Foley Gardere served as counsel to BP America Production Company in its milestone acquisition of most of BHP Billiton Petroleum (North America) Inc.’s onshore U.S. oil and natural gas assets, including oil and gas production resources in the Permian and Eagle Ford basins in Texas and in the Haynesville gas basin in Texas and Louisiana. BP completed the $10.5 billion acquisition of BHP’s U.S. unconventional assets. The acquisition adds to BP’s oil and gas production capacity approximately 190,000 barrels of oil equivalent per day (boe/d) and 4.6 billion oil equivalent barrels (boe) of discovered resources.
Under the terms of the October 31 deal closing, BP America Production Company acquired from BHP 100% of the issued share capital of Petrohawk Energy Corporation – the wholly-owned subsidiary of BHP which holds the assets – for a total consideration of $10.5 billion, subject to customary adjustments. Foley Gardere partners Timothy Spear and Eunice Song served as the lead attorneys for the firm on the transaction. They were supported by a team of Energy Industry Team lawyers across Foley’s 24 offices, including partners Audrey Momanaee and Michael Wall, of counsel Steven McNamara, and associate Danielle Osburn.