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* Cool DHTML tooltip script- (c) Dynamic Drive DHTML code library (www.dynamicdrive.com) While Hilcorp has worked to increase oil production in Cook Inlet, the main focus there has been natural gas, which feeds local needs in Southcentral Alaska. It expects to reach 40,000 bpd by the end of the year. Hilcorp is currently the second-largest energy player in Alaska after ConocoPhillips. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Myers said he doesn’t expect any immediate changes to oil production out of Prudhoe. McComb said the city is still due $1.3 million. He said one of the biggest changes some Alaskans may first notice is Hilcorp’s smaller workforce. “They doubled output after they took over operatorship from BP. Recent news which mentions Hilcorp Energy Co/ BP's $5.6B deal with private Houston co. reportedly could be impacted by low oil prices. tipobj.style.width = '' MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. All rights reserved. They bring innovation and creative processes to existing fields, such as use of polymer to increase production.” if (rightedge < tipobj.offsetWidth) Chris Ramirez. The Kane family controlled Kane Beef since the 1940s, but that changed in 2013, when it was sold to Texas ranchers and cattlemen, calling themselves Sam Kane Beef Processors Inc. else $('#map-image').html(''); Asked what he expects to see from Hilcorp in its new role of Prudhoe Bay operator, Tom Stokes, director of the Alaska Department of Natural Resources’ Division of Oil and Gas, told Petroleum News: “Hilcorp is known for operating mature oil fields - known for increasing output from those fields - and that’s exactly what we need.”, “Hilcorp has proven itself at Milne Point,” Stokes said. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. tipobj.style.left = curX + offsetxpoint + "px" Moody's expects that debt will increase to the equivalent of around $21,000 per Boe of production from about $18,000 per Boe prior to the acquisition. if(imgpath == 'https://www.hilcorp.com/wp-content/uploads/2018/06/map-image3.jpg') { } A rating upgrade could be considered if HEI reduces consolidated debt to average daily production below $18,000 per Boe and increase RCF to debt above 30%. $('#showSecondMapLegend').hide(); Moody's would further expect that HEI's future growth strategy not materially deviate from its historic focus on the acquisition of mature, longer-lived assets whose potential avail themselves to future exploitation upside. The rapid spread of the coronavirus outbreak, deteriorating global economic outlook, low oil prices, and high asset price volatility have created an unprecedented credit shock across a range of sectors and regions. NEWS. Hilcorp has major operations in Cook Inlet and on the North Slope, making it “one of the largest oil and gas producers in Alaska,” the company said. The company recently agreed to pay $5.6 billion to buy all of BP's Alaska assets. “Hilcorp is committed to safely and responsibly developing Alaska’s natural resources.”. “They doubled output after they took over operatorship from BP. More:Kane Beef plant sale closes, new owner pledges to restart operations. Today, it is now the largest privately owned oil and natural gas company in the country. var enabletip = false In their statements, both BP and Hilcorp executives thanked employees for their work on the transition. Together, we innovate. function ddrivetip(thetext, thecolor, thewidth) { $('#showOperations').detach(); Retained cash flow (RCF) to debt is expected to remain in the mid-20% area. Kane Beef plant sale closes, new owner pledges to restart operations, Kane Beef slaughtering operations put on hold in Corpus Christi, Your California Privacy Rights / Privacy Policy. jQuery(document).ready(function($){ "The acquisition of BP's Alaskan upstream assets will materially expand the scale of Hilcorp's production and reserves, and should generate ample free cash flow for debt reduction," commented Andrew Brooks, Moody's Vice President, "While the acquisition is essentially wholly debt financed adding considerably to consolidated HEI debt levels, the use of an unrestricted subsidiary to hold all but the Milne Point upstream assets largely insulates HEI from the financing and debt servicing obligations of the acquired assets. There didn’t appear to be any large events planned by the companies to mark the transfer. She declined to comment further. Employee Toolbox | Reach reporter Tegan Hanlon at thanlon@alaskapublic.org or 907-550-8447. Exxon Mobil 13. As such, the absolute amount of HEI consolidated debt will approximately double from its $2.65 billion June 30 total. June 24, 2020 St Louis Post Dispatch News Hilcorp is the lone bidder for Alaska oil and gas lease sale. if(imgpath == 'https://www.hilcorp.com/wp-content/uploads/2018/05/map-image1.jpg') { Mike Dunleavy said in a statement Monday about the commissioners’ approval. Moody's projects that there will be significant free cash flow from the acquired Alaskan assets at both HEI and UnSub enabling HEI to maintain stand-alone leverage consistent with its targeted 2.5x debt/EBITDA level, and with UnSub approaching 2.5x debt/EBITDA by 2023. Hilcorp is an award-winning place to work. $('#map-image').html(''); var curY = (ns6) ? $('#showOpportunities').detach(); Corpus Christi. var rightedge = ie && !window.opera ? © Alaska Public Media 2020. ***********************************************/ All rights reserved. The company's primary producing assets are located in Alaska, Texas, Louisiana and the Utica Shale. var leftedge = (offsetxpoint < 0) ? Company profile page for Hilcorp Energy Co including stock price, company news, press releases, executives, board members, and contact information “Today’s announcement represents a major milestone in the BP-Hilcorp review process,” Gov. Operating mature fieldsThe general sense from Petroleum News sources is that Hilcorp will cut costs at Prudhoe - it is known as a lean operator - and, once that is done, that it will drill more wells, increasing production. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Privacy Policy | Terms of Use. } Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. The components of the UnSub financing are secured only by the assets of UnSub, with anticipated free cash flow directed to the repayment of UnSub debt. Moody's expects HEI and the UnSub to be substantially free cash flow positive, using cash flow for debt repayment. The leading global oil, gas and energy news resource. Hilcorp Energy News & Media. * Visit Dynamic Drive at http://www.dynamicdrive.com/ for full source code “Hilcorp has proven itself at Milne Point,” Stokes said. "Losing 700 jobs would have cost us more than that $1 million. At least one ESG consideration was material to the credit rating action(s) announced and described above. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. Hilcorp is living proof that by empowering your employees and fostering an entrepreneurial mindset, even the most ambitious goals can be met or exceeded. }); e.pageY : event.clientY + ietruebody().scrollTop; return (document.compatMode && document.compatMode != "BackCompat") ? tipobj.style.left = ie ? Rockcliff Energy 9 We thrive on efficiency, and create value through both energy production and the positive impacts it has on the communities where we work. McComb said roughly 600 employees have been rehired. Wait Until You See This, Stock market news live updates: Stocks sink as U.S., Europe battle virus resurgence, Verizon Media CEO on how the company is engaging users in the presidential election, Bill Gates slams Trump's COVID-19 adviser as 'pseudo-expert' who's 'off-the-rails'. Hildebrand is founder and executive chairman of Hilcorp Energy Co., an oil exploration firm based in Houston. The company has nearly tripled its Alaska workforce as a result of the recent transaction, growing from some 550 employees to more than 1,450, with more employees expected to be added in the coming months. They bring innovation and creative processes to existing fields, such as use of polymer to increase production.”, “Additional throughput is beneficial while new larger fields are being developed on the North Slope, such as Pikka and Willow.”. $('#showSecondMapLegend').hide(); From 9-5 Job To $2.8M Trading From Home—How? BP has said up to 50 of its employees who planned for early retirement will help with Prudhoe operations for 90 days after the sale closes. The transfer is expected to happen around midnight, and marks the close of a major part of the $5.6 billion deal first announced by the oil companies last August. The Alaska Department of Natural Resources and the Alaska Department of Environmental Conservation approved transfer of leases and permits needed for the upstream transfer on June 29, in advance of the June 30 date the companies had targeted for the asset transfer. We are one of the largest, privately-held exploration and production companies in the United States. PBU Transition Information | Vendors | $('#hide').click(function(){ It expects to reach 40,000 bpd by the end of the year. var tipobj = document.all ? //if the horizontal distance isn't enough to accomodate the width of the context menu History – Named for its founder Sam Kane, born in Czechoslovakia, who immigrated to the United States in 1948 after surviving the Nazi occupation of Europe as a resistance fighter during World War II. imageMapResize(); NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. The size of the senior secured claims relative to HEI's outstanding senior unsecured notes results in the notes being rated one notch below the Ba2 CFR. The reach of Hilcorp's Giving Program is unmatched. Asked what he expects to see from Hilcorp in its new role of Prudhoe Bay operator, Tom Stokes, director of the Alaska Department of Natural Resources’ Division of Oil and Gas, told Petroleum News: “Hilcorp is known for operating mature oil fields - known for increasing output from those fields - and that’s exactly what we need.”

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