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BP Agrees $7 billion Upstream and Midstream Asset Sale; Declines Comment on CEO's Departure

2:36 AM MDT | July 21, 2010 | Natasha Alperowicz

BP has agreed to sell $7 billion of upstream and midstream assets to Apache Corporation (Houston) with proceeds going both toward clean-up costs and potential damages resulting from the spill in the Gulf of Mexico. Apache, which was advised by Goldman Sachs & Co., Bofa Merrill Lynch, Citi and J.P. Morgan, has agreed to acquire all of BP's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and Egypt's Western Desert. Apache also will acquire substantially all of BP's upstream natural gas business in western...

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