NEW YORK ( TheStreet) -- BP (BP - Get Report) is nearing a deal to sell some of its oil fields in the Gulf of Mexico to Plains Exploration & Production (PXP) for about $7 billion, according to published media report.
The report, published on The Wall Street Journal's Web site, cited anonymous sources familiar with the matter.
The sale would be part of the BP's continuing efforts to sell off assets to pay for the 2010 Gulf oil spill.
The Journal says that the companies could announce a deal as early as this week but noted that talks are continuing and could still end without an agreement.Houston-based Plains Exploration & Production, which had a market cap Friday of $5.2 billion, would take on debt to pay for the assets, the Journal reported, citing one anonymous source. Representatives of both companies declined to comment, the Journal added. > > Bull or Bear? Vote in Our Poll
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts