$5 Billion in Claims Paid Out By BP For Gulf Coast Damage

- $5 Billion in Claims Paid Out By BP For Gulf Coast Damage



Aug 23, 2011

"BP says it has paid out $5 billion dollars of the $20 billion set aside for the recovery efforts involved in the Gulf of Mexico spill last year. The pay out is going to Gulf Coast businesses and residents for damages caused by the catastrophe.

According to a summary by the Gulf Coast Claims Facility, which took over the claims process from BP last August, has approved 38% of the 947,892 claims submitted.

The enormous majority of the claims paid have gone to five states. Residents in Florida have been paid $2 billion; more than any other state while residents of Louisiana were paid $1.5 billion. Recipients from Alabama, Mississippi and Texas round out the top five, respectively.

BP (NYSE:BP) has a potential upside of 41.3% based on a current price of $39.44 and an average consensus analyst price target of $55.74."

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