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HOUSTON, July 1 (Reuters) - BP Plc said it completed
the sale of its Prudhoe Bay oil and gas producing properties to
closely-held Hilcorp Energy, ending 60 years as a top Alaskan
oil producer.
BP and other oil majors have reduced their production roles
in the northernmost U.S. state as output slid and lower-cost
fields emerged elsewhere. Hilcorp, known for buying up oil
castoffs, acquired half of another BP Alaska project in 2014.
The $5.6 billion deal, including BP's stake in the Trans
Alaska Pipeline System which carries crude oil from Prudhoe Bay
to Alaska's southern coast, should wrap up this quarter, both
companies said in statements.
"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 of Hilcorp
Energy.
The agreement calls for Hilcorp to pay $4 billion to BP over
an unspecified time, with the remaining $1.6 billion based on
future earnings from the properties. Terms were revised and
pushed back as Hilcorp sought to raise financing.
With Wednesday's purchase, Texas-based Hilcorp becomes the
state's second largest oil producer and reserves holder, behind
ConocoPhillips. Hilcorp will nearly triple its workforce
in Alaska, to 1,450 employees with the acquisition, said Luke
Miller, Hilcorp spokesman.
(Reporting by Gary McWilliams; Editing by Tom Brown)
