Oil company seeks to keep records closed in Alaska buyout

November 10, 2019 9:27 PM in
News - AP Texas Headlines

ANCHORAGE, Alaska (AP) - Some Alaskans are calling for greater financial transparency from Hilcorp, the company seeking to buy BP's North Slope assets.

The Anchorage Daily News reported Sunday that Hilcorp asked the Regulatory Commission of Alaska to allow recent years of financial records to remain confidential.

BP has announced plans to sell its Alaska assets including the Prudhoe Bay oil field to Hilcorp for $5.6 billion.

The regulatory commission is responsible for the aspects of the transaction involving the 800-mile (1,287-kilometer) trans-Alaska oil pipeline.

Public comments indicate some residents want Hilcorp to open its records to ensure it has the means to respond to a costly accident in the region that includes the National Petroleum Reserve-Alaska.

The privately held company based in Houston, Texas, says disclosure could hurt its competitive advantage.

Information from: Anchorage Daily News, http://www.adn.com