BP says well-prepared for lengthy spill-related legal battle

Reuters News
Posted: Jul 30, 2013 6:10 AM

LONDON (Reuters) - Oil major BP Plc's chief executive on Tuesday sought to reassure investors that the company was well prepared for the long legal battle fighting litigation linked to the Gulf of Mexico oil spill.

"As we continue to fight these absurd (compensation) outcomes and as the likelihood of extended litigation on other matters increases as a result, we want everyone to know that we are digging in and well-prepared for the long-haul on legal matters," BP CEO Bob Dudley told reporters at a presentation of the company's quarterly results.

The company said earlier on Tuesday that its $20 billion Gulf of Mexico oil spill trust fund has almost run out after provisions for compensation costs so far leaped by $1.4 billion in the second quarter.

(Reporting by Andrew Callus; Writing by Sarah Young; Editing by Kate Holton)