BP says oil spill costs $350 million so far, shares hit

BP said on Monday the sum referred to the cost of spill response, containment efforts, relief well drilling, payments to the Gulf Coast States to speed up their response plans, some compensation claims and federal costs.

The London-based group -- which until the leak was Britain's largest company by market value -- declined to give a further breakdown, such as what types of compensation payments had been made, or were still pending.

BP shares fell 0.8 percent at 1430 GMT (10:30 a.m. EDT), lagging a 4.1 percent rise in the STOXX Europe 600 Oil and Gas index. The stock dropped as low as 540.7p, its lowest since November 2009.

The stock has lost around 15 percent since the Deepwater Horizon rig caught fire with the loss of 11 lives, wiping around $30 billion from BP's market value.

Read Full Article from Reuters

- Posted: 2010-05-10 10:54:29

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