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Hilcorp Energy wraps up $5.6bn acquisition of BP’s Alaska operations

Hilcorp Energy has wrapped up the previously announced $5.6 billion acquisition of BP’s upstream and midstream operations in Alaska.

Harvest Alaska, a midstream services provider and an affiliate of Hilcorp Energy, secured approval from the Regulatory Commission of Alaska last week for acquiring BP’s 49% stake in the 800 miles long Trans-Alaska Pipeline System (TAPS) and a similar stake in Alyeska Service Company, a 50% stake in Milne Point Pipeline, and 25% stake in Prince William Sound Oil Spill Response Corporation.

In July, Hilcorp Energy and BP completed the portion of the deal that covered the transfer of leases in the Prudhoe Bay oil field and also the Point Thomson gas field.

The deal was announced in August 2019.

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