BP Sheds Latin Oil Producer

British Petroleum is still sloughing off assets to help cover its $40 billion fiasco in the Gulf of Mexico. The oil giant just sold a majority stake in Pan American Energy for $7 billion, putting its running total of recent asset sales at $21 billion. —JCL

The New York Times:

BP agreed on Sunday to sell its majority stake in Pan American Energy to its partner in the joint venture, Bridas, for about $7.1 billion in cash, as the wounded oil giant continues to sell off assets.

With the sale of Pan American, one of the biggest oil producers in Argentina, BP will have raised about $21 billion of the $30 billion it hoped to reap from asset sales by the end of next year.

The money is meant to help cover an estimated $40 billion in damage claims tied to the Deepwater Horizon oil spill disaster in the Gulf of Mexico in the spring.

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AP / Charles Dharapak

BP is on track to raise $30 billion in sold-off assets by the end of next year.