BP 2010 Annual Report Download - page 164
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Notesonnancialstatements
3.Acquisitions
Acquisitions in 2010
BPmadeanumberofacquisitionsin2010foratotalconsiderationof$3.6billion,ofwhich$3billioncomprisedcashconsideration.Themostsignicant
acquisitionwasatransactionintheExplorationandProductionsegmentwithDevonEnergy(Devon),undertakeninanumberofstagesduring2010.
ThistransactionstrengthensBP’spositionintheGulfofMexico,enhancesinterestsinAzerbaijanandfacilitatesthedevelopmentofCanadianassets.
On27April2010,BPacquired100%ofDevon’sGulfofMexicodeepwaterpropertiesfor$1.8billion.Thisincludedanumberofexploration
properties,Devon’sinterestinthemajorPaleogenediscoveryKaskida(givingBPa100%interestintheproject),fourproducingassetsandonenon-
producingasset.Aspartofthetransaction,BPsoldtoDevona50%stakeinitsKirbyoilsandsinterestsinAlberta,Canadafor$500millionandDevon
committedtofundanadditional$150millionofcapitalcostsonBP’sbehalfbyissuingapromissorynotetoBP.Inaddition,thecompaniesformeda50:50
jointventure,operatedbyDevon,topursuethedevelopmentoftheinterest.On16August2010,thegroupacquiredDevon’s3.29%(afterpre-emption
exercisedbysomeofthepartners)interestintheBP-operatedAzeri-Chirag-Gunashli(ACG)developmentintheAzerbaijansectoroftheCaspianSeafor
$1.1billion,increasingBP’sinterestto37.43%.
Theacquisitionhasbeenaccountedforusingtheacquisitionmethod.Theacquisitiondatefairvaluesareprovisionalandmaybeadjustedoncethe
transactionisnalized.Goodwillof$332millionhasbeenrecognizedonthisacquisitionAspartoftheDevontransaction,thegainonthedisposalofthe
group’s50%interestintheKirbyoilsandsinAlberta,Canadaamountedto$633million.
ThenalpartoftheDevontransaction,theacquisitionof100%ofDevon’sequitystakeinanumberofentitiesholdingallofDevon’sassetsinBrazil
forconsiderationof$3.2billion,isexpectedtocompleteinearly2011.
InadditiontotheDevontransaction,BPmadeanumberofotherminoracquisitionsin2010,themostsignicantofwhichwastheacquisitionby
BP’sAlternativeEnergybusinessofVereniumCorporation’slignocellulosicbiofuelsbusiness,forconsiderationof$98million.
Acquisitions in 2009
BPmadenosignicantacquisitionsin2009.
Acquisitions in 2008
BPmadeanumberofacquisitionsin2008foratotalconsiderationof$403million.ThesebusinesscombinationswereintheExplorationandProduction
segmentandOtherbusinessesandcorporateandthemostsignicantwastheacquisitionofWhitingCleanEnergy,acogenerationpowerplant.Fairvalue
adjustmentsweremadetotheacquiredassetsandliabilities.
162BPAnnualReportandForm20-F2010