BP Forced to Sell Off Assets to Settle Massive Oil Spill Claims

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The Associated Press is reporting that BP has agreed to sell its Carson, California refinery, as well as other West Coast assets throughout Southern California, Arizona, and Nevada, to Tesoro Corp. for $2.5 million. Additionally, BP will sell the Arco brand rights for Northern California, Oregon, and Washington, and lease them back from Tesoro Corp.

BP also recently announced that it had reached an agreement with Eagle Rock Energy Partners to sell its Sunray and Hemphill gas processing plants in Texas for $227.5 million. With these sales, BP reports that it has now sold or agreed to sell a total of $26.5 billion in assets since 2010, and is on track to reach its goal of raising $38 billion in funds to pay costs and claims associated with the oil spills in the Gulf of Mexico.

At first glance, these figures might seem like extraordinary efforts on the part of BP to right the wrongs that have occurred as a result of this massive disaster. However, BP has a long way to go before it has fully satisfied its obligations to fully compensate all parties injured by the BP oil spill.

Most recently, BP has entered into an Economic and Property Damages Settlement, as well as a Medical Benefits Settlement, in order to resolve the vast amount of claims arising from this matter. There are currently no limits or caps on the amounts for which BP may be liable under these settlement agreements. Nonetheless, in over two years since the oil spill, very few claims have been paid out to claimants through prior claims entities, and claims have only recently begun to be processed through the administrators of these two settlements. While BP may have raised significant funds to compensate for the widespread economic and medical harms caused by the oil spill, victims of the incident have seen very little in the way of compensation for these harms. Moreover, for an international company that earned nearly $22 billion in profits as recently as 2008, selling off $38 billion in assets may not be much more than a token gesture.

Due to the delays in the payment of claims by BP thus far, despite its clear liability, as well as the long and complex claims process that lies ahead, those who have suffered economic, property or medical injuries as a result of the BP oil spill will need the assistance of an experienced, professional BP oil spill lawyer. Contact the BP oil spill attorneys at Zebersky Payne Shaw Lewenz, LLP, today, to learn how we can help you secure the compensation that you deserve for your losses.

Jordan A. ShawBP Forced to Sell Off Assets to Settle Massive Oil Spill Claims

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