BP’s $60 Billion Gulf Spill Tab Rises as Lawsuits Wind Down

BP Plc raised the amount it will pay this year for the Deepwater Horizon accident as thousands of lawsuits related to the biggest oil spill in U.S. history start to wind down.

The 2010 explosion at a well in the Gulf of Mexico threatened BP’s existence after 11 people were killed and millions of barrels of oil spilled into the sea. While the latest liabilities will add to the more than $60 billion of penalties the company has already racked up, Chief Executive Officer Bob Dudley will see an end in sight to the largest court battles.

The London-based company ...