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April 23, 2014
06:23 EDTBPBP agrees to sale of interests in four Alaska North Slope assets
BP announced that it has agreed to sell interests in four BP-operated oilfields on the North Slope of Alaska to Hilcorp. The sale agreement includes all of BP’s interests in the Endicott and Northstar oilfields and a 50 percent interest in each of the Liberty and the Milne Point fields. The sale also includes BP’s interests in the oil and gas pipelines associated with these fields. The agreement does not affect BP’s position as operator and co-owner of the Prudhoe Bay oilfield nor its other interests in Alaska. BP also expects to submit a development plan for Liberty by the end of 2014. As a result of the sale and subject to approval, Hilcorp is expected to become the operator of the Endicott, Northstar and Milne Point oilfields and their associated pipelines and infrastructure. BP remains committed to its plans for increased investment at Prudhoe Bay, which have resulted from recent oil tax reform by the State of Alaska. The plans include adding two drilling rigs, one in 2015 and a second in 2016, for a total incremental $1B investment over five years. These activities are expected to account for 200 Alaska jobs and 30-40 additional wells being drilled each year, bringing a boost to both the company’s operations and the state’s economy. Together the assets included in the sale represent approximately 19,700 barrels of oil equivalent a day of net production for BP, less than 15% of BP’s total net production on the North Slope.The sale, which will be subject to state and federal regulatory approval, is anticipated to be complete by the end of the year. Financial details of the transaction are not being disclosed.
News For BP From The Last 14 Days
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November 17, 2015
10:16 EDTBPBP confirms exploring sale of Alabama petrochemical facility
BP confirmed that it has decided to market for sale its Decatur, Alabama, petrochemicals complex as part of a broader reorganization of the company's global petrochemicals business. BP said its refocused petrochemicals strategy is pursuing a competitively advantaged portfolio through world-scale, low-cost facilities that utilize BP proprietary technology including the production of purified terephthalic acid, or PTA, a key raw material in the production of polyester. BP is spending $200M to upgrade its Cooper River, S.C., plant and its sister facility in Geel, Belgium - the largest PTA-producing sites in the Americas and Europe, respectively. The investment will enable the two facilities to lower operating costs, improve reliability and reduce emissions. Earlier this year, BP also started up its new Zhuhai 3 unit in Guangdong Province, China. Using BP's latest technology and capable of producing up to 1.25M tons of PTA per year, Zhuhai 3 is the world's largest single-train PTA production unit as well as being one of the largest and most efficient PTA production units in the world. While BP's Decatur complex no longer fits with this strategy, the facility has been a major contributor to BP's U.S. petrochemicals business for many years. It makes chemicals essential for the production of thousands of items, from plastic water bottles to flat-screen televisions. BP expects to complete a sale of all or part of the facility provided a buyer can be found and an acceptable deal can be reached. Reference Link
09:48 EDTBPBP to explore sale of Alabama petrochemical plant, Bloomberg reports
Bloomberg cites e-mailed statement from BP.
November 16, 2015
06:51 EDTBPBig energy firms saw 70% earnings dip for first nine months, WSJ says
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November 12, 2015
16:18 EDTBPBP awards FleetCor long-term contract
FleetCor Technologies (FLT) announced that BP Products North America (BP) has extended its contract with FleetCor to provide commercial fleet card processing and program management for all of its fleet card products.

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