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Founded in 1989, Hilcorp is an American privately-held energy exploration and production company.[2][1] The company is headquartered in Texas,[3] with operations in nine different states.[4] It has 3200 employees world-wide, and 1500 in Alaska.[1]
| Company type | Private |
|---|---|
| Industry | |
| Founded | 1989 in Texas |
| Founders |
|
| Headquarters | , US |
Area served | United States |
Key people |
|
Number of employees | 3200[1] |
| Website | hilcorp.com |
The company was co-founded by Jeffery Hildebrand in 1989.[1] Hildebrand bought out his partner for sole ownership.[5] Hildebrand stepped down as CEO in 2018, promoting CEO Greg Lalicker to the position.[6] Luke Saugier is the senior vice-president of operations in Alaska.[1]
Hilcorp is the largest privately held oil company in the US, by volume.[5]
The company's strategy is to acquire declining facilities and get more production out of them.[7] In 2020, the company bought BP's assets in Prudhoe Bay, Alaska, for $5.6 billion.[8] About half of BP's employees in Alaska transitioned with the takeover.[9] Exxon transferred operations in Point Thompson to Hilcorp in 2021 though it maintains a 60% ownership of the facilities.[10]
The company owns the largest share of the Trans-Alaska Pipeline System,[11] after purchasing BP's 49% stake in 2019.[12][13]
Hilcorp notably paid all of its employees a $100,000 bonus in 2016,[14] and paid a $75,000 bonus to every employee in 2021.[15]
Hilcorp is the largest methane emitter in the US oil and gas industry,[16] emitting more than 140,000 metric tonnes of methane.[17]
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.[18]
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.[19][20]
In October 2024, Hilcorp was subject to an enforcement action brought by the Department of Justice for widespread Clean Air Act violations across its New Mexico operations. The Department of Justice found that "Hilcorp’s actions resulted in thousands of tons of harmful methane and VOC emissions being released into the environment. Methane is a climate super pollutant and potent greenhouse gas that contributes to climate change, and VOCs adversely affect human health in multiple ways, including being involved in the formation of ground level ozone."[21]
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