BP is actively looking for buyers for a stake in its U.S. natural gas pipeline system, which could potentially raise up to $3 billion for the company.
The infrastructure spans approximately 1,500 miles and transports around 1.1 million barrels of crude oil, natural gas, and fuels daily across the United States.
This move is part of BP's strategy to reduce its debt levels and improve its performance and profitability.
BP is also considering selling stakes in its solar and wind energy divisions.
BP's net debt has increased to $24.3 billion, prompting the company to reassess its asset portfolio and explore divestitures.
The U.S. oil and gas pipeline sector has seen consolidation in recent years, making BP's network an attractive target for potential buyers.
BP's ability to effectively communicate its energy transition strategy will be crucial in regaining market confidence.
The company's shares will be closely monitored as it navigates the challenges and opportunities in the energy sector.