Utility spokeswoman Brittany Chord said settlements were reached with 347 victims Friday and Monday, the Los Angeles Times reported. PG&E had previously settled with 152 others and two cases remain unresolved, the newspaper said.
The total payout includes $455 million the company had already pledged plus $110 million in recent settlements and claims, Chord said.
Eight people died, dozens were injured and 38 homes were destroyed in the September 2010 explosion cause by the rupture of a 54-year-old gas line.
"We have made a commitment to address the needs of this community and ensure that an accident like this never happens again," Chord said. "There are regulatory and legal issues that have yet to be resolved but our focus is on helping the community rebuild and on working to make our natural gas system the safest in the nation."
Chord said PG&E opposes proposals being floated by state lawmakers to impose billions of dollars in fines against the utility.
"We believe that a $4 billion fine is excessive and we also believe that that could potentially hinder our ability to make our system safer," Chord said.