BP Exits Alaska To Double Down On Shale

After roughly six decades in Alaska, BP is getting out. BP announced the sale of its Alaska operations to Hilcorp Energy Co. for $5.6 billion. The sale includes BP’s stake in the Prudhoe Bay oil field, the largest oil field in North America that once produced 1.5 million barrels per day at its peak in the late 1980s. Hilcorp will also acquire BP’s stake in the Trans-Alaskan Pipeline. BP was the central player in the development of both the oil field and the long-distance pipeline that moves oil from Alaska’s North Slope to its…