BP sells Alaska North Slope assets to Hilcorp, deal could be worth ~$1.5B, Will Trumbull County Be Next??

BP sells Alaska North Slope assets to Hilcorp, deal could be worth ... • 6:21 PM Seeking Alpha

  • BP agrees to sell interests in four operated oilfields on Alaska's North Slope to privately held Hilcorp, including all of BP’s interests in the Endicott and Northstar oil fields and a 50% interest in each of the Liberty and the Milne Point fields; the assets produce ~19.7K boe/day.
  • A value for the deal is not disclosed, but according to analysis from U.S. Capital Advisors, the average enterprise value of U.S. onshore oil and gas assets is ~$90K per flowing barrel, which would imply that Hilcorp could be paying BP at least $1.5B.
  • BP E&P chief Lamar McKay says the deal will free the company to focus on the giant Prudhoe Bay field and the opportunity to export Alaskan natural gas.

Could Hilcorp's next target be BP's Trumbull County Leases??

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015334grltd9mPermalink Reply by 015334grltd9m on April 23, 2014 at 1:25am

Bruce you are on it man!

I contacted your lead and am meeting them today.  We need to talk.

Permalink Reply by Mark McGrail on April 23, 2014 at 2:32am

Jim,

That was my thought. Guess we'll see.

Permalink Reply by Jim Litwinowicz on April 23, 2014 at 3:30am

This at least the second Alaskan acquisition for Hilcorp.  They acquired some in 2010, IIRC.

Permalink Reply by Mark McGrail on April 23, 2014 at 3:39am

Jim,

Do have any access to the folks at Hilcorp in PA? Just curious if they might share some info about development plans in this area. Also, will these acquisitions in AK affect development here?

Permalink Reply by Jim Litwinowicz on April 23, 2014 at 4:03am

I have none, unfortunately.  I doubt there will be any affect on activity here. They have invested a lot here and need the ROI. The fact they are still leasing in Mercer Co, even enlarging their footprint into eastern Mercer, is a good sign.

I am guessing they found a deep pocketed backer since they have been rapidly expanding activity here in the past six months. But just a guess on my part.

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