Halliburton Reaches $1.1B Gulf Oil Spill Settlement, BP Fine May Come Soon

Halliburton’s agreement to pay $1.1 billion to settle its lingering liability for the 2010 Gulf of Mexico oil spill hints that U.S. District Judge Carl Barbier may be nearing a decision on how much additional liability BP will face, Bloomberg Businessweek reports. The British oil giant has already paid $28 billion in claims, but could be faced with tens of billions more if Barbier determines it is guilty of more than carelessness. In the meantime, both companies have already paid enormous legal fees – prior to its settlement, Halliburton had incurred fees and expenses of $294 million.