Tuesday, September 11, 2012
Gardere Wynne Sewell LLP represented BP in its sale, announced on Sept. 10, 2012, of interests in a number of oil and gas fields in the deepwater U.S. Gulf of Mexico to Plains Exploration and Production Company for a total of $5.55 billion. BP is selling its interests in three BP-operated assets: the Marlin hub, comprised of the Marlin Dorado and King fields; Horn Mountain; and Holstein. The deal also includes BP's stake in two non-operated assets: Ram Powell and Diana Hoover. Completion of the sale remains subject to regulatory approvals, certain pre-emption rights, and customary conditions. The acquisition is expected to close by the end of 2012.
The Gardere team was led by energy mergers and acquisitions partners Douglas K. Eyberg and Timothy M. Spear, with assistance from associates Eunice Song, Jennifer L. Smith, Rex G. Baker IV, and Austin Ke. PartnersCharles E. Meachamand Frank Putman also worked on certain aspects of the deal, along with associatesKhurram Jiwani and Felisa E. Sanchez.
Gardere's Energy Industry practice group is a multidisciplinary group made up of approximately 60 attorneys with diverse backgrounds, experience, and skills specific to the energy industry. This national and international energy practice serves clients across all sectors of the Energy Industry—upstream, midstream, downstream, power, and renewables—providing a broad range of specialties, including mergers, acquisitions and divestitures, joint ventures, private equity, infrastructure development, finance transactions, project finance, tax, commercial contracting, environmental, intellectual property, labor and employment, bankruptcy and workout transactions, energy regulatory, and arbitration and litigation.
Chambers and Partners consistently recognizes Gardere's Corporate/M&A practice and the Energy: Oil & Gas (Transactional) practice as two of the best in the nation.
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