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BP to Sell Alaska Business to Hilcorp

Gasoil News - Published on Thu, 29 Aug 2019

Image Source: bp.com
BP announced that it has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage, Alaska. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of USD 5.6 billion. The sale will include BP's entire upstream and midstream business in the state, including BP Exploration Inc, that owns all of BP's upstream oil and gas interests in Alaska, and BP Pipelines Inc's interest in the Trans Alaska Pipeline System.

Mr Bob Dudley, BP group chief executive, said that "Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company. We are extraordinarily proud of the world-class business we have built, working alongside our partners and the State of Alaska, and the significant contributions it has made to Alaska's economy and America's energy security. Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company. We are extraordinarily proud of the world-class business we have built, working alongside our partners and the State of Alaska, and the significant contributions it has made to Alaska's economy and America's energy security."

Mr Dudley, group chief executive, said that "However, we are steadily reshaping BP and today we have other opportunities, both in the US and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment. This transaction also underpins our two-year USD 10 billion divestment programme, further strengthening our balance sheet and enabling us to pursue new advantaged opportunities for BP's portfolio within our disciplined financial framework.”

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Posted By : Rabi Wangkhem on Thu, 29 Aug 2019
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