BP said the court supervised settlement programme - established as part of the Deepwater Horizon class action - was now winding down.
BP said it expected to take a post-tax non-operating charge of around $1.7bn in its fourth quarter 2017 results for the remaining business economic loss (BEL) and other claims associated with the CSSP.
It said the cash impact was expected to be spread over a multi-year period. The charge results primarily from significantly higher claims determinations issued by the CSSP in the fourth quarter and the continuing effect of the Fifth Circuit's adverse May 2017 ruling on the matching of revenues with expenses when evaluating BEL claims. BP's chief financial officer, Brian Gilvary, said: 'With the claims facility's work very nearly done, we now have better visibility into the remaining liability.
'The charge we are taking as a result is fully manageable within our existing financial framework, especially now that we have the company back into balance at $50 per barrel.' It said cash payments related to Deepwater Horizon in 2018 wre now anticipated to be around $3bn, as compared to the company's third-quarter estimate of just over $2bn.