BP to sell assets for $7 billion to Apache

BP to sell assets for $7 billion to Apache

BP PLC is moving quickly to secure the money it needs to pay
for the spill in the Gulf of Mexico. Just weeks after promising to raise
$10 billion by selling assets, the British oil company said Tuesday it will
sell properties in the U.S., Canada and Egypt to Apache Corp. for $7 billion.

At least part of the proceeds will go toward a $20 billion fund that BP
agreed to last month under pressure from the Obama administration.
The fund will help pay cleanup costs and damages from the spill.

The Apache deal follows other actions BP has taken to bolster its cash
reserves to pay costs that analysts have said could rise to $100 billion.
It reduced capital spending by about $2 billion and suspended dividend
payments of about $10.6 billion for this year.

news.yahoo.com...

well it seems the rumors were true.
BP is selling assets to pay for spill clean-up.
I wonder if this transaction will be in cash
or stock options or something else.
I also wonder what happened to Exxon
in this deal ???


[edit on 21-7-2010 by boondock-saint]

Huh,.. I thought Exxon was buying them,.
Who Is Apache

Originally posted by Lil Drummerboy
Who Is Apache

www.dailyfinance.com...

also an ABC News Bio on the CEO

abcnews.go.com...

a vid with Apache's CEO



[edit on 21-7-2010 by boondock-saint]

reply to post by boondock-saint
I notice they haven't sold or are selling yet assets in Prudhoe bay.
Wonder why,.last I'd heard the facility up there wasn't producing much.. Hmm.I have been there by the way,.. Prudhoe bay,. Big operation
Funny thing to ,. their spill plan was very strict for the tundra

Originally posted by Lil Drummerboy
I notice they haven't sold or are selling yet assets in Prudhoe bay.
Wonder why,

the BP spokesman wouldn't say but I have
a good guess as to why it wasn't included
or sold.

The equipment up there is junk and outdated
and needs replacing. It would cost them an
arm and a leg to redo the infrastructure.
Plus they are plagued with contained spills on
a monthly basis from the pipeline.
Prudhoe Bay is the black sheep of the BP
family assets.

reply to post by boondock-saint
Yeah Had a tour about 6 years ago,. Didn't look that bad.
But their equipment does need to be replaced,. some of it anyway.
talk about isolation

reply to post by Lil Drummerboy


Apache is a relatively small company, and from what i've heard there not a good company to work for.

reply to post by Alaskan Man
Yeah,.. don't think it could be much worse than BP,.
Im in the energy Biz but not oil

youtube video titled: Apache Kills
not in english but has english subtitles
and the pics are graphic