Business

BP sells $7 billion in assets to help pay for oil spill

by Vicki Needham - 07/20/10 11:06 PM ET

The assets include $3.1
billion for oil fields and gas processing plants in Texas and southeast New
Mexico worth $3.1 billion, $3.25 billion for BP’s upstream Western Canadian gas
business and $650 million for oil exploration and production assets in Egypt,
according to BP.

BP opted to suspend $10.6
billion in dividend payments through the third quarter of this year to free up
more cash, in combination with selling off some assets.

So far, BP has spent around $4 billion in the oil spill,
including more than $200 million to pay out damage claims to individuals and
businesses affected along the Gulf Coast.

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