HOUSTON, August 27, 2019 – BP today 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 $5.6 billion.
The sale will include BP’s entire upstream and midstream business in the state, including BP Exploration (Alaska) Inc., that owns all of BP’s upstream oil and gas interests in Alaska, and BP Pipelines (Alaska) Inc.’s interest in the Trans Alaska Pipeline System (TAPS). Subject to state and federal regulatory approval, the transaction is expected to be completed in 2020.
Baker Botts Lawyers/Office Involved:
Energy Projects: Dan Mark (Partner, Houston); Craig Vogelsang (Partner, Houston); Luke Burns (Senior Associate, Houston); Justin Clune (Associate, Houston); Alia Heintz (Associate, Houston); Branden Lankford (Associate, Houston)
Finance: Daniel Tristan (Partner, Houston)
For more information, please see BP’s news release by clicking here.
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