BP May Make Huge North American Asset Sale
BP Plc is in talks to sell up to $12 billion of assets, including a stake in Alaska’s Prudhoe Bay, to Apache Corp to help pay for its Gulf of Mexico oil spill, The Sunday Times reported.
There is still talk that BP may have to file for bankruptcy if Gulf liabilities grow. The alternative are to sell debt, which several Middle East sovereign funds have show interest in, sell stock which current investors object to, or sell assets, which appears to be the road that BP is taking.
Douglas A. McIntyre