BP Amoco, ExxonMobil, Phillips realign Alaska interests

04/24/2000
Having just completed its merger with ARCO (see story, this page), BP Amoco PLC agreed to sell ARCO's Alaskan North Slope properties to Phillips Petroleum Co. for $7 billion after resolving ExxonMobil Corp.'s objections. ExxonMobil had sued to block the sale, claiming that it had right of first refusal under a 1964 agreement (OGJ, Apr. 3, 2000, p. 30).Paving the way for the sale was a new agreement between BP Amoco, ExxonMobil, and Phillips realigning ownership and operation of the Prudhoe Bay and Point Thomson units.The agreement will give BP Exploration (Alaska) Inc. about 26.7% of the Prudhoe Bay Unit, ExxonMobil 36.8%, and Phillips 36.5%. Three other firms have fractional inte...
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