BP agrees to $18.7B oil-spill settlement

NEW ORLEANS -- Trying to close the books on the worst offshore oil spill in U.S. history, BP agreed Thursday to provide billions of dollars in new money to five Gulf Coast states in a deal the company said would bring its full obligations to an estimated $53.8 billion.

Federal and state government officials touted the record-breaking $18.7 billion as a historic milestone in the Gulf Coast's recovery. The Deepwater Horizon disaster killed 11 rig workers and spewed millions of gallons of crude that stained beaches, coated wildlife and polluted marshes.

The Justice Department said Thursday's agreement would be the largest environmental settlement in U.S. history as well as the largest-ever civil settlement with a single entity.

BP's total spill-related cost estimate also includes roughly $29 billion on response and cleanup expenses and compensation for Gulf Coast businesses and residents.