Issue Date: 2016-03-14
Revised Date:

Legal Cites

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).

Note

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

USAS Values

Appropriation Year 24
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