End of an era as Hilcorp buys out BP for $5.6B

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Alaska is going to have a new “big three.”

BP is selling all of its Alaska assets to Hilcorp Energy in a $5.6 billion deal announced Tuesday morning.

For years, BP, ConocoPhillips and ExxonMobil have dominated North Slope oil production. Houston-based Hilcorp will now be taking BP’s place in that group.

The sale means the iconic Prudhoe Bay oil field will have a new operator. Hilcorp will also assume BP’s 49 percent stake in the Trans-Alaska-Pipeline System through its pipeline subsidiary Harvest Alaska, according to statements from the companies.

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