BP plc (NYSE: BP) is still trying to sell off assets to narrow the focus of the company and to fund its obligations from the Gulf of Mexico oil spill. The company plans to sell about $1.8 billion of assets in Venezuela and Vietnam to the Russian oil venture TNK-BP it has been involved in.
The company retains partial access to these assets through the stake in TNK-BP. We have been told to look for BP asset sales of close to $30 billion. After today’s deal, the tally puts BP more than one-third of the way to its goal. There are many more assets being considered for sale, so we’ll be on the lookout for more sales in the coming weeks.
BP also appears to have demand on the debt side as well. Its term loan facilities backed by oil sales in Angola and Azerbaijan have reportedly been hiked due to over-subscription to $4.75 billion from $4.5 billion.
Perhaps the most important issue for holders is that BP has been able to so far remain above $40.00 per share. BP’s stock has not traded under $40 at all so far in October.
JON C. OGG
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