HOUSTON — The State of Louisiana and energy giant BP have reached a milestone agreement to resolve two long-standing legal matters, accelerating hundreds of millions of dollars in Deepwater Horizon payments to the state and putting an end to long-running coastal zone litigation.

Under the agreement's terms signed on Friday by Gov. Jeff Landry, AG Liz Murrill and BP CEO Meg O'Neill, BP will convert its remaining payments under the 2015 Deepwater Horizon Economic Damages Settlement into a single early payout of around $350 million.

Rather than receiving the originally agreed-upon total of $373 million spread in equal annual installments over the next seven years, Louisiana secures immediate access to the funding. The lump-sum agreement represents more than 20% of BP's remaining total obligations to the five Gulf Coast states from the 2015 settlement.

In addition to accelerating the funds, the pact settles all remaining parish-level coastal zone lawsuits involving BP, bringing the years of litigation to a close. 

In a statement on the agreement, O'Neill said, "We will never forget the 11 men who lost their lives, or the impact on their families, communities and the environment across the Gulf Coast. Deepwater Horizon was a tragedy that forever changed bp, and the lessons we learned continue to guide how we operate today." 

Governor Jeff Landry framed the resolution as part of a broader effort to improve the state's legal climate for major industry partners.

"We have tackled legacy lawsuits, which many said was impossible," Landry said. "We have now disposed of claims and settled with all but one of the major defendants in these coastal cases. This sends a signal to job creators all over America that Louisiana welcomes jobs and economic growth while responsibly dealing with the issues of the past."