Oil and gas company agrees to settle with coastal parishes

Louisiana

La. (KLFY) One of the oil and gas companies accused of damaging Louisiana’s coast has reached a settlement with coastal parishes.

The settlement is with Freeport Mcmoran inc. and its subsidiaries.

The deal will result in payments totaling $100 million dollars in cash and environmental credits over several years.

State or local governments would use nearly all the money to restore coastal marshes and wetlands.

The deal establishes a potential settlement template for the dozens of other companies that have been in similar suits.

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