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Halliburton will pay $1.1 billion over oil spill

Halliburton announced Tuesday that it has reached a $1.1 billion settlement over the Deepwater Horizon oil spill in the Gulf of Mexico. The settlement will cover damage claims from property holders as well as from commercial fisheries that were affected by the spill.

The energy company will pay the $1.1 billion in three installments over the next two years, Halliburton said in a statement. Halliburton also noted that it has lost $1.3 billion in litigation fees associated with the oil spill.

Halliburton and British Petroleum (BP) have both blamed each other for the oil spill, with BP claiming that Halliburton was responsible for "faulty construction work" and Halliburton claiming BP's "faulty management was responsible," according to Time.