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BP » Topics » Note 52 - Post balance sheet events

This excerpt taken from the BP 20-F filed Jun 13, 2006.

Note 52 — Post balance sheet events

        In December 2005, BP sold Innovene, its olefins, derivatives and refining group, to INEOS. Gross proceeds received initially amounted to $8,477 million, which is subject to revision for closing adjustments. There were selling costs of $120 million. A loss before tax of $694 million was recognized on the remeasurement to fair value less costs to sell of the Innovene operations.

        BP announced in April 2006 the sale of its remaining Gulf of Mexico Shelf exploration and production interests for $1.3 billion. The transaction is expected to close later in 2006. The gain on the sale is expected to be about $0.5 billion.

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