BP Looks to Sell a Minority Stake in Its U.S. Natural Gas Pipelines

BP is looking to sell up to 49% of its U.S. natural gas pipeline network in a deal that could fetch up to $3 billion, Reuters reported on Friday, citing anonymous sources with knowledge of the plans. The potential sale would be part of BP’s efforts to reduce its net debt, which has recently increased, according to some of Reuters’s sources. BP Pipelines North America Inc. operates in 14 states and 136 counties in the Midwest and Northwest, with an ownership stake in approximately 1,500 miles of additional pipelines. BP’s North…