BP's Gulf holdings will be used as collateral for oil-spill fund

10/3/2010 | Wall Street Journal, The

BP has offered some of its Gulf of Mexico properties as collateral for the Deepwater Horizon Oil Spill Trust, which is worth $20 billion. The decision was made to build trust that the company is capable of paying damages from the oil spill, said analyst Oswald Clint at Bernstein. BP also said it has spent $11.2 billion in spill-response activities, claims paid and federal expenses.

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