BP confirms commitment to completing sale of its Alaska business
Subject to regulatory approvals, the parties expect to complete the transaction in June 2020.
Reflecting recent significant market volatility and oil price falls, BP and Hilcorp have successfully renegotiated the financial terms of the deal to respond to the current environment.
Under the revised agreement, the total consideration for the sale remains unchanged at $5.6 billion, subject to customary closing adjustments.
However, the structure of the consideration and phasing of payments has been modified. ■