BP To Sell Stake In Its US Oil And Gas Pipeline Network & Raise About $1B: Report
Portfolio Pulse from Lekha Gupta
BP PLC is reportedly planning to sell a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, aiming to raise about $1 billion. The move is part of BP's strategy to lower debt and maintain its dividend. The pipeline's entity reportedly generates a 12-month EBITDA of about $200 million. BP's shares are trading lower by 0.66% at $37.35 premarket.
October 04, 2023 | 9:57 am
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BP's plan to sell a stake in its U.S. pipeline network could help lower its debt and maintain dividends, but the news has led to a slight decrease in premarket trading.
BP's decision to sell a stake in its U.S. pipeline network is a significant move aimed at reducing its debt and maintaining dividends. However, the news has led to a slight decrease in its stock price in premarket trading, indicating that investors may have concerns about the company's strategy.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100