BP Wins U.S. Agreement to Cut Potential Spill Fine by $3.4 Billion

BP PLC ( BP ) is seeking to reduce by as much as $3.4 billion the amount it could be fined as a result of an oil spill in the Gulf of Mexico in 2010, Bloomberg News reported Friday on its website.

The U.K. company is seeking credit for the collection of 800,000 barrels of oil spilled in the incident, according to a court filing.

Analysts have estimated that BP’s fines under the Clean Water Act could range from about $5 billion to about $20 billion.

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