BP Reaches $4.5 Billion Settlement With U.S. Government in Oil Spill Case

HOUSTON—BP Plc agreed to pay $4 billion over five years under a settlement with the U.S. government that resolves all federal criminal charges and all claims stemming from the April 2010 Deepwater Horizon rig explosion, oil spill, and response, the oil company announced Nov. 15.

BP also will pay a $525 million civil penalty, payable in three installments over five years, to the Securities and Exchange Commission.

As part of the resolution, BP said it pleaded guilty to 11 felony counts of misconduct or neglect of ships’ officers relating to the loss of 11 workers on the drilling rig; one ...