BP plc. (BP) to Sell Interest in Gulf of Mexico Oil Fields
BP plc (ADR) (NYSE: BP) is looking to sell some of its assets to pay for the damages it had to incur due to massive oil spill. The company has decided to sell its Gulf of Mexico fields to cover for the expenditure.
- BP plc. is likely to receive $650 million for its stake in four of its oil wells.
- BP plc. has entered into a contract with Japan’s Marubeni Corp.
BP plc. has already pledged to sell up to $30 billion worth of its assets. These assets would mainly belong to non-core assets category. The company has already agreed to sell its oil and gas fields in Venezuela and Vietnam. The sales would be made to the company’s joint venture TNK-BP. The deal is likely to worth $1.8 billion.
Under the new deal, Maurbeni Corp., which is Japan’s fifth largest trading house, will acquired BP’s stake in the Nansen and Zia fields, Magnolia and Merganser. This interest represents 15, 000 barrels of oil equivalent per day in output.
Andy Hopwood, vice president for strategy and integration, said, “When BP acquired Devon’s Gulf of Mexico assets it was clear that these four fields did not fit well with the rest of our business in the region.”
BP plc is a London-based international oil and gas company.
Key Financial Stats
Valuation
- Price/Earnings(TTM)-
- Price/Cash Flow12.30
- Price/Sales (TTM)0.45
- Price/Book1.48
Financial Strength
- Quick Ratio (MRQ)0.60
- Current Ratio (MRQ)1.00
- LT Debt to Equity (MRQ)0.26
- Total Debt to Capital (MRQ)0.36
- Return on Equity-
Assets
- Asset Turnover1.20
- Asset per Employee.8M
- Inventory Turnover13.00
Per Share Data
- Earnings (TTM)-0.51
- Current P/E Ratio1.00
- Cash Flow3.31
- Annual Dividend0.00
- Book Value27.30
- EBITDA0.10
Profitability
- Market Cap-0.51
- Gross Margin (TTM)7.00
- Operating Margin (TTM)0.10
- Profit Margin (TTM) -0.50
Management Effectiveness
- Return on Equity (TTM)-
- Return on Assets (TTM)-0.60%
- Return on Investment (TTM)-1.30%
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