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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC

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Premier Oil seeks another price cut for BP North Sea deal - sources

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09/23/2020 | 11:55am EDT
FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

Struggling oil and gas producer Premier Oil has begun talks with BP to lower for the second time a $210 million deal to acquire stakes in two North Sea oilfields, sources told Reuters on Wednesday.

Premier is seeking to reduce the cash payment to BP by $70 to $80 million while it attempts to raise $530 million in order to pay for the acquisition and restructure a debt pile of almost $2 billion, three sources close to the talks told Reuters.

The effort comes as Premier is also in talks with rival private equity-backed North Sea producer Chrysaor for an alternative funding option.

Both BP and Premier Oil declined to comment.

This is the second time Premier has asked BP to sweeten the terms of the $625 million deal announced in January 2020.

In June, following the collapse of oil and gas prices due to the coronavirus epidemic, BP agreed to reduce Premier's cash payment to a total of $210 million and retain costs associated with the abandonment of the Andrew and Shearwater fields.

Premier Oil's CEO Tony Durrant expected the cashflow from the acquisition to help lower the company's ballooning debt which dwarfs its market cap of 153 million pounds ($194.75 million) as of Wednesday.

The acquisition of the BP fields will help push Premier's output to 100,000 barrel of oil equivalent per day from around 67,000 boe/d currently.

($1 = 0.7856 pounds)

By Clara Denina and Ron Bousso


Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -2.55% 200.95 Delayed Quote.-57.60%
LONDON BRENT OIL -0.29% 41.49 Delayed Quote.-35.68%
PREMIER OIL PLC -2.13% 13.355 Delayed Quote.-86.40%
SHEARWATER GROUP PLC 1.59% 160 Delayed Quote.-25.58%
WTI -0.31% 39.75 Delayed Quote.-32.53%
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Financials (USD)
Sales 2020 183 B - -
Net income 2020 -22 419 M - -
Net Debt 2020 45 062 M - -
P/E ratio 2020 -2,35x
Yield 2020 10,3%
Capitalization 53 205 M 53 257 M -
EV / Sales 2020 0,54x
EV / Sales 2021 0,42x
Nbr of Employees 67 600
Free-Float 93,2%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,43 $
Last Close Price 2,63 $
Spread / Highest target 155%
Spread / Average Target 68,8%
Spread / Lowest Target -1,40%
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Managers
NameTitle
Bernard Looney Chief Executive Officer & Director
Helge Lund Chairman
Andy Hopwood COO & Executive VP-Upstream Strategy
Murray Auchincloss Chief Financial Officer
Angela Rosemary Emily Strank Chief Scientist & Head-Downstream Technology
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NESTE OYJ56.00%43 950
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