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

4 years ago July 11, 2010 Jul 11, 2010 Sunday, July 11 2010 Sunday, July 11, 2010 8:20:22 AM EDT in News
Source: Associated Press

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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