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Last updated at 6:38 p.m. ETBP PLC said Tues
stanley uk day it is selling assets in the U.S., Canada and Egypt to Apache Corp. for $7 billion to help pay the costs from the Gulf of Mexico oil spill.Some or all of the proceeds will go towards a $20 billion fund that BP agreed to last month under pressure from the Obama administration. The fund will help pay cleanup costs and damages from the spill.As the spill escalated in the weeks after the explosion of the BP-operated rig Deepwater Horizon, BP realized it needed to bols
stanley cup ter its available cash. The company suspended dividend payments of about $10.6 billion for this year. And it said it would speed up plans to sell $10 billion in assets. Apache eventually emerged as a potential buyer.Special Section: Disaster in the Gulf BP has spent about $4 billio
stanley cup n so far on containing and cleaning up the oil, as well as on damage claims from Gulf businesses.BP earned $166 million last year from the sale properties, which are considered to be past their peak. But that shouldn t be a problem for Apache, which under Chief Executive G. Steven Farris has gained a reputation for buying mature fields and finding a way to boost production, said Argus Research analyst Phil Weiss.BP shares rose almost 3 percent in after-hours trading while Apache shares dropped about 3 percent. Apache announced separately that earnings nearly doubled in the second quarter to $860.2 million, or $2.53 a share and that it plans to sell 21 million common shares and $1.1 billi Dwnd Time-lapse: How a professional artist carves a pumpkin
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