Hilcorp Closes Upstream Portion of BP Alaska Acquisition
Hilcorp takes over Prudhoe Bay operatorship
July 1, 2020 – Anchorage, Alaska – After receiving regulatory approvals, Hilcorp Alaska (Hilcorp) has completed the upstream portion of its acquisition of BP Alaska. Hilcorp immediately acquires BP’s interests in the Prudhoe Bay, Milne Point, and Point Thomson fields, as well as the operatorship at Prudhoe Bay. The midstream component of the transaction is expected to close in Q3 2020, pending regulatory approval.
“Today we are significantly growing and strengthening our footprint in Alaska,” said Jason Rebrook, President of Hilcorp Energy Company. “I’m especially proud of the team that’s worked diligently over the past 11 months to close this transaction and put us in a position to be ready for day one operations.”
With major operations in the Cook Inlet and on the North Slope, Hilcorp is one of the largest oil and gas producers in Alaska. Since entering the North Slope in 2014, Hilcorp has invested more than $700 million dollars at Milne Point and doubled production there. In April 2020, total production at Milne Point reached 36,000 barrels of oil per day (BOPD) for the first time since May 2008. Hilcorp expects to reach 40,000 BOPD at Milne Point by the end of 2020.
Hilcorp has nearly tripled its Alaska workforce as a result of this transaction. Growing from roughly 550 employees to more than 1,450, Hilcorp expects to add more in the coming months.
“We look forward to continuing to drive economic growth, create Alaskan jobs and contribute to local economies for decades to come,” said Greg Lalicker, Chief Executive Officer of Hilcorp Energy Company. “Hilcorp is committed to safely and responsibly developing Alaska’s natural resources.”
Hilcorp Alaska, an affiliate of Hilcorp Energy Company, is a privately held oil and natural gas exploration and production company. Hilcorp has operated in Alaska for more than eight years and currently operates interests in the Cook Inlet and on the North Slope. Headquartered in Anchorage, Hilcorp Alaska employs more than 1,450 full-time employees throughout the state. Hilcorp Energy Company is headquartered in Houston, Texas, and has almost 3,200 full-time employees. Hilcorp continues to grow by actively acquiring and developing conventional assets.