LINN Energy has agreed to pay BP $1.2bn in cash.
The agreement includes the sale of all of BP’s working interest in about 2,400 wells in the Hugoton natural gas field, as well as the Hugoton Jayhawk gas processing plant, which has a processing capacity of about 450m standard cubic feet of gas per day.
BP group chief executive Bob Dudley said the company is reshaping its business around the world, focusing on its strengths and future growth opportunities.
"The sale of these mature assets will allow us to concentrate our efforts on our strong core positions in the US and globally," said Dudley.
