BP Sells U.S., Canada, U.K. Assets to Meet $30 Billion Target

BP Plc (BP/) is selling assets in the U.S., Canada and the U.K. to meet a $30 billion target, in part to pay for the Gulf of Mexico spill, the worst ever in the U.S.

The company is selling its interest in the Tuscaloosa fields in Louisiana, the Wattenberg plant in Colorado and its natural-gas liquids business in Canada, it said today in its annual report. BP is also marketing the Wytch Farm onshore oil and gas fields in the southern North Sea in the U.K., including associated pipelines and the Dimlington terminal.

BP completed the sale of its holding in Questar Overthrust Pipeline Co assets, including Painter gas and reservoir units, and the Whitney Canyon field, to Merit Energy Co. for $217 million in August, the London-based explorer said.

BP last year pledged to sell as much as $30 billion of assets to help cover costs from the Gulf oil spill. The producer may create value for shareholders by extending asset sales, increasing the dividend and through share buybacks, Chief Executive Officer Robert Dudley said last month. It has so far sold $22 billion of assets.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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