Canadian Manufacturing

BP sells more upstream assets for $1 billion

The sale continues BP's divestiture plan to pay for Gulf of Mexico oil spill

June 25, 2012   by The Canadian Press

LONDON—British energy company BP PLC is selling some of its operations in Wyoming to LINN Energy for $1 billion.

BP said Monday it is disposing of its interests in the Jonah and Pinedale upstream operations.

The company’s chief executive, Bob Dudley, said the proceeds would be invested in North American gas businesses and other opportunities.

BP says the sale brings the total value of divestments since 2010 to about $24 billion. The company has set a target of $38 billion in asset sales to help pay for the costs of the Gulf of Mexico well blowout and oil spill.


LINN’s chairman and CEO, Mark Ellis, said the acquisition gives his company a significant position in the Green River Basin.

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