BP Completes Sale of Upstream Alaska Business
06 Julho 2020 - 7:00PM
Business Wire
Today bp completed the sale of its upstream Alaska business to
Hilcorp and operations of the Prudhoe Bay oil field transferred to
Hilcorp at midnight. The upstream assets comprise the vast majority
of the deal value.
In August 2019 bp announced it would exit Alaska, selling its
business to Hilcorp for a total consideration of $5.6 billion. The
sale includes bp’s entire upstream and midstream business in the
state, including BP Exploration (Alaska) Inc., which owns all of
bp’s upstream oil and gas interests in Alaska, and BP Pipelines
(Alaska) Inc.’s interest in the Trans Alaska Pipeline System
(TAPS).
bp and Hilcorp continue to work with regulators to complete the
midstream sale, including transferring bp’s interest in TAPS.
William Lin, executive vice president, regions, cities &
solutions, said: “Today marks a new era for Prudhoe Bay. It is a
world-class field and Hilcorp is well-positioned to take it into
the future and maximize value for the State of Alaska. We wish them
the very best for this next phase of Prudhoe Bay’s long life.”
In April, bp confirmed its commitment to completing the sale,
adjusting the financial terms of the agreement to reflect current
market conditions while retaining the overall consideration of $5.6
billion.
Janet Weiss, regional president, bp Alaska, said: “I am proud of
our employees and contractors who have done extraordinary work to
make this a safe and seamless transition. Thank you. And to the
State of Alaska, we deeply value our role in Alaska’s history, and
thank the governor and his team for positioning Prudhoe Bay for
many more years of competitive production.”
bp is America’s largest energy investor since 2005, investing
more than $125 billion in the economy.
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version on businesswire.com: https://www.businesswire.com/news/home/20200706005599/en/
The Bank of New York Mellon Trust Company, N.A. Elaina Rodgers
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