BP in Deal to Sell Some Gulf Fields

BP BP +1.14% PLC reached a deal to sell some of its Gulf of Mexico offshore oil fields to Plains Exploration & Production Co. PXP +0.85% for $5.55 billion, as BP continues to divest itself of assets to pay for the 2010 oil spill in the region.

BP is selling its interests in several assets: the Marlin hub—consisting of the Marlin, Dorado and King fields—Horn Mountain, and Holstein. The deal also includes BP’s stake in two non-operated assets: ExxonMobil XOM +0.36% Corp.-operated Diana Hoover and the Ram Powell field, which is operated by Royal Dutch Shell RDSB.LN -0.26% PLC unit Shell Offshore Inc. BP had said in May it would put interests in these fields on the auction block.