HOUSTON, April 28, 2020 - On April 27, 2020, BP confirmed its commitment to completing the sale of its Alaska business to affiliates of Hilcorp Energy which was first announced in August 2019. Under the revised agreement, the total consideration for the sale remains unchanged at $5.6 billion, subject to customary closing adjustments.
The revised agreement adjusts the structure and phasing of the remaining consideration to include lower completion payments in 2020, new cash flow sharing arrangements over the near-term, interest-bearing vendor financing and, potentially, an increase in the proportion of the consideration subject to earnout arrangements. The parties expect to complete the transaction in June 2020, subject to regulatory approvals.
Baker Botts is representing BP in the transaction.
Baker Botts Lawyers/Offices Involved:
Financial Restructuring: Omar Alaniz (Partner, Dallas)
For more information, please see BP’s news release here.
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