S&C Advises BHP in $28 Billion Deal Transferring Oil and Gas Portfolio to Woodside

June 14, 2022

On June 1, Australia's BHP Group Limited completed its transaction combining its oil and gas portfolio with Australian oil and gas company, Woodside Energy Group Limited, creating an entity valued at $28 billion. BHP received $19.6 billion of Woodside shares, which it distributed to its shareholders. The deal allows BHP, one of the world's largest mining companies, to weight its portfolio more towards commodities that have a decarbonization upside.
 
The combination creates a global top 10 independent energy company by production and the largest energy company listed on the Australian Securities Exchange.
 
The cross-border S&C team that advised BHP as to U.S. securities and corporate law matters included John Estes, Wally Jones, Ben Fleming, Robert Risoleo, Bob Downes, Clinton Eastman and Jaime Travers-Fein. Eric Wang, John Jo, Ellen Hunt and HyunKyu Kim advised on U.S. tax matters. Juan Rodriguez , Renata Hesse, Samantha Hynes, Eric Queen, Brad Smith, Axel Beckmerhagen, Clea McClellan, Marielena Doeding  and Sienna Liu advised on antitrust and competition matters. Laura Oswell advised on certain U.S. Foreign Corrupt Practices Act matters. Brendan Cullen, Duncan Simpson LaGoy and Bretton Laudeman advised on certain U.S. litigation matters. Chris Mann, Eric Kadel, Manon Scales and Joshua Smith advised on U.S. sanctions matters.