BP plc (NYSE: BP) may still be very hated by many in the Gulf Coast region. The company is still trying to make good on its capital raise efforts to scale down in size and more importantly to pay back somewhere around that $20 billion pledge. This weekend brought an announcement that BP has agreed to sell its 60% stake in Argentina’s oil and gas producer Pan American Energy. The pricetag: $7.1 billion.
The sale is to 40%-owner Bridas Corp. in Argentina, which gives full control to the entity. BP had targeted some $25 to $30 billion in asset sales to pay for the Gulf of Mexico damage and to shrink certain operations.
BP was reportedly up 0.5% in London trading, but so far there is a sell-off in the ADR’s in New York before the opening bell. ADRs are down about 1% at $40.45 with more than 30 minutes to the market open.
JON C. OGG
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