BP May Be Preparing More Asset Sales
Apache (APA) may be an acquirer of BP's Prudhoe Bay or Egyptian assets, which could be worth as much as $7 billion according to the Financial Times.
The news is probably not a terribly good sign for the oil company. It has already spent $8 billion on cleaning up its Deepwater Horizon oil spill in the Gulf, and has to pay $20 billion into an escrow fund to cover future liabilities.
BP's shares have recovered from their 52-week low of $26.75 to $37.43 as of Sept. 3's close in New York trading.