"BP near deal to sell $11b in assets" by Jeffrey McCracken and Stanley Reed, Bloomberg News | July 16, 2010
LONDON — BP PLC may reach an agreement next week to sell assets including half its stake in Alaska’s Prudhoe Bay field to Apache Corp. for $10 billion to $11 billion, according to two people familiar with the matter.
The deal will probably be an all-cash transaction, said one of the people, who asked not to be named because the negotiations remain private.
Don't you wish YOU had $11 BILLION lying around in CASH, America?
BP is pressing to get the deal done before July 27, when it reports earnings, said one of the people....
Apache’s progress in raising between $6 billion and $7 billion in financing has helped speed negotiations, one of the people said.
Must be that BAILOUT LIQUIDITY LOOT coming into play, America.
Now how come you can't get a loan (not that you would want one)?
Apache was able to raise money more quickly because lenders saw potential for Apache to squeeze more production from Prudhoe Bay, which has been a declining field, the person said.
ALWAYS comes back to BANKS, doesn't it?
The deal would accelerate BP’s plan to sell $10 billion of assets over 12 months to fund payments for damages related to the Gulf of Mexico spill.
Spokesmen for BP and Apache declined to comment.
BP owns a 26 percent share and is the operator in Prudhoe Bay and neighboring Alaskan fields. Exxon Mobil and ConocoPhillips each own 36 percent and Chevron has 2 percent.
Oh, those are the other oil gluttons sucking at the Alaskan trough, huh?
I'll bet they are as happy it wa$n't their well that blew up in the Gulf.
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