BP says oil spill costs reach $450M

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Published: May 13,2010

Tags: offshore drilling, oil and gas, oil spill

GULF OF MEXICO — Global oil company BP PLC said today its costs for fighting a massive oil spill in the Gulf of Mexico have risen by $100 million in three days to total about $450 million.

London-based BP PLC said in a filing to the U.S. Securities and Exchange Commission that the tab includes money it has given to the coastal states of Louisiana, Mississippi, Alabama and Florida and to the federal government for their responses.

The costs also include efforts to contain the crude, ongoing work to drill a relief well and settlements.

BP has estimated the price tag increases by at least $10 million a day. BP hasn’t incurred any massive new expenses, and the sharp increase since Monday was likely caused by a lag in reporting costs to BP, company spokesman Mark Proegler said.

Shares of BP have fallen about 20 percent on the New York Stock Exchange since the oil rig accident.

The well has spewed more than 4 million gallons of oil into the Gulf.

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