Kirkland Counsels LLOG Bluewater Holdings On $1.4 Billion Sale Of Assets To Murphy Oil

Kirkland & Ellis advised LLOG Bluewater Holdings, LLC, (LLOG) on its decision with LLOG Exploration Offshore, LLC to sell its deep water Gulf of Mexico assets to Murphy Oil Corp.'s (NYSE: MUR) wholly owned subsidiary, Murphy Exploration & Production Company – USA . The accretive, cash flow providing Gulf of Mexico assets currently produce approximately 38,000 barrels of oil equivalent per day net (Boepd) and are expected to add approximately 66 million barrels of oil equivalent net (Mmboe) of Proven (1P) reserves and 122 Mmboe of Proven and Probable (2P) reserves1. Murphy will pay a cash consideration of $1.375 billion. Additional contingent consideration payments are based on the following: up to $200 million in the event that revenue from certain properties exceeds certain contractual thresholds between 2019 and 2022; and $50 million following first oil from certain development projects.