State of Texas – Fiscal Management

Manual of Accounts

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Revenue Object 3396 – Deepwater Horizon Incident, Economic Damages
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Legal Citations:
  • Government Code sec. 403.011
  • State of Texas v. BP Exploration & Production Inc., et al., Case No. 13-cv-4677 consolidated with MDL No. 2179. U.S. District Court for the Eastern District of Louisiana.
Revenue Type: Cash — Other Revenue
Origin Date: 2016
Issue Date: 2016-03-14
Revised Date:

Description


Funds received as a result of court action against BP Exploration & Production Inc. (BP) and Transocean regarding the Deepwater Horizon oil rig explosion and oil spill in the Gulf of Mexico, April 10, 2010.

The proposed economic claims settlement agreement provides for the payment of $150 million to Texas by BP. A separate master agreement provides for $2 million paid to Texas by Transocean.



Due Date


Initial lump sum settlement in 2016, plus annual payments starting in 2019 through 2033 (BP amounts).



Notes


Amounts deposited to GR Account 0064 are Transocean payments for lost revenues to state parks.



USAS Values


Appropriation Year 26
USAS Title DEEPWATER HORIZON ECONOMIC DAMAGES
Receipt Category 14 – Other
Receipt Type 91 – Settlement of Claims
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 22 – SETTLEMENTS OF CLAIMS



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