News - Local
BP Selling $7 Billion in Several Major Assets to Help Oil Spill Expenses
Posted: Jul 20, 2010 3:26 PM by Melissa Canone
NEW YORK (AP) - BP PLC says it is selling several major assets
to Apache Corp. for $7 billion to help pay the costs from the Gulf
of Mexico oil spill.
The proceeds will go towards a $20 billion fund to help pay
cleanup costs and damages from the spill. BP said in June that it
planned to shed as much as $10 billion in assets over the next 12
months.
The sale doesn't include BP's stake in Prudhoe Bay, countering
published reports that said a deal for the Alaska field was in the
works.
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