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BP is to pay $4.5bn (£2.8bn) to US authorities to settle claims relating to the Deepwater Horizon oil spill disaster in the Gulf of Mexico in 2010 . It is the largest fine in US history.
Two BP supervisors will also face manslaughter charges over the deaths of 11 workers.
ITV News' Washington Correspondent Robert Moore reports.
The US Attorney General Eric Holder has said that authorities negotiated with BP to resolve the civil claims it is facing but was unable to reach a "satisfactory" number.
He added that is was possible that the US and the oil giant could still resolve the claims out of court, but that officials are preparing for trial.
US Attorney General Eric Holder has confirmed that two BP workers will face grand jury indictments on 23 criminal counts, Reuters reports.
Speaking at a news conference, Mr Holder also said that a former BP official has been indicted for hiding information from the US Congress.
US Attorney General Eric Holder has said that the deal reached with BP over the Deepwater disaster is the "largest total criminal resolution in the history of the United States".
Speaking at a news conference, he also said:
BP shares dropped 0.4% to 425.4p after the Deepwater Horizon agreement announcement just before the market close.
But the stock had been higher earlier in the session as investors saw the deal removing some of the uncertainty hanging over the stock since the disaster.
BP has issued a statement after it reached an agreement with US authorities over claims relating to the 2010 Deepwater Horizon disaster and agreed to pay a $4.5bn (£2.8 billion) fine.
It includes a record $1.26bn criminal fine.
BP is to pay the biggest criminal fine in US history of $1.26bn, as part of a $4.5bn (£2.8bn) settlement related to the 2010 Deepwater Horizon disaster.
The oil giant plead guilty to a total of 14 criminal charges including 11 relating to the deaths of 11 workers
The previous record fine was held by Pfizer Inc, who paid a $1.3 billion fine in 2009 for a marketing fraud.
Latest ITV News reports
BP has agreed to pay a record $4.5bn fine to the US over the 2010 Deepwater Horizon oil spill disaster in the Gulf of Mexico.