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BP to Close Hilcorp Alaska Deal With Revised Payment Terms

  • Deal set to be completed in mid-2020 for $5.6 million
  • U.K. company to receive lower completion payments this year
Updated on

BP Plc confirmed its commitment to completing the sale of its Alaska business to Hilcorp Energy Co., but said financial terms had been adjusted to reflect market conditions.

The renegotiation of the deal will come as a relief to the London-based oil major, which is leaning on asset sales to rein in its debt and sustain its dividend amid a historic oil crash that has battered company valuations globally.