Hilcorp Purchases BP’s Alaska Assets for $5.6 Billion

ANCHORAGE, AK – August 27, 2019 – Hilcorp Alaska (Hilcorp) announced today it will acquire all of BP’s ownership in upstream and midstream interests in Alaska for $5.6 billion including the Milne Point and Point Thomson fields and Prudhoe Bay oilfield where BPXA is the operator. This transaction marks Hilcorp’s fourth major acquisition in Alaska since 2012 and will position the company as one of the largest oil and gas producers in the state.

“Energy is a cornerstone of the Alaskan economy and this investment will help drive growth in local energy production, jobs and state and local revenue for many years to come,” said Jason Rebrook, President of Hilcorp Energy Company who will lead Hilcorp’s transition team for this transaction. “Hilcorp has a proven track record of bringing new life to mature basins, including Alaska’s Cook Inlet and the North Slope, and we have a clear understanding that an experienced local workforce is critical to success.”

Since production began in Prudhoe Bay in 1977, more than 13 billion barrels of oil have been generated, which has accounted for more than half of Alaska’s total oil production. Hilcorp has operated in Alaska for seven years and currently operates interests in the Cook Inlet and on the North Slope.

“With several years of operational experience in Alaska and an Alaska workforce made up of nearly 90 percent Alaskan residents we understand the importance of this asset to the state,” said Greg Lalicker, Chief Executive Officer of Hilcorp Energy Company. “We’re excited about the opportunity ahead and are fully committed to the safe and responsible development of natural resources in such a special place. This commitment is a top priority as we work to ensure a seamless transition process.”

Hilcorp Alaska, an affiliate Hilcorp Energy Company, is a privately held oil and natural gas exploration and production company. Headquartered in Anchorage, Hilcorp Alaska employs more than 500 full-time employees throughout the state. Hilcorp Energy Company is headquartered in Houston, Texas, and has more than 2300 full-time employees. Hilcorp continues to grow by actively acquiring and developing conventional interests while expanding its footprint into a number of new resource plays.

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