On May 20, 2011 MOEX USA and BP reached an agreement on a $1.06 billion payment for MOEX’s involvement in the explosion of the Deepwater Horizon rig in the Gulf of Mexico which led to the devastating oil spill. MOEX continues, however, to deny liability for the accident. The parties agreed to release each other from mutual fault arising from the accident, although punitive damages, civil, criminal, or administrative fines, and penalties are not included in the indemnities. The companies jointly recognized the findings of the National Commission on the BP Deepwater Horizon which concluded that the explosion of the rig was the result of various risk factors, as well as, outright mistakes by multiple parties. BP claims it will apply the $1.06 billion payment to the $20 billion trust it has established for the payment of claims resulting from the explosion, oil spill, and damage to natural resources.