BP's resolution with the Department of Justice will cost it an aggregate of $4.5 billion, Bloomberg reports.
That figure makes it the to the largest criminal penalty in US history. The current record is held by Pfizer Inc, which paid a $1.3 billion fine in 2009 for marketing fraud.
Previously figures around $14 billion had been floated.
Today's agreement sees BP accept "responsibility for actions" related to the 2010 Gulf of Mexico spill and agree to plead guilty to 11 felony counts. Two BP employees will also face manslaughter charges.
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