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British Petroleum (BP) announced this week that they are selling their Alaska operations to Hilcorp Energy Co. for $5.6 billion dollars, ending their six-decade existence in “The Land of the Midnight Sun.” The sale to Hilcorp Energy Co includes BP’s stake in the Prudhoe Bay oil field, the Point Thomson gas field and the Trans-Alaska Pipeline. The deal makes Hilcorp Energy Co. the second largest Alaska producer, between leader ConocoPhillips and ExxonMobil. The proposed deal is subject to state and federal regulatory approval but the deal is expected to be finalized in 2020, according to BP.
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