
Sat November 17, 2012 5:14 am
Associated Press

The Texas economy is one of the most robust in the world. Wildly profitable companies and ingenious entrepreneurs call this state home, and what happens here influences businesses around the nation. Here’s a slice of the profits, losses, big deals, and backroom decisions happening across Texas this week.

BP to DOJ, SEC: IOU $4.5B
After years of legal proceedings, BP agreed Thursday to pay the Department of Justice and the Securities and Exchange Commission $4.5 billion to settle criminal cases associated with its role in the Deepwater Horizon oil spill. According to StateImpact Texas,BP also agreed to plead guilty to 11 felony counts related to the 11 workers killed in the disaster, two misdemeanors, and one additional felony count for obstruction of Congress.”

In the next five years, $2.3 billion of the company’s money will go to the National Fish

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