Hilcorp

Last updated

Hilcorp
Company type Private
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)
Website hilcorp.com

Hilcorp is an American privately held energy exploration and production company. The company was founded in 1989. [1] The company is headquartered in Texas, [2] with operations in nine different states. [3]

The company was co-founded by Jeffery Hildebrand in 1989. Hildebrand bought out his partner for sole ownership. [4] Hildebrand stepped down as CEO in 2018, promoting CEO Greg Lalicker to the position. [5]

Hilcorp is the largest privately held oil company in the US, by volume. [4]

The company's strategy is to acquire declining facilities and get more production out of them. [6] In 2020, the company bought BP's assets in Prudhoe Bay, Alaska, for $5.6 billion. [7] About half of BP's employees in Alaska transitioned with the takeover. [8] Exxon transferred operations in Point Thompson to Hilcorp in 2021 though it maintains a 60% ownership of the facilities. [9]

The company owns the largest share of the Trans-Alaska Pipeline System, [10] after purchasing BP's 49% stake in 2019. [11] [12]

Hilcorp notably paid all of its employees a $100,000 bonus in 2016, [13] and paid a $75,000 bonus to every employee in 2021. [14]

Environmental impact

Hilcorp is the largest methane emitter in the US oil and gas industry, [15] emitting more than 140,000 metric tonnes of methane. [16]

The Pennsylvania Department of Environmental Protection claimed in 2017 that Hilcorp's fracking operations in the state caused a chain of earthquakes in the prior year. [17]

In April 2021, the Pipeline and Hazardous Materials Safety Administration ordered the company to repair and replace an under-sea section of the pipeline in the Cook Inlet. [18] [19]

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References

  1. ↑ "Our History". hilcorp.com. Retrieved 2023-02-27.
  2. ↑ "Fact Sheets". hilcorp.com. Retrieved 2023-02-27.
  3. ↑ "About Us". hilcorp.com. Retrieved 2023-02-27.
  4. 1 2 "Forbes Profile: Jeffery Hildebrand". forbes.com. 2023-02-27. Retrieved 2023-02-27.
  5. ↑ Blum, Jordan (2018-02-20). "Billionaire founder of Hilcorp hands off CEO job". Houston Chronicle . Retrieved 2023-02-27.
  6. ↑ Blackmon, David (2021-11-29). "How America's Biggest Privately Owned Oil Company Takes A Divergent Approach To The Energy Transition". forbes.com.
  7. ↑ 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.
  8. ↑ 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.
  9. ↑ Ruskin, Liz. "Exxon transfers Point Thomson operations on Alaska's North Slope to Hilcorp". alaskapublic.org. Alaska Public Media.
  10. ↑ Hasemyer, David (2021-11-22). "Concerns Linger Over a Secretive Texas Company That Owns the Largest Share of the Trans-Alaska Pipeline". insideclimatenews.org.
  11. ↑ DeMarban, Alex (27 August 2019). "BP will sell all its Alaska assets to Hilcorp". Anchorage Daily News. Retrieved 11 January 2021.
  12. ↑ "State regulatory commission gives final approval for BP-Hilcorp deal". Alaska Public Media. 16 December 2020. Retrieved 11 January 2021.
  13. ↑ "Hilcorp Energy gives $100,000 bonus to all 1,381 employees". Fox News . 2016-05-03. Retrieved 2023-02-27.
  14. ↑ Wethe, David (2021-12-10). "Hilcorp employees in line for $75,000 bonuses after meeting multi-year goals" . worldoil.com.
  15. ↑ DeMarban, Alex (2021-06-03). "Hilcorp is largest methane emitter in U.S. oil and gas industry, report shows, but its Alaska emissions are lower". Anchorage Daily News .
  16. ↑ "Benchmarking Methane and Other GHG Emissions of Oil & Natural Gas Production in the United States". Clean Air Task Force. 2021-06-01. p. 23. Retrieved 2023-02-27.
  17. ↑ Cocklin, Jamison (2017-02-17). "PA Links Hilcorp Fracking to 2016 Earthquakes; New Regulations Likely" . naturalgasintel.com. Retrieved 2023-02-27.
  18. ↑ Poux, Sabine (2021-04-08). "Hilcorp ordered to replace gas pipeline with history of leaks". alaskapublic.org. Alaska Public Media . Retrieved 2023-02-27.
  19. ↑ Mayberry, Alan K (2021-04-20). "CPF No. 5-2021-019-CAO" (PDF). U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration . Retrieved 2023-02-27.


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