This charge is expected to include a pre-tax non-operating charge associated with the oil spill of around $5.2 billion.
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Brian Gilvary, BP’s finance chief, said the company had made “significant progress” over the past few months in resolving the thicket of litigation related to the spill.
The company said it will record an after-tax charge of around $2.5 billion in its second quarter as a result of the latest charge.
The British oil giant has avoided giving a total corporate cost of the April 2010 Deepwater Horizon rig explosion and ensuing oil spill in light of rising costs.
In October, BP agreed to a $20 billion settlement with the U.S. Justice Department, more than five years after the disaster stained more than 1,300 miles of the Gulf of Mexico’s coastline.
Earlier in the day, BP announced that it could estimate all of its remaining material liabilities in connection with the incident.
“Importantly, we have a clear plan for managing these costs and it provides our investors with certainty going forward”, Gilvary added.
The company said in a statement on Thursday that the $5.2 billion charge would mark the last major claim and that any further claims would not have a material impact, drawing the Deepwater Horizon incident near a close.
The relentless fallout from the massive oil spill has dragged on the company’s efforts to forge a new strategy.
The company will start paying the federal settlement later this year. The company has sold numerous assets to cover the bill.
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-Lynn Cook contributed to this article.
