ADVFN - Advanced Financial Network.
HOME» NYSE » B » BP Stock Price » BP Stock News

Bp Share News

 Bp P.l.c. Stock Price
BP Stock Price
 Bp P.l.c. Stock Chart
BP Stock Chart
 Bp P.l.c. Stock News
BP Stock News
 Bp P.l.c. Company Information
BP Company Information
 Bp P.l.c. Stock Trades
BP Stock Trades

BP to Sell Interests in Four Alaska Oil Fields -- Update

By Daniel Gilbert BP PLC is selling stakes in four Alaska North Slope oil fields to Hilcorp Energy Co., ratcheting down its investment in a region it helped pioneer as the oil company seeks to raise cash. The London-based company said on Tuesday it would sell interests to the closely held Houston-based company. The companies didn't release financial terms of the deal, but a BP spokesman said the company "secured good value for these interests." Hilcorp called the purchase a major acquisition for the company--its third in Alaska since 2012. "Our ability to bring new life to mature basins is a great fit for these assets," John Barnes, a senior vice president at Hilcorp, said in a statement. For BP, long a major player in Alaska, the sale marks a narrowing focus as it seeks to raise $10 billion in cash, with most funds earmarked to buy back shares. BP's stock plunged after the Deepwater Horizon disaster and oil spill in April 2010 and has yet to recover its value from before the deadly explosion. The company will focus its efforts on tapping crude oil from Prudhoe Bay and exporting natural gas, Lamar McKay, head of BP's oil and gas development business, said. "This agreement will help build a more competitive and sustainable business for BP in Alaska," Mr. McKay said. BP is selling all of its interests in the Endicott and Northstar fields, and 50% of its stake in the Liberty and Milne Point fields. The company is also selling its interest in the pipelines that ship oil and gas from those properties. Hilcorp has expanded its holdings in Alaska in recent years, buying properties in Cook Inlet from Marathon Oil Corp. and Chevron Corp. Maria Armental contributed to this article. Write to Daniel Gilbert at daniel.gilbert@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
05/27/201616:52:00Big Oil Companies Stay Shy Despite Upswing in Prices
05/25/201617:00:00Exxon, Chevron Shareholders Reject Climate-Change Stress Tests
05/19/201613:41:00Business Watch
05/19/201605:44:00BP Sells 11.5% Stake in Castrol India for Undisclosed Sum; Still...
05/19/201603:05:00BP to Raise GBP400 Million of New Debt Financing for General...
05/17/201618:43:00ADRs End Lower; NQ Mobile Rises
05/17/201614:31:00Construction Begins on Trans Adriatic Gas Pipeline
05/17/201613:48:00BP Head Of Exploration Richard Herbert Departs -- Update
05/17/201613:10:00Top BP Executive Departs
05/17/201613:00:00BP Head Of Exploration Richard Herbert Departs
05/16/201603:37:00BP Doubles Interest in North Sea Culzean Field Development
05/10/201614:10:00Advisory Firm Urges Shell Shareholders to Reject Pay Package
05/10/201606:10:00Oil Prices Rise, Supply Outages in Focus
05/05/201614:10:00BP to Open Iran Office, Iranian Firm Says
05/05/201613:59:00BP to Open Iran Office in Summer, Iranian Oil Firm Says -- Update
05/05/201611:48:00BP to Open Office in Iran in Summer, says NIOC
05/03/201621:30:00BHP, Vale Face $44 Billion Lawsuit Over Brazil Dam Disaster
04/29/201608:40:00Oil Companies Begin to Benefit From Cost Cuts
04/28/201603:15:00John Wood Group Secures $500 Million Services Contract
04/27/201603:03:00Huge Oil Spill From 2010 Still Shadows BP -- WSJ

Bp and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad