Hilcorp, the largest private operator in Alaska, specializing in managing and optimizing mature oil and gas assets, agreed to acquire Alaska operations from BP, a British multinational oil and gas company, for $5.6bn. "Alaska has been instrumental in BP's growth and success for well over half a century and our work there has helped shape the careers of many throughout the company. We are extraordinarily proud of the world-class business we have built, working alongside our partners and the State of Alaska, and the significant contributions it has made to Alaska's economy and America's energy security. However, we are steadily reshaping BP and today we have other opportunities, both in the US and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment. This transaction also underpins our two-year $10bn divestment programme, further strengthening our balance sheet and enabling us to pursue new advantaged opportunities for BP's portfolio within our disciplined financial framework," Bob Dudley, BP group Chief Executive.