BP Plc said it has agreed to sell its Canadian natural gas liquids business to Plains All American Pipeline for $1.67 billion as it seeks to raise $45 billion to pay for its Gulf of Mexico oil spill.The business, which includes pipelines and processing stations that remove valuable crude-like liquids from gas, owns or has rights to more than 4,000 kilometers (roughly 2,600 miles) of pipeline systems and 21 million barrels of storage capacity.Collectively, the BP assets provide access to about 140,000 to 150,000 barrels per day of natural gas liquids supply, Plains said.Energy companies have spent billions of dollars this year to expand their holdings in North American pipelines and energy infrastructure, which are becoming more valuable as oil and natural gas begins to flow from shale and other so-called unconventional resources in the region.
Shares of BP fell by 1.65% or $-0.72/share to $42.83. In the past year, the shares have traded as low as $33.62 and as high as $49.50. On average, 9412390 shares of BP exchange hands on a given day and today's volume is recorded at 3694603.
