The City of Valdez is appealing a decision from the Regulatory Commission of Alaska, the state agency tasked with reviewing a critical piece of BP’s proposed $5.6 billion sale to Hilcorp.
More than 700 companies in Alaska want exemptions to a public health mandate that quarantined employees coming from out of state. But the state has so far refused to release companies’ plans publicly, even as municipal leaders press for access.
As oil prices crater, banks are hesitant to finance the $5.6 billion deal, according to the Wall Street Journal.
State regulators have asked Hilcorp, the independent oil company buying BP’s Alaska assets, to disclose whether and how the pandemic-driven crash in oil prices will affect its ability to seal the $5.6 billion deal.
Hundreds of businesses have filed plans with the state outlining how they’ll bring out-of-state workers safely into Alaska.
While many North Slope fields are on the decline, production at Hilcorp’s Milne Point has actually increased by huge amounts. Now the company is acquiring the massive Prudhoe Bay field, raising hopes of a similar revival there.
In 2008, Cook Inlet beluga whales were listed as endangered. Their numbers still continue to drop: There are fewer than 300 today, and they’re steadily declining.
Hilcorp’s philanthropic strategy is more about individual employee giving than corporate sponsorship. And, a national expert says, that’ll diffuse the giving and make it harder to predict — at least at first.
When the oil tax initiative would appear on a ballot depends on when the Alaska Legislature wraps up its work.
Alaska Resource Education, which promotes the oil and gas, mining and forestry industries in Alaska’s schools, is suing former Executive Director Michelle Brunner, alleging she embezzled at least $187,000.