BP announced in August 2019 the sale of its entire business in Alaska to Hilcorp for a total consideration of $5.6 billion. This includes all upstream and midstream assets in the state including BP Exploration Alaska and an interest in the Trans Alaska Pipeline System (TAPS). Initially, Hilcorp agreed to pay $4.0 billion near term and $1.6 billion later. This was revised in June 2020 after oil and gas prices dropped.
BP began working in Alaska in 1959 with current operations averaging 74,000 barrels per day of crude production in 2019. Approximately 1,600 employees are associated with BP's Alaska business. Hilcorp has been operating in Alaska since 2012 and acquired an interest in four North Slope fields from BP in 2014. The upstream asset sale closed in July 2020, and the TAPS interest sale closed in December 2020.