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.
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.