Hilcorp

Hilcorp
Company typePrivate
Industry
Founded1989; 35 years ago (1989) in Texas
Founders
  • Jeffery Hildebrand
Headquarters
Houston, Texas
,
US
Area served
United States
Key people
  • Jeffery Hildebrand
  • Greg Lalicker(CEO)
Number of employees
3200[1]
Websitehilcorp.com

Founded in 1989, Hilcorp is an American privately-held energy exploration and production company.[2][1] The company is headquartered in Texas,[3] with operations in nine different states.[4] It has 3200 employees world-wide, and 1500 in Alaska.[1]

The company was co-founded by Jeffery Hildebrand in 1989.[1] Hildebrand bought out his partner for sole ownership.[5] Hildebrand stepped down as CEO in 2018, promoting CEO Greg Lalicker to the position.[6] Luke Saugier is the senior vice-president of operations in Alaska.[1]

Hilcorp is the largest privately held oil company in the US, by volume.[5]

The company's strategy is to acquire declining facilities and get more production out of them.[7] In 2020, the company bought BP's assets in Prudhoe Bay, Alaska, for $5.6 billion.[8] About half of BP's employees in Alaska transitioned with the takeover.[9] Exxon transferred operations in Point Thompson to Hilcorp in 2021 though it maintains a 60% ownership of the facilities.[10]

The company owns the largest share of the Trans-Alaska Pipeline System,[11] after purchasing BP's 49% stake in 2019.[12][13]

Hilcorp notably paid all of its employees a $100,000 bonus in 2016,[14] and paid a $75,000 bonus to every employee in 2021.[15]

  1. ^ a b c d e "Oil and Gas Exploration/Production". Alaska Business. No. Power List. 2024. p. 136. ISSN 8756-4092.
  2. ^ "Our History". hilcorp.com. Retrieved 2023-02-27.
  3. ^ "Fact Sheets". hilcorp.com. Retrieved 2023-02-27.
  4. ^ "About Us". hilcorp.com. Retrieved 2023-02-27.
  5. ^ a b "Forbes Profile: Jeffery Hildebrand". forbes.com. 2023-02-27. Retrieved 2023-02-27.
  6. ^ Blum, Jordan (2018-02-20). "Billionaire founder of Hilcorp hands off CEO job". Houston Chronicle. Retrieved 2023-02-27.
  7. ^ Blackmon, David (2021-11-29). "How America's Biggest Privately Owned Oil Company Takes A Divergent Approach To The Energy Transition". forbes.com.
  8. ^ Hanlon, Teagan (2020-06-30). "Hilcorp quietly takes over BP's stakes in Prudhoe Bay and other Alaska oil fields". alaskapublic.org. Alaska Public Media. Retrieved 2023-02-27.
  9. ^ Hanlon, Teagan (2019-12-19). "About half of BP's Alaska employees have accepted a job with Hilcorp". alaskapublic.org. Alaska Public Media. Retrieved 2023-02-27.
  10. ^ Ruskin, Liz. "Exxon transfers Point Thomson operations on Alaska's North Slope to Hilcorp". alaskapublic.org. Alaska Public Media.
  11. ^ Hasemyer, David (2021-11-22). "Concerns Linger Over a Secretive Texas Company That Owns the Largest Share of the Trans-Alaska Pipeline". insideclimatenews.org.
  12. ^ DeMarban, Alex (27 August 2019). "BP will sell all its Alaska assets to Hilcorp". Anchorage Daily News. Retrieved 11 January 2021.
  13. ^ "State regulatory commission gives final approval for BP-Hilcorp deal". Alaska Public Media. 16 December 2020. Retrieved 11 January 2021.
  14. ^ "Hilcorp Energy gives $100,000 bonus to all 1,381 employees". Fox News. 2016-05-03. Retrieved 2023-02-27.
  15. ^ Wethe, David (2021-12-10). "Hilcorp employees in line for $75,000 bonuses after meeting multi-year goals". worldoil.com.