Bracewell Assists Plains Exploration in $6 Billion Acquisition Financing for Gulf of Mexico Interests

September 10, 2012

Bracewell & Giuliani LLP is representing Plains Exploration & Production Company (PXP) in the acquisition financing pertaining to its agreement to acquire Gulf of Mexico interests from BP Exploration & Production Inc. and BP America Production Company (BP) and from Shell Offshore Inc. (Shell).

PXP will acquire from BP all interests in certain deepwater Gulf of Mexico oil and gas properties for $5.55 billion, and will also acquire from Shell its 50% working interest in the Holstein Field for $560 million.

Initial acquisition financing is being fully underwritten by a consortium of banks led by J.P. Morgan Securities LLC. The bank group consists of J.P. Morgan Chase Bank, N.A., Bank of America, N.A., BMO Capital Markets, Barclays Bank PLC, Citigroup Global Markets Inc., Royal Bank of Canada, The Bank of Nova Scotia, TD Securities, and Wells Fargo Bank, N.A.