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BP Oil Spill Costs Reach $2 Billion

BP's American depository receipts fell in premarket trading Monday after the oil giant announced that costs of responding to the spill have risen to $2 billion.
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NEW YORK (TheStreet) -- BP's (BP) - Get Report American depositary receipts were lower by 3.5% at $30.64 in premarket trading Monday after the oil giant announced that costs of responding to the Gulf of Mexico oil spill have risen to $2 billion.

The costs include those of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs, the company said in a statement. To date, more than 65,000 claims have been submitted and more than 32,000 payments have been made, totaling more than $105 million, BP said.

Last week, BP announced a package of measures, including the creation of a $20 billion fund to fulfill certain obligations arising from the oil and gas spill.

"It is too early to quantify other potential costs and liabilities associated with the incident," BP said Monday.

-- Reported by Andrea Tse in New York

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