BP Nears Possible All-Cash, $11B Asset Deal with Apache - Bloomberg

(Dow Jones Newswires), July 15, 2010

BP is moving toward a deal with oil and gas explorer-producer Apache to sell assets priced between $10 billion and $11 billion, possibly all in cash, with an agreement to come as soon as next week, Bloomberg News reports Thursday, citing two people familiar with the matter.

Apache has raised between $6 billion and $7 billion in financing for a potential deal, one of the people said, with BP pressing for a conclusion before July 27, when it is to report second-quarter earnings.

A sale of BP assets to Apache would include half of BP's stake in Alaska's Prudhoe Bay field.

Goldman Sachs Group and Bank of America are advising Apache, while Standard Chartered is advising BP.

Spokesmen for BP and Apache declined to comment, according to Bloomberg. BP's partners in Prudhoe Bay declined to comment, as did a spokesman for Chevron. A spokesman for ConocoPhillips said the company doesn't comment on rumors or speculation, and an Exxon Mobil spokesman didn't return a call seeking comment.

Copyright (c) 2010 Dow Jones & Company, Inc.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours