Shares of BP Plc BP 3.34% are spiking following the announcement of an $18.7 billion settlement by BP that accounts for all state and federal claims against the oil giant relating to its 2010 Deepwater Horizon oil spill.

According to federal authorities, the agreement is the largest U.S. government corporate settlement in history.

Details

The $18.7 billion will be paid out by BP over a span of 18 years. The $18.7 billion pales in comparison to the more than $40 billion that BP has already paid out in legal fees and cleanup efforts relating to the spill. The oil giant and its shareholders are likely anxious to move on from the disaster, which has severely damaged BP’s reputation.

The spill leaked millions of barrels of crude oil into the Gulf of Mexico, affecting the ecology of hundreds of miles of sensitive shoreline and killing 11 workers.

Payouts

The $18.7 billion settlement will include…

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