Hilcorp
From Wikipedia, the free encyclopedia
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]
Company type | Private |
---|---|
Industry | |
Founded | 1989; 35 years ago (1989) in Texas |
Founders |
|
Headquarters | , US |
Area served | United States |
Key people |
|
Website | hilcorp.com |
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]