Source Pravda.Ru

BP Rises in London Trading After Agreement To Sell Oil and Gas Fields in US, Canada, Egypt

BP Plc rose in London trading after agreeing to sell oil and gas fields in the U.S., Canada and Egypt to Apache Corp. for $7 billion, raising cash to meet the costs of the Gulf of Mexico spill.

Apache will buy BP’s Permian Basin holdings in Texas and southeast New Mexico and gas properties in western Canada, London-based BP said yesterday after the close of trading. BP also agreed to sell exploration concessions in Egypt, Bloomberg reports.

BP plans to use the proceeds of the asset sale to Apache to help pay costs stemming from the oil spill in the Gulf of Mexico.

Separately, Apache said it will offer 21 million shares of common stock and $1.1 billion of mandatory convertible preferred stock, which will consist of 22 million depositary shares.

Each depositary share represents 1/20th interest in a share of Apache's mandatory convertible preferred stock, Series D, with an initial liquidation preference of $1,000 per share, equivalent to $50 liquidation preference per depositary share.

Apache released its earnings after the market closed Tuesday. Its shares rose $2.84, or 3.3 percent, to close at $88.28 Tuesday but fell 2.3 percent in after-hours trading, according to BusinessWeek.

Comments
100th anniversary of Great October Revolution: Celebrating mountain of errors
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
North Korea says Trump makes first step towards nuclear war
Capitalism reduced Indonesian cities to infested carcases
Tel Aviv, Jerusalem, capitals and puppets
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision
No one can intercept Kim Jong-un's invincible ballistic missiles
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea is not a threat to the US
North Korea is not a threat to the US
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
Tel Aviv, Jerusalem, capitals and puppets
North Korea is not a threat to the US
North Korea is not a threat to the US
North Korea is not a threat to the US
Putin: Russia will continue spending enough on defence not to be killed
Putin: Russia will continue spending enough on defence not to be killed