Halliburton Settles Gulf Oil Spill Lawsuits
On Tuesday, Halliburton announced it had reached a deal to settle lawsuits that were filed against the company for its role in the 2010 Gulf of Mexico oil spill. The lawsuits were brought by individuals and business owners who suffered property damage and/or economic losses due to the spill. Through the settlement, Halliburton has agreed to pay $1.1 billion into a trust over two years after other appeals regarding the litigation have been resolved. Halliburton had previously set aside $1.3 billion for anticipated costs related to the litigation.
The settlement comes at a time in which Judge Barbier is determining liability for the Deepwater Horizon rig explosion. Barbier is expected to rule within the coming weeks on how much liability each company involved carries for the accident. This settlement removes a lot of uncertainty about how much Halliburton would have to contribute in payout.
The settlement, which includes legal fees, must still be approved by Judge Barbier.