-
Electronic (PDF)
-
Site License
-
Enterprisewide
Plains Exploration & Production to Acquire Oil and Gas Fields in Gulf of Mexico from BP for $5.55 Billion - The Acquisition will Increase PXP's Daily Production of Oil and Gas by around 60%
GlobalData, September 2012, Pages: 9
Plains Exploration & Production to Acquire Oil and Gas Fields in Gulf of Mexico from BP for $5.55 Billion - The Acquisition will Increase PXP’s Daily Production of Oil and Gas by around 60% - Deal Analysis from GlobalData
Summary
Plains Exploration & Production Company (PXP) agreed to acquire certain deepwater oil and gas fields in the US Gulf of Mexico, from BP Exploration & Production Inc. and BP America Production Company, both subsidiaries of BP p.l.c (BP), for a purchase consideration of $5.55 billion in cash. The transaction will have an effective date of October 1, 2012.
PXP will finance the acquisition cost through senior secured revolving and term loan credit facilities provided by J.P. Morgan Securities LLC, J.P. Morgan Chase Bank, N.A., Bank of America, N.A., BMO Capital Markets, Barclays Bank PLC, Citigroup Global Markets Inc., Royal Bank of Canada, The Bank of Nova Scotia, TD Securities, and Wells Fargo Bank, N.A.
J.P. Morgan Securities LLC and Barclays Capital Inc. are acting as financial advisors to PXP in the transaction. The acquisition will enable PXP to expand its oil exploration and production asset base in the Gulf of Mexico. The transaction is expected to be completed on November 30, 2012, and is subject to preferential rights, title and environmental due diligence, and other customary closing conditions.
Scope
- Rationale behind PXP acquiring stake in deepwater fields in Gulf of Mexico.
- Rationale behind BP divesting its stake in the fields.
- Geography Covered- US (Gulf of Mexico).
Reasons to buy
- Develop a sound understanding of PXP's acquisition plan of liquid rich assets in the Gulf of Mexico.
- To understand BP's divestment plan of non strategic assets.
- To know BP's divestment plan to fund the Gulf of Mexico Oil Spill Disposal Program
1
1
1.1 List of Tables
1.2 List of Figures
2 Plains Exploration & Production to Acquire Oil and Gas Fields in Gulf of Mexico from BP for $5.55 Billion
2.1 Deal Overview
2.2 Deal in Brief
2.3 Acquisition of Liquid Rich Assets from BP in Gulf of Mexico to Increase PXP’s Daily Production of Oil and Gas by around 60%
2.4 BP Divests its Stake in Non Strategic Assets in Accordance to its Global Strategy
2.4 BP Divests its Stake in Non Strategic Assets in Accordance to its Global Strategy
2.5 Exploration and Production Companies are Focusing on the Prolific Deepwater Areas of the Gulf of Mexico
2.6 Deal Financials and Valuations
3 Appendix
3.1 Sources
3.2 Methodology
3.3 Contact Us
3.4 Disclaimer
1.1 List of Tables
Table 1: Oil and Gas Industry, PXP, Major Acquisitions, 2010 to Present
Table 2: BP, Major Divestments around the World, 2011–September 2012
Table 3: Oil and Gas Industry, Gulf of Mexico, Major Acquisitions, 2011 to Present
Table 4: Companies Involved
Table 5: Financials of the Deal
Table 6: Advisor Information
Table 7: Target Information
Table 8: Target’s Production and Reserves Information
Table 9: Company Valuation Multiples
Table 10: Commodity Prices in $, Last Close
Table 11: Acquirer Information
Table 12: Vendor Information
Table 13: Vendor Information
1.2 List of Figures
Figure 1: PXP, Expected Increase in Production due to Acquisition of Assets in Gulf of Mexico, Mboepd, 2012
Figure 2: Gulf of Mexico, Location of Assets to be Acquired by PXP, 2012
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW6
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
