Plains Exploration & Production Company (PXP) has announced it has entered into a definitive agreement to acquire from BP Exploration & Production Inc. and BP America Production Company (“BP”) all of their interests in certain deepwater Gulf of Mexico oil and gas properties for $5.55 billion, as detailed in the press release below issued by PXP.
The properties include the BP-Operated Marlin, Dorado and King Fields (collectively the Marlin Hub, 100% working interest), BP-Operated Horn Mountain Field (working interest 100%), BP-Operated Holstein Field (working interest 50%), BP non-operated Diana-Hoover Field (33.33% working interest, operated by ExxonMobil) and BP non-operated Ram Powell Field (31% working interest, operated by Shell Offshore Inc.). Latham & Watkins LLP advised PXP in the transaction with a Houston-based corporate deal team led by partners Jeffrey Muñoz and Michael P. Darden with associates Stephen Szalkowski, Wesley Thoman, Christopher Bennett and Dane Johnson.
