BP Asset Sales Will Exceed Target
September 02, 2010 7:53 AM
BP (NYSE: BP), Europe's second-largest oil company by market value, may raise $27.2 billion through asset sales, which is above the bottom end of the $25 billion to $30 billion range the company said it hoped to raise when it announced the planned asset divestures in July.
The company has already $7 billion in assets to Apache (NYSE: APA) and $1.9 billion worth of assets in Colombia to Ecopetrol (NYSE: EC) and Talisman Energy (NYSE: TLM).
On Wednesday, BP said it sold its Malaysian chemicals to Petronas for $363 million. The British oil giant is still looking to sell assets in Pakistan and Vietnam.
BP has already announced about $9.5 billion in asset sales after booking a record loss of $32.2 billion in the second quarter. Proceeds from the asset sales will help BP pay for costs related to the Gulf of Mexico oil spill, the largest spill in U.S. history.
