BP Nears Possible All-Cash, $11B Asset Deal With Apache-Bloomberg

15th Jul 2010 18:24

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) is moving toward a deal with oil and gas explorer-producer Apache Corp. (APA) to sell assets priced between $10 billion and $11 billion, possibly all in cash, with an agreement to come as soon as next week, Bloomberg News reports Thursday, citing two people familiar with the matter. Apache has raised between $6 billion and $7 billion in financing for a potential deal, one of the people said, with BP pressing for a conclusion before July 27, when it is to report second-quarter earnings. A sale of BP assets to Apache would include half of BP's stake in Alaska's Prudhoe Bay field. Goldman Sachs Group Inc. (GS) and Bank of America Corp. (BAC) are advising Apache, while Standard Chartered PLC (STAN.LN) is advising BP. Spokesmen for BP and Apache declined to comment, according to Bloomberg. BP's partners in Prudhoe Bay declined to comment, as did a spokesman for Chevron Corp. (CVX). A spokesman for ConocoPhillips (COP) said the company doesn't comment on rumors or speculation, and an Exxon Mobil Corp. (XOM) spokesman didn't return a call seeking comment. Full story at: www.bloomberg.com/news/2010-07-15/bp-nears-11-billion-asset-sale-to-apache.html -Dow Jones Newswires; 212-416-2900 Order free Annual Report for Apache Corp. Visit http://djnewswires.ar.wilink.com/?link=APA or call 1-888-301-0513 Order free Annual Report for BP plc Visit http://djnewswires.ar.wilink.com/?link=BP or call 1-888-301-0513 Order free Annual Report for ConocoPhillips Visit http://djnewswires.ar.wilink.com/?link=COP or call 1-888-301-0513 Order free Annual Report for Transocean Inc. Visit http://djnewswires.ar.wilink.com/?link=RIG or call 1-888-301-0513 Order free Annual Report for Exxon Mobil Corporation Visit http://djnewswires.ar.wilink.com/?link=XOM or call 1-888-301-0513 (END) Dow Jones Newswires July 15, 2010 13:24 ET (17:24 GMT)