BP sells $7 billion in assets to help pay for oil spill

The assets include $3.1 billion for oil fields and gas processing plants in Texas and southeast New Mexico worth $3.1 billion, $3.25 billion for BP’s upstream Western Canadian gas business and $650 million for oil exploration and production assets in Egypt, according to BP.

BP opted to suspend $10.6 billion in dividend payments through the third quarter of this year to free up more cash, in combination with selling off some assets. 

So far, BP has spent around $4 billion in the oil spill, including more than $200 million to pay out damage claims to individuals and businesses affected along the Gulf Coast.