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Baker Botts represents BHP Billiton in closing their sale of onshore US assets

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Oilfield Technology,

Baker Botts, L.L.P., a leading international law firm, announced today that it has successfully represented BHP Billiton in the closing of its sale of its entire interests in the Eagle Ford, Haynesville, and Permian Onshore US oil and gas assets to BP Plc.

“As one of the most significant deals in the oil & gas upstream market in 2018, we are very pleased with the closing of this Petrohawk and Fayetteville transaction and thankful for all involved who helped complete this landmark deal,” said Erin Hopkins, Baker Botts Partner and lead counsel to BHP.

Key takeaways from the BHP/BP transaction:

BP America Production Company, a wholly owned subsidiary of BP Plc, agreed to acquire 100% of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which holds the Eagle Ford, Haynesville and Permian assets.

Gross consideration for the transaction was US$10.5 billion.

The transaction closed October 31, 2018.

The closing of this sale, together with the closing of the Fayetteville transaction on September 28, 2018 with Merit, represents a complete exit for BHP from the US onshore shale market.

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