BP Shares Fall as Execs Say Oil-Spill Related Costs Now Up to $2B

Shares of BP (NYSE: BP) are down nearly 4% in this morning's pre-market session as the company announced that costs for the clean of the massive oil spill in the Gulf of Mexico have now reached $2 billion.

Just several days after BP was required to set up a $20 billion escrow fund, execs have detailed costs of 32,000 different payments made on some 65,000+ claims at about $105 million. As a WSJ article notes, BP has said that, "It is too early to quantify other potential costs and liabilities associated with the incident."

Further, BP officials have also indicated that the company has successfully bargained down several White House proposals previously thought of as "unreasonable." First, BP said that it shouldn't be held liable for more widespread economic distress related to President Obama's deep-water drilling halt in the Gulf of Mexico. Next, BP also argued that the company shouldn't need to pay funds for the restoration of the Gulf coastline prior to the spill.

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