BP revises $5.6 billion Alaska deal after oil price crash [Reuters (UK)]
BP p.l.c. (BP)
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Source: Reuters
BP revises $5.6 billion Alaska deal after oil price crash - Reuters 2 Min Read (Reuters) - BP ( BP.L ) said on Monday it had amended financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp Energy Co following the recent slump in oil prices, which may lead to a lower cash boost than initially planned. The new agreement retains the original sale price but provides for vendor financing, smaller payments in 2020 and for cash flow sharing in the near-term, the British oil major said. The new structure is, however, expected to maintain “the majority of the value of the transaction,” BP said in its statement. Details on timing of the payouts or amounts of the financing were not disclosed. BP is scheduled to release first-quarter results on Tuesday and could provide additional details, a spokeswoman said. BP shares were up a fraction at $23.47 Monday morning. Hilcorp declined comment on new terms including BP-provided financing on the deal. “In the weeks ah
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