BP Considers Selling $1 Billion Stake In Its Gulf Of Mexico Pipeline Network ...Middle East

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BP Considers Selling $1 Billion Stake In Its Gulf Of Mexico Pipeline Network
source : OILPRICE ( Middle East ) () 26
BP is considering selling 49% of its oil and gas pipeline network on the U.S. Gulf Coast, eyeing proceeds of $1 billion, Reuters has reported, citing unnamed sources. The supermajor has already organized its pipeline stakes into a separate company, in which it plans to keep 51% and sell the rest to fund future dividend payouts and pay down debt, which stands at $23.7 billion. According to Reuters sources, the assets generate annual EBITDA of some $200 million. BP is among the biggest oil and gas producers in the U.S. Gulf of Mexico, with average…

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