BP has accepted criminal responsibility for the Deepwater Horizon oil spill of 2010, which killed 11 workers, the Wall Street Journal reported.
Two and a half years ago, a BP drilling rig exploded in the Gulf of Mexico, causing the worst offshore oil spill in U.S. history. The spill damaged the important seafood and tourism industries and resulted in billions of dollars in lost revenue.
Under the agreement, BP will plead guilty to 11 felony counts of "seaman's manslaughter" related to the deaths on the oil rig and admits its workers were negligent. BP will pay $4.5 billion in fines and restitution.
The company will also plead guilty to a felony count of obstruction of Congress due to the false information it gave about the rate oil was leaking from the rig.
BP will still face fines related to local federal regulations and the Clean Water Act, as well as penalties related to civil and private claims, Barrons reported.
Under the Clean Water Act, BP could face a $5.4 billion fine and as much as $21 billion for gross negligence.