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    BP expects to divest a further $10 billion of assets before end-2015. The divestment proceeds will be shared with the shareholders either through dividends or buybacks.Post-Macondo GoM oil spill, BP announced its plans in Jul-2010 to divest oil and gas assets with a value of up to $30 billion over the next 18 months. In...

    • October 29, 2013
    Global Deals,Headlines,ExpertSpeak....

    BP expects to divest a further $10 billion of assets before end-2015. The divestment proceeds will be shared with the shareholders either through dividends or buybacks.

    Post-Macondo GoM oil spill, BP announced its plans in Jul-2010 to divest oil and gas assets with a value of up to $30 billion over the next 18 months. In Sep-2010, the divestiture target was revised upwards to $40 billion. Since Macondo, BP has realized $60.6 billion from the sale of upstream, midstream and downstream assets.

    BP realized $55.2 billion from the sale of upstream assets. The prominent divestments include $7 billion from the sale of assets in North America and Egypt to Apache in Jul-2010, $1.9 billion from Colombian assets in Aug-2010, $1.8 billion from Venezuelan assets in Oct-2010, $5.6 billion certain GoM assets to Plains E&P in Sep-2012, and the big bang divestiture of its 50% stake in TNK-BP for $30.8 billion in Oct-2012.

    The divestment proceeds from midstream assets is $3.2 billion. This includes divestiture of NGL business in Canada for $1.7 billion in Dec-2011. BP also realized $2.2 billion from the sale of downstream assets, which included divestiture of Southern California R&M business for $1.2 billion in Aug-2012.