BP sells more Gulf assets, Plains paying $6 bln to BP

BP PLC , an integrated oil and gas company, said Monday that it has agreed to sell its interests in a number of oil and gas fields in the deepwater U.S. Gulf of Mexico to Plains Exploration and Production Company for a total of $5.55 billion.

Plains Exploration & Production Co. on Monday said it’ll pay about $6 billion for oil fields in the U.S. Gulf of Mexico. In the bigger of the two deals, Plains will pay $5.55 billion to BP PLC /quotes/zigman/247026/quotes/nls/bp BP +0.60% for the offshore oil fields, which BP placed on the selling block as part of its divestment plan that followed the 2010 Deepwater Horizon rig blast and Macondo well oil spill.

About the Author

has written 14214 stories on this site.

Copyright © 2012 Nine Stocks