BP PLC (BP.LN), a oil and gas company headquartered in London, said Wednesday it has reached definitive and fully documented agreements with the Plaintiffs' Steering Committee (PSC) to resolve the substantial majority of eligible private economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill.

MAIN FACTS:

-The parties have filed for preliminary court approval of the two settlement agreements, one resolving economic loss and property damage claims and the other resolving medical claims.

-BP and the PSC believe that the settlement agreements are a fair, reasonable and adequate resolution of the claims.

-As part of the motions seeking preliminary approval, the parties have asked the Court to approve proposed plans to notify class members of their rights under the settlement agreements and schedule fairness hearings.

-BP has also asked the Court to adjourn the MDL 2179 liability trial until after it determines whether to grant final approval of the settlement agreements; the PSC will not oppose this request for adjournment.

-Settlement pacts are not expected to result in any increase in the $37.2 billion charge.

-Shares at 1413 GMT down 1%, at 448 pence, valuing the company at GBP85 billion.

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