BP (BP) is reportedly in negotiations to sell assets in Gulf of Mexico oil fields to Plains...

|About: BP p.l.c. (BP)|By:, SA News Editor

BP (BP) is reportedly in negotiations to sell assets in Gulf of Mexico oil fields to Plains Exploration & Production (PXP) for $7B, which is above the latter's market cap of $5.2B. The deal would be part of BP's efforts to raise money to pay for the fallout from the 2010 oil spill; so far, the company has agreed to sell $26.5B worth of the $38B in assets that it has earmarked for sale.