Hunton Andrews Kurth LLP represented bpx Energy in connection with its divestment of approximately $1.5 billion of non-controlling interests in Eagle Ford midstream and non-controlling interests in Permian midstream assets. The bpx midstream assets include its pipelines and facilities located in the Eagle Ford and Permian basins. Among these are four central processing facilities in the Permian: Grand Slam, Bingo, Checkmate, and Crossroads. These assets serve to connect wells to third-party pipeline networks, enabling the transportation of oil and gas to customers. The transaction has a total consideration of $1.5 billion and is structured in two phases: approximately $1 billion paid upon signing with the balance expected by the end of the year, subject to regulatory approvals.

bpx, bp’s US onshore division, operates in the Permian, Eagle Ford, and Haynesville basins and is based in Denver. Reflecting the innovative mindset of a domestic onshore producer, bpx employs advanced technology to safely boost production and reduce emissions. The business also collaborates with other integrated bp units, such as supply, trading, and shipping, to enhance value.

The Hunton team was led by partner Jordan Hirsch with the assistance of corporate associates Corinne Davis, Casey Shaw, Kathleen Dill, Kaitlyn Thorson, and Candace Cravey. Partners Allison Mantor and Will Freeman assisted with tax matters. Associate Chris Richardson assisted with real estate matters.