BP revises $5.6 billion Alaska deal after oil price crash [Reuters]
BP p.l.c. (BP)
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Source: Reuters
BP revises $5.6 billion Alaska deal after oil price crash (Reuters) - BP ( BP.L ) said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead to a lower cash boost than initially planned. The revised agreement retains the total consideration but adjusts the structure and phasing of the remaining payment, which includes smaller payments in 2020 and a new cash flow sharing arrangement in the near-term, the British oil major said. The new structure is however expected to maintain “the majority of the value of the transaction,” BP said. BP shares were up 1% at 0845 GMT. The original agreement provided for Hilcorp to pay $4.0 billion near-term and $1.6 billion through an earnout thereafter. Hilcorp paid a $500 million deposit on signing of the transaction in 2019, BP said. The company still expects to complete the deal in mid-2020. U.S. crude oil futures collapsed bel
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BP
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- BP's page on the SEC website