By Tyler Losier, Energy Reporter, Oil & Gas 360
BP sells its entire Alaskan business to Hilcorp for a total consideration of $5.6 billion
BP (stock ticker: BP), through its subsidiary BP Alaska, has agreed to sell its entire business in the state to Hilcorp Alaska, a subsidiary of Hilcorp Energy Company, for a total consideration of $5.6 billion.
Under the terms of the two companies’ agreement, Hilcorp will first pay $4.0 billion near-term, followed by $1.6 billion through an earnout thereafter.
Assets being divested as a result of the transaction include:
Upstream:
Prudhoe Bay, 26% interest (operator: BP)
Milne Point, 50% interest (operator: Hilcorp)
Point Thomson, 32% interest (operator: ExxonMobil)
Libe...
