Summary Box: BP shares up on Gulf settlement news

AP News
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Posted: Mar 05, 2012 12:28 PM
Summary Box: BP shares up on Gulf settlement news

SHARES SOAR: BP shares hit their highest level in a year Monday following the company's announcement that it reached a settlement with victims of the massive Gulf of Mexico oil spill. In midday trading BP shares were up 70 cents at $48.20 in New York.

THE DEAL: BP expects to pay out at least $7.8 billion as part of the settlement with money from the $20 billion compensation fund that it established.

MORE TO COME: BP still has to resolve claims by the U.S. government, Gulf states and its partners in the Deepwater Horizon project.