Davis Polk & Wardwell LLP is advising both Bank of America Merrill Lynch and Citigroup Global Markets Inc. as financial advisers to Apache Corporation in connection with its acquisition of all of BP's oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and Egypt's Western Desert. Apache also will acquire substantially all of BP's upstream natural gas business in western Alberta and British Columbia. Apache will pay $7 billion for the assets, which include estimated proved reserves of 385 million barrels of oil equivalent. The transactions are subject to certain preferential rights as well as normal regulatory approvals and conditions in the United States, Canada, Egypt and the European Union.

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. BP is one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.

The Davis Polk corporate team advising Bank of America Merrill Lynch includes partners Leonard Kreynin and Phillip R. Mills and associate Tyler B. Carson, all of the New York office.