Clifford Chance has advised Chrysaor, a leading UK oil & gas independent, on its acquisition of ConocoPhillips’ UK business (“ConocoPhillips UK”) for $2.675bn.
The acquisition will make Chrysaor one of the largest net oil and gas producers in the UK North Sea and accelerates its strategy to become one of Europe’s leading independent, full cycle E&P companies. The transaction is subject to customary conditions and is expected to complete in Q4 2019.
Chrysaor is backed by Harbour Energy, a permanent capital energy investment company managed by EIG Global Energy Partners. Chrysaor will fund the acquisition from existing cash resources and an upsized US$3 billion reserve based lending debt facility.
ConocoPhillips Company explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, liquefied natural gas, and bitumen worldwide.
The Clifford Chance team was led by Corporate partner Graham Phillips (Picture) and Finance partner Simon Williams (London), with support from Corporate associates Laurence Feeny and Josh Baxter and Finance associate Keith Hauck. The cross-practice team in London also comprised Employment partner Michael Crossan with support from Stephanie Ball, Pensions partners Clare Hoxey and Sarah McAleer, Employee Incentives partner Sonia Gilbert with support from Lauren Evans, Tax partner David Harkness with support from Lina Le Roux, Antitrust partner Greg Olsen with support from Chandralekha Ghosh, and TMT partner André Duminy with support from Daryl Cox.
Involved fees earner: Stephanie Ball – Clifford Chance; Josh Baxter – Clifford Chance; Daryl Cox – Clifford Chance; Mike Crossan – Clifford Chance; André Duminy – Clifford Chance; Lauren Evans – Clifford Chance; Laurence Feeny – Clifford Chance; Chandralekha Ghosh – Clifford Chance; Sonia Gilbert – Clifford Chance; David Harkness – Clifford Chance; Keith Hauck – Clifford Chance; Clare Hoxey – Clifford Chance; Lina Le Roux – Clifford Chance; Sarah McAleer – Clifford Chance; Greg Olsen – Clifford Chance; Graham Phillips – Clifford Chance; Simon Williams – Clifford Chance;
Law Firms: Clifford Chance;
Clients: Chrysaor Holdings Limited ;