BP to Sell U.S. Gas Assets for $1 Billion

July 9, 2012
The deal further helps BP to meet massive compensation costs linked to the 2010 Gulf of Mexico oil spill.

BP (IW 1000/3) said on Jun3 25 that it had agreed to sell its Jonah gas operations in Wyoming to company LINN Energy for $1.025 billion in cash. "BP announced today that it has agreed to sell its interests in the Jonah and Pinedale upstream operations in Wyoming to LINN Energy," the British company said.

"Under the agreement, LINN Energy has agreed to pay BP $1.025 billion in cash for the assets. The sale is currently expected to complete by July 31, 2012."

The deal further helps BP to meet massive compensation costs linked to the 2010 Gulf of Mexico oil spill caused by a blast on the BP-leased Deepwater Horizon platform.

BP said that including the latest sale, it will have raised $24 billion from disposals to meet its compensation costs -- which is still some way behind a target of $38 billion by the end of next year.

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!