Oil titan BP has arrived at a settlement in the trial filed against it with respect to the Texas City refinery explosion that occurred in March 2005.

The accident, which killed 15 people and injured 170, occurred after a piece of equipment called a blowdown drum overfilled with highly flammable liquid hydrocarbons exploded.

The US Chemical Safety and Hazard Investigation Board found that the management practices and cost-cutting strategies followed at BP were the reasons for the explosion.

For settlement issues, BP has incurred around $2 billion in compensation payouts, repairs and lost profit.