Hilcorp
| Company type | Private |
|---|---|
| Industry | |
| Founded | 1989 in Texas |
| Founders |
|
| Headquarters | , US |
Area served | United States |
Key people |
|
Number of employees | 3200[1] |
| Website | hilcorp.com |
Established in 1989, Hilcorp is a privately owned American energy company specializing in exploration and production, with its headquarters based in Texas.[2] The firm operates across nine states and employs approximately 3,200 individuals worldwide, including around 1,500 personnel located in Alaska.[1]
Initially co-founded by Jeffery Hildebrand, who subsequently gained complete ownership,[3] Hildebrand relinquished his role as CEO in 2018, designating Greg Lalicker as his replacement.[4] In Alaska, Luke Saugier holds the position of senior vice-president of operations.[1]
By production volume, Hilcorp ranks as the largest privately owned oil company within the United States.[3]
The company’s primary business model revolves around acquiring mature oil and gas assets and optimizing them to increase output efficiency.[5] In a major transaction during 2020, Hilcorp purchased BP’s Prudhoe Bay operations in Alaska for $5.6 billion,[6] retaining nearly half of BP’s workforce in the state.[7] Additionally, in 2021 Exxon transferred operational control of Point Thompson to Hilcorp while maintaining a 60% ownership interest.[8]
Hilcorp holds the majority stake in the Trans-Alaska Pipeline System, following its acquisition of BP’s 49% interest in 2019.[9]
The company is also recognized for awarding substantial bonuses to its workforce, including $100,000 per employee in 2016,[10] and $75,000 bonuses distributed in 2021 after achieving multi-year performance targets.[11]
Environmental impact
Hilcorp ranks as the top methane emitter within the United States oil and gas sector, discharging in excess of 140,000 metric tons of methane each year. The Pennsylvania Department of Environmental Protection associated Hilcorp's hydraulic fracturing activities in the state with a series of seismic events that occurred in 2016.
In April 2021, the Pipeline and Hazardous Materials Safety Administration required Hilcorp to undertake repairs and replacements on a leaking subsea pipeline segment located in Cook Inlet.
By October 2024, the Department of Justice initiated enforcement measures against Hilcorp due to extensive violations of the Clean Air Act at its New Mexico facilities, highlighting emissions amounting to thousands of tons of methane and volatile organic compounds. These pollutants play a major role in accelerating climate change and present health hazards through the formation of ground-level ozone.
- ↑ 1.0 1.1 1.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedAKBiz - ↑ "Fact Sheets". hilcorp.com. Retrieved 2023-02-27.
- ↑ 3.0 3.1 Cite error: Invalid
<ref>tag; no text was provided for refs namedForbesProfile - ↑ "Billionaire founder of Hilcorp hands off CEO job". Houston Chronicle. 2018-02-20. Retrieved 2023-02-27.
- ↑ "How America's Biggest Privately Owned Oil Company Takes A Divergent Approach To The Energy Transition". forbes.com. 2021-11-29.
- ↑ "Hilcorp quietly takes over BP's stakes in Prudhoe Bay and other Alaska oil fields". 2020-06-30.
- ↑ "About half of BP's Alaska employees have accepted a job with Hilcorp". 2019-12-19.
- ↑ "Exxon transfers Point Thomson operations on Alaska's North Slope to Hilcorp".
- ↑ DeMarban, Alex (2019-08-27). "BP will sell all its Alaska assets to Hilcorp". Anchorage Daily News.
- ↑ "Hilcorp Energy gives $100,000 bonus to all 1,381 employees". 2016-05-03.
- ↑ . 2021-12-10 https://www.worldoil.com/news/2021/12/10/hilcorp-employees-in-line-for-75-000-bonuses-after-meeting-multi-year-goals.
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