Alaska utility regulators ask Hilcorp, BP for more details on $5.6B deal

The trans-Alaska Pipeline System. BP is seeking to sell its 48 percent stake in the pipeline, along with its other Alaska assets, to privately owned oil company Hilcorp. (Photo by Alaska Department of Natural Resources)

The state agency overseeing BP’s proposed sale of its Alaska oil assets to independent company Hilcorp wants more information from the two companies about their $5.6 billion deal.

The Regulatory Commission of Alaska, which regulates the state’s public utilities and pipelines, issued a two-page, unsigned order Thursday that asks the companies for five new sets of documents. They include the purchase and sale agreement, charts detailing the companies’ corporate ownership and operating structures, and additional financial statements.

Hilcorp has already filed financial statements for the company that handles its Alaska operations, Hilcorp Alaska. But the RCA is now asking for the statements of its larger affiliate, Texas-based Hilcorp Energy Company, along with more information from BP.

BP spokeswoman Meg Baldino said the company would comply with the request. Hilcorp representatives did not respond to a request for comment.

Hilcorp is privately-owned, and it’s asked the RCA for permission to keep its previously filed financial statements confidential. The RCA has not yet ruled on that request, and some public interest advocates and groups have asked the RCA to require disclosure.

The companies are asking the RCA to approve BP’s transfer to Hilcorp of its “certificate of public convenience and necessity,” and its 48 percent interest in the trans-Alaska pipeline system. They’re also asking the RCA to issue an order finding the transfer of the pipeline to be in the public’s best interest.