Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
BHP announced on Friday that it has completed a transaction with EnVen Energy Ventures LLC to transfer its ownership interest and operatorship of the Neptune field in the deepwater Gulf of Mexico.
Neptune is structured as a joint venture between BHP (35%), EnVen (30%), W&T Energy VI LLC (20%) and 31 Offshore LLC (15%).
“As a reputable operator with deepwater experience in the Gulf of Mexico, EnVen is ideally placed to take operatorship of Neptune and we’re committed to a safe and smooth transition of operations,” Geraldine Slattery, BHP’s president of petroleum operations, said in a news release.
“We’re proud of the safety performance, high uptime and operational excellence we’ve achieved over the last ten years as operator of Neptune.
“This divestment enables BHP to further reshape our portfolio in line with our long-term strategy. The Gulf of Mexico remains a heartland for BHP and we continue to look for opportunities to grow and further develop our business in the region,” Slattery added.
Last fall, BHP acquired an additional 28% working interest in the Shenzi field, also in the Gulf of Mexico, in a $505 million deal with Hess Corp., giving the company a 72% interest in the 11,000 boe/d oil and gas operation.
BHP will continue to operate Neptune under contract as part of the transition agreement until transfer of both operatorship and ownership are approved by the regulator.
