- Aug 29, 2019 4:49 am GMT
- 2709 views
Interesting that this occurs just about 18 months after BP reported a new charge over the $65 billion in Deepwater Horizon costs. And those costs surely continue to climb as the damage is ongoing. BP PLC, led by Baker Botts, unveiled plans Tuesday to sell its entire Alaska business to an affiliate of private equity-backed Hilcorp Energy Co. for $5.6 billion, including an earnout payment, as part of an ongoing effort by BP to reshape its portfolio. The deal will see Hilcorp Alaska pay $4 billion in the near term and $1.6 billion through an earnout payment in order to snap up BP's entire upstream and midstream business in Alaska. The deal includes BP Exploration (Alaska) Inc.