Updated from Tuesday, July 20
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.
Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV