MARKET TALK: BP Asset Sale Won't Compromise Growth -JPM

21st Jul 2010 13:16

1216 GMT [Dow Jones] BP's (BP) sale of $7 billion of oil and gas production assets in North America and Egypt won't compromise the company's growth strategy, says JPMorgan analyst Fred Lucas. "As a test of the strategic importance of the assets sold to Apache, we challenge investors to find much or any reference to them in BP's recent key strategy updates," he says. BP could raise a lot more money selling assets in Alaksa, the North Sea, or Argentina while still maintaining its strategy, he adds. The speed of the sale also dispels worries about BP's liquidity, he says. Shares +3.3% at 400p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 08:16 ET (12:16 GMT)