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BPT is a grantor trust with no operating assets, other than the right to the first 90,000 barrels a day of oil. BP owns a 26% interest in the Prudhoe Bay Field. It's the 26% that may be sold. BPT remains the same.
You are ignoring the idiots that won't do their DD and will bid up BPT thinking that they are getting ahead of an Apache buyout.