BP (NYSE:BP) Maintains Hold Rating and Plans Asset Sale to Serica Energy

Core Viewpoint - BP is selling its North Sea assets to Serica Energy for $232 million, which is expected to enhance Serica's production and cash flow, particularly through the acquisition of a 32% interest in the Culzean gas condensate field, the largest gas project in the UK North Sea [2][3][6] Group 1: BP's Financials and Market Position - BP's stock is currently priced at $33.12, reflecting a 0.67% decrease with a market capitalization of approximately $86.69 billion [5] - Jefferies maintains a "Hold" rating for BP and has increased the price target to 420 GBp from 400 GBp [1][6] Group 2: Serica Energy's Acquisition Strategy - Serica Energy plans to finance the acquisition using cash flow from the Culzean field and existing financial resources, including a $525 million reserve-based lending facility [4] - The acquisition is viewed as transformative for Serica, significantly boosting its production and cash flows [3][6]