[/caption]It is said that investors pounce when there is blood in the water, and because of the Gulf spill, BP is bleeding cash like a hemophiliac.
Many were competing to provide or sell BP that needed cash tourniquet, but the Houston Chronicle is reporting that only Apache provided the medicine and rich cash amount for the properties that BP was willing to part with.
With mounting liabilities now totaling billions and rising everyday, BP sought to have the needed cash to take care of its obligations, and procured it by selling some holdings to Apache in America, Egypt, and Canada for some $7 billion.
Apache, who purchased BP’s properties, is becoming a bigger player into the oil industry. The company recently spent $2.7 billion for the takeover of offshore explorer Mariner Energy, which was announced in April, and it also spent nearly another $1.1 billion to purchase of Devon Energy’s Gulf of Mexico assets earlier this year.
Apache’s deal with BP includes nearly $3.3 billion for proven reserves containing 214 million barrels of oil equivalent in Western Canada, while paying $650 million for BP’s Egyptian assets, which will include net daily production of 6,016 barrels of oil and 11 million cubic feet of gas. In addition, Apache will pay $5 billion of the total sum by July 30 with the balance coming later, the company said.
No one knows if this infusion of cash by the Apache deal will provide all that is needed for BP, but for now it should make do. BP almost got the $10 billion it sought for its rainy day cash – this probably will positively reflect in its stock price, and provide some needed security to the investing public that BP is solvent, having the cash flow to meet its obligation…whether stemming from litigation or other typical business endeavors.
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