BP to pull out of Alaska after 60 years in $5.6 billion deal with Hilcorp

The deal calls for a $4 billion initial payment to BP with the remaining $1.6 billion in earnout payments over time

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International news: British oil major BP Plc on Tuesday agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years.

The deal, which includes interests in the most prolific oil field in US history at Prudhoe Bay, and the 800-mile (1,300-km) Trans Alaska Pipeline, is part of BP's plan to raise $10 billion over the next two years through asset sales to further strengthen its balance sheet, it said. [nRSa3228Ka]

For years, BP has been reducing its role in Alaska, where oil production for fallen with declines at the Prudhoe Bay field. BP, which began working in Alaska in 1959, is the operator and holds a 26 per cent stake in Prudhoe, where...read more

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