BP Said to Seek Bids for $2 Billion in U.S. Infrastructure
04.23.2015 By Jacob van den Berge - NEWS

In the last two weeks, BP sent offering materials to potential buyers of two batches of assets: Its interest in four pipelines and a gas plant along the Gulf of Mexico, and 15 storage terminals in the Midwest and on the East Coast, said the people, who asked not to be identified because the matter is not public.

BP is following Chevron Corp., and Royal Dutch Shell Plc in selling infrastructure that helps move and store oil and gas, in order to raise money that can fund drilling. These types of assets are relatively easy to sell because their fee-based business models insulate them from swings in commodity prices.

“BP successfully serves two-thirds of its customers’ fuel demand needs via third-party terminals throughout our marketing area,” Scott Dean, a spokesman for the company wrote in an e-mail. “Given the success of this model, we’re exploring the divestment of additional terminal assets in the U.S.”

News of the terminal sales was first reported by Oil Price Information Service, a trade news service. BP’s shares have gained 16.8 percent in London this year, leaving it with a market value of 87.6 billion pounds ($131 billion).

BP North America Inc., the company’s Naperville, Illinois-based subsidiary, operates more than 4,000 miles of pipelines and 21 terminals, according to its website.

The Gulf of Mexico assets it is looking to sell include stakes in three entities BP co-owns with Enterprise Products Partners LP: the Wilprise and Tri-States Pipelines and the Pascagoula Gas Processing Plant, the people said.

It is also seeking to sell its stakes in the Destin and Okeanos Gas pipelines, which it co-owns with Enbridge Inc., the people said.

Venezuela's 2024 Oil Exports Climb 10.5% Amid Political Turmoil
01.06.2025 - NEWS
January 06, 2025 [Reuters]- Venezuela’s oil exports rose 10.5% last year despite political ... Read More
Saudi Hikes February Oil Prices for Asia, First Time in 3 Months
01.06.2025 - NEWS
January 06, 2025 [Reuters]- Saudi Aramco, the world’s top oil exporter, on Monday raised cr... Read More
Consortium Led by H2 Global Energy Signs MOU with Tunisian Government for $6 Billion Green Hydrogen and Ammonia Project
01.06.2025 - NEWS
January 06, 2025 [EIN Newswire]- A consortium led by H2 Global Energy signed an MOU agreement w... Read More
Pembina Pipeline Corporation Announces Closing of PGI’s Acquisition of Working Interests from Whitecap Resources and Provides Karr and Gold Creek Update
01.06.2025 - NEWS
January 06, 2025 [Pembina]- Pembina Pipeline Corporation (“Pembina” or the “Com... Read More