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BP Deals Assets to Apache

Updated from Tuesday, July 20

NEW YORK (TheStreet) -- BP (BP) has completed a sale of assets in North America and Egypt to Apache (APA) for $7 billion.

The assets sold by BP to Apache and the amount raised differ from earlier press reports that BP would sell its stake in the Prudhoe Bay, Alaska operations to Apache for $10 billion to $11 billion.

Apache has purchased BP's Permian Basin assets in Texas and southeast New Mexico, gas properties in western Canada, and business interests, including exploration, in Egypt.

BP confirmed on Tuesday that it was hoping to sell assets in Vietnam and Pakistan, also.

BP shares finished another day down in trading on Tuesday, to a level below where the shares were trading before the news of the initial cap success plugging the well on Monday. In the after-hours trading session on Tuesday, BP shares rose moderately.

BP was reportedly set on finishing a deal with Apache ahead of its second-quarter earnings next week.

Meanwhile, BP on Wednesday denied a report its embattled CEO Tony Hayward would soon be leaving the oil company, Reuters reports.

Hayward has the full support of the board and will stay in office, a BP spokesman told Reuters, dismissing a report in the U.K.'s Times that Hayward would step down within the next 10 weeks.

-- Written by Eric Rosenbaum from New York.

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