The company hopes to sell 6,600 gas wells that produce about 157,000 cubic feet of natural gas a day in the San Juan Basin. BP is also looking to sell its 50% stake in a ConocoPhillips (COP) plant that extracts natural gas liquids from gas gathered in New Mexico.
BP is selling the gas wells before launching its U.S. oil and gas business in 2015.
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates BP PLC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BP PLC (BP) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, increase in net income, attractive valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."