BP Looks for Buyers for Natural Gas Pipeline

SEATTLE (Oil Monster): BP is reportedly seeking buyers for a stake in its U.S. natural gas pipeline network, Reuters reported.

People familiar with the matter said BP could raise up to $3 billion from the sale, and one said that BP may sell up to a 49% stake in the business.

“The sale process is part of BP CEO Murray Auchincloss's drive to reduce the company's debt levels, which have risen over the past year, another two people said,” Reuters wrote. “With its share price languishing, BP is facing investor pressure to improve performance and profitability amid concerns over the company's energy transition strategy.”

BP is also planning to sell stakes in its Lightsource BP solar business and its U.S. onshore wind division and offshore wind operations. Auchincloss will update the company's strategy in February, the news outlet said.

“Net debt rose to $24.3 billion at the end of September, from $22.3 billion a year earlier, due to lower than anticipated asset disposals, BP said in its third quarter results. The company's shares have lost more than 18% of their value so far this year.”

BP owns around 1,500 miles of pipelines that transport 1.1 million barrels of crude, natural gas and fuels per day across the United States, according to its website.

 Courtesy: www.convenience.org