Deal insight

Plains acquires deepwater GoM assets from BP for US$5.6 billion

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Report summary

Plains is to acquire a portfolio of BP assets in deepwater Gulf of Mexico for US$5.55 billion. The assets include interests in three BP-operated platforms that have been onstream since as early as 1999: Holstein, Horn Mountain and Marlin hub, which includes the Marlin, Dorado and King fields. The agreement also includes non-operated stakes in the Hoover/Diana and Ram Powell platforms and underlying fields. We value the position acquired by Plains at US$4.3 billion (NPV10, discounted to ...

What's included

This report contains

  • Document

    Plains acquires deepwater GoM assets from BP for US$5.6 billion

    PDF 580.25 KB

Table of contents

  • Executive summary
  • Transaction details
    • Holstein
    • Horn Mountain
    • Marlin Hub
    • Hoover/Diana
    • Ram Powell
  • Deal analysis
    • Near-field development prospects and effective use of EOR provide upside
    • Lower reserves from near-field prospects and cashflow represents risk
    • Plains Exploration & Production
    • BP
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Deepwater Gulf of Mexico assets in the BP Plains transaction
  • Production (net) from acquired assets: post-2012 WoodMac forecasts vs. Plains target

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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