LONDON (Reuters) – A day after BP said it would sell $30 billion in assets to pay for its Gulf of Mexico oil spill, the focus shifted to what is for sale, while lawyers prepared to tackle a mountain of claims for damages.
Just 24 hours after gaffe-prone Chief Executive Tony Hayward’s head rolled from the chopping block, candidates for the auction block hit the headlines, as BP aims to slim down to recover from the thumping losses racked up in the 100 days since the start of the environmental disaster.
Sources with direct knowledge of the matter said BP was in talks with India’s Reliance Industries and Essar to sell retail assets in Africa with an estimated price tag of $500 million.
Investment bankers said the assets BP could sell include its stake in Alaska’s huge Prudhoe Bay oil field and its interest in Pan American Energy in Argentina, as well as smaller assets in Vietnam, Pakistan and Colombia.
Is $30 Billion enough? Certainly 4-5 months of destruction comes in at more than that.
Would you believe that this old man in West Virginia was once a Broadway Producer, or a Commercial Food Photographer, or a Justice of the Peace, or a Font Designer, or even a Director of a major non-profit Arts Program on Cape Cod? Well, he was. Now he spends most of his time posting in the blogosphere and looking for things to do (retirement is a bitch).
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"Liberals got women the right to vote. Liberals got African-Americans the right to vote. Liberals created Social Security and lifted millions of elderly people out of poverty. Liberals ended segregation. Liberals passed the Civil Rights Act, the Voting Rights Act. Liberals created Medicare. Liberals passed the Clean Air Act, the Clean Water Act.
What did Conservatives do? They opposed them on every one of those things...every one! So when you try to hurl that label at my feet, 'Liberal,' as if it were something to be ashamed of, something dirty, something to run away from, it won't work, Senator, because I will pick up that label and I will wear it as a badge of honor."
-- Matt Santos, The West Wing