Oil drilling, Alaska. (Photo: nenets/Shutterstock.com)US Firms Drill Into $5.6B BP Deal
BP is exiting Alaska by selling its entire production and interests there to Hilcorp Alaska.
August 27, 2019 at 04:22 PM
2 minute read
The original version of this story was published on Texas Lawyer
Baker Botts' Houston-based team is representing U.K. energy giant BP in the company's pending $5.6 billion sale of its Alaska operations and assets to Hilcorp Alaska, the Alaska affiliate of a Houston energy company, which turned to Kirkland & Ellis for the transaction.
BP announced on Tuesday (August 28) that it will sell Hilcorp Alaska its entire upstream and midstream business, including BP Exploration (Alaska), which owns all of BP's upstream oil and gas interests in the state, and BP Pipeline (Alaska)'s interest in the Trans-Alaska Pipeline System.
The U.S.-based deal is expected to close in 2020. Terms call for BP to pay $4 billion in the near term, and another $1.6 billion through an earnout at a later date.
The sale is part of BP's plan to divest $10 billion of assets in 2010 and 2020, the energy company said in a press release.
BP started working in Alaska in 1959, producing oil in the Prudhoe Bay in 1977. Hilcorp Alaska, an affiliate of Houston's Hilcorp Energy Co., has been active in Alaska since 2012 and is currently the largest private oil and gas operator in the state.
Kirkland's Houston deal team for Hilcorp Alaska is led by corporate partner John Pitts, along with corporate partners Anthony Speier, Jhett Nelson and Chris Heasley. Others include debt finance partner Will Bos and capital markets partners Matt Pacey and Michael Rigdon.
Baker Botts lawyers for BP, all in Houston, include global projects partners Dan Mark and Craig Vogelsang; tax partner Robert Phillpott; finance partner Daniel Tristan; and litigation partner Louie Layrisson.
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