BP is looking to sell stake in U.S. pipeline network to reduce debt levels.

From Investing.com: 2024-12-06 07:00:56

BP is looking to sell a stake in its U.S. pipeline network, with potential earnings of up to $3 billion, to reduce its debt levels. CEO Murray Auchincloss aims to improve performance amid investor pressure. Plans to sell other assets include its solar and wind divisions. Net debt rose to $24.3 billion in September.

The company’s shares have declined over 18% this year, worse than its competitors. The U.S. oil and gas pipeline sector is consolidating, making existing assets more valuable due to permitting issues. BP owns 1,500 miles of pipelines transporting 1.1 million barrels per day across the U.S.



Read more at Investing.com: Exclusive-BP seeks buyers for US natural gas pipeline system stake, sources say By Reuters