BP exits Alaska after 60 years in USD 5.6 billion Hilcorp sale

After operating in the US state for roughly 60 years, oil supermajor BP Plc has agreed to sell its Alaskan assets for USD 5.6 billion to Hilcorp Energy Co. Easy-to-extract US shale and other "growth-oriented asset bases" have diminished the region's appeal and rendered it a second-tier province for oil extraction.

Photo: Lucas Jackson/Reuters/Ritzau Scanpix

BY KEVIN CROWLEY, BLOOMBERG NEWS

BP Plc agreed to sell its entire business in Alaska to closely held Hilcorp Energy Co. for USD 5.6 billion, ending a six-decade presence in the state as oil production there declines.

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