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Report: BP, Apache Corp. in talks on asset sale

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Posted: Jul 11, 2010 9:20 AM
Updated: Jul 11, 2010 9:24 AM
Source: Associated Press

  Rating: 1.0 (1 vote)

Topics: BP, oil spill, asset sale, Apache Corp., Houston

A British newspaper says that BP is talking with Apache Corp. of the United States about possibly selling $18 billion worth of assets.

BP spokesman Robert Wine said the company would not comment on "market speculation."

The Sunday Times said Apache Corp., based in Houston, was discussing the possibility of acquiring BP assets including a stake in the Prudhoe Bay field in Alaska. The newspaper did not cite a source for its report.

BP is thought to be considering some asset sales to raise cash to cover its liability for the Gulf of Mexico oil spill. The company agreed to set aside some assets as security while it builds up a $20 billion compensation fund agreed with the U.S. government.

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