BP to exit Alaska in $5.6B deal with Hilcorp subsidiary

London-based BP PLC (NYSE: BP) is selling all of its operations in Alaska to Hilcorp Alaska LLC for $5.6 billion, according to an Aug. 27 press release.

That total includes $4 billion payable near-term and $1.6 billion through an earn-out thereafter, the release states. The deal is expected to close in 2020, making it a significant part of BP’s plan to divest $10 billion of assets over 2019 and 2020.

Anchorage-based Hilcorp Alaska is a subsidiary of Houston-based Hilcorp Energy Co., which was…


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