Houston-based Hilcorp Energy has agreed to buy assets from an Exxon Mobil Corp. (NYSE:XOM) subsidiary that is the nation’s largest holder of natural gas reserves.
According to the Alaska Dispatch News, the company plans to buy Fort Worth-based XTO Energy’s Cook Inlet assets, which include two offshore platforms, a tank facility and offices near the coast. The company expects the acquisition to be completed in the fall and plans to hire XTO’s 31 employees at the facilities.
Hilcorp Alaska External Affairs Manager Lori Nelson told the Dispatch News that the two platforms Hilcorp plans to buy produce about 1,750 barrels of oil per day.
Hilcorp has been making aggressive moves in the Alaskan market since arriving in the state four years ago.
In 2014, the company bought two oilfields and 50 percent of two other fields in the North Slope region of Alaska from London-based BP PLC (NYSE: BP). The Alaska Dispatch News reported that the deal was worth $1.5 billion. The assets represented about 19,700 barrels of oil equivalent per day.
Houston billionaire Jeffrey Hildebrand is chairman and CEO of privately owned Hilcorp. He was ranked No. 256 on Forbes’ “The World’s Billionaires” list for 2015.
Sourced from bizjournals.com July 7th, 2015.