BP will be fined a record multi-billion amount by the US government and two of its staff will reportedly face manslaughter charges as a result of the 2010 gulf oil spill.
According to reports from AP and the BBC, the US department of justice is set to slap BP with the biggest criminal penalty ever given in America.
In addition two of BP's staff will be charged with manslaughter, AP claims.
BP said earlier it was in "advanced discussions" with the US Department of Justice and the Securities & Exchange Commission over criminal claims in connection with the Deepwater Horizon oil spill, in which 11 workers were killed.
The resultant oil spill lasted for 87 days, with disastrous consequences for thousands of miles of coastline.
Reuters reports the energy company has pleaded guilty to criminal charges and could face a fine between £1.9bn-£3.2bn.
The US department of justice will confirm the amount on Thursday afternoon after months of negotiations with the energy company.
Pfizer held the record for the biggest fine paid by a company in American history after it paid around 787m ($1.3bn) in 2009 for marketing fraud.
According to a statement from BP, the criminal fine would not cover civil claims or claims for damages under the Clean Water Act.