Tags: BofA | BP | Costs | Billion

BofA Says BP Costs Will Be At Least $28 Billion

Wednesday, 16 Jun 2010 02:03 PM

Bank of America Merrill Lynch analysts have issued a new, thorough report on BP and the cost of the Deepwater Horizon explosion, which they say will cost BP at least $28 billion.

The analysts assume cleanup and remediation costs based on industry data and BP’s 
costs to date could reasonably be $6 billion, the Business Insider reported.

Compensatory damages are expected to tally $11 billion. Punitive damages add another $11 billion. 

Civil damages applied under the Clean Water Act may be about $1.1 billion, the Business Insider reported.

Earlier this month, BP said the cost of the company's response to the oil spill has reached about $1.25 billion. BP said that figure doesn't include $360 million for a project to build six sand berms meant to protect Louisiana's wetlands from spreading oil.

Meanwhile, BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf, senior administration officials said, a move made under pressure by the White House as the company copes with causing the worst environmental disaster in U.S. history.

© 2017 Newsmax Finance. All rights reserved.

1Like our page
2Share
StreetTalk
Bank of America Merrill Lynch analysts have issued a new, thorough report on BP and the cost of the Deepwater Horizon explosion, which they say will cost BP at least $28 billion. The analysts assume cleanup and remediation costs based on industry data and BP s 
costs to...
BofA,BP,Costs,Billion
177
2010-03-16
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved