| Issue Date: | 2016-03-14 |
|---|---|
| Revised Date: |
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.
Object Type
Cash — Other Revenue
Origin Date
2016
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).
Collecting Agencies
Deposit Funds
Note
Amounts deposited to GR Account 0064 are Transocean payments for lost revenues to state parks.
USAS Values
| Appropriation Year | 25 |
|---|---|
| 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 |