BP Continues Restructuring With $7 billion Sale of Pan American Stake

BP (BP) continues to sell assets in order to cover costs related to the Deepwater Horizon disaster. It is now selling its 60% stake in Pan American Energy in South America. This gives its joint venture partner Bridas Group control of the company.

BP will collect $7.06 billion for the transaction. The payments for the deal will be spread over three periods, and the transaction will close next year

According to The Wall Street Journal, BP has quite a war chest now. "The deal is the latest in a series of asset sales aimed at raising money to cover the estimated $40 billion cost of the Gulf of Mexico oil spill," the Journal reports. BP has, by it own estimate, spent over $5 billion in direct costs in the process so far.

BP's last quaterly statement shows the firm had $161 billion in assets, so with the sales in the past and the Pan American Energy transaction, the size of the company will have dropped by nearly a quarter since the spill began.