BP to sell assets for $7 billion to Apache

NEW YORK (AP) -- BP PLC said Tuesday it will sell assets in the U.S., Canada and Egypt to Apache Corp. for $7 billion to help pay the costs from the Gulf of Mexico oil spill.Cleveland Launcher Hybrid

At least part of the proceeds will go toward a $20 billion fund that BP agreed to last month under pressure from the Obama administration. Cleveland Launcher DriverThe fund will help pay cleanup costs and damages from the spill.

As the spill escalated in the weeks after the explosion of the Deepwater Horizon rig, BP realized it would need to boost its cash reserves to pay costs that analysts have said could rise to $100 billion.Cleveland Launcher Fairway Wood.The company suspended dividend payments of about $10.6 billion for this year, and sped up plans to sell $10 billion in assets.

Apache eventually emerged as a potential buyer.Cleveland golf clubs

"If it hadn't been for the Gulf incident, I'm sure we wouldn't be sitting here tonight," Apache Chief Executive G. Steven Farris told investors after announcing the deal.golf equipment

As the spill escalated in the weeks after the explosion of the Deepwater Horizon rig, BP realized it would need to boost its cash reserves to pay costs that analysts have said could rise to $100 billion.Cleveland Launcher Fairway Wood.The company suspended dividend payments of about $10.6 billion for this year, and sped up plans to sell $10 billion in assets.

The recovery from the nation's long and deep recession has produced relatively few new jobs so far, (Callaway Big Bertha Diablo Fairway Wood)and millions of people's unemployment benefits began running out seven weeks ago as Congress bogged down in an impasse over whether the $34 billion cost of a fresh extension of benefits should be paid for with budget cuts or be added to the $13 trillion national debt.
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