United States. There are 2 companies in the Hilcorp Ventures, Inc. corporate family. Moody's Investors Service 11 Feb 2016 Rating Action Moody's concludes reviews for 11 US Ba-rated E&P companies. “If the BP acquisition were to be mostly debt funded, debt levels … could approach $6 billion from the roughly $2.6 billion outstanding at September 30,” Moody’s said. “By ruling on a murky technicality, the commission failed to do its job to protect the public interest,” Wight said in a statement. Prices for North Slope crude fell to less than $35 a barrel on March 9, levels not seen in four years. Denali Kemppel, general counsel for Hilcorp Alaska, told state lawmakers on Feb. 26 that Hilcorp, with its history of acquisitions, has built relationships with a sophisticated group of banks. But the newspaper said in that report that coronavirus fears had increased challenges for energy companies trying to borrow money. 300 W. 31st Avenue Contact Us. “We are currently still evaluating all options to finance the transaction,” she said, noting that Hilcorp has made two payments to BP for a total of $500 million, with future payments planned.
1111 Travis Street Outside Anchorage, toll-free: 800-478-4200, Copyright © Binkley Co. All rights reserved. “In general, they are a pretty decent operator,” Tsocanos said of Hilcorp. (The RCA is the state agency that will decide whether Hilcorp’s finances can be kept confidential.). The oil companies have also said Hilcorp has provided all required documents to regulators overseeing the sale.
Hilcorp, known for buying and reviving aging oil and gas fields, has said it has provided unusually granular details of its operations at the agency’s request. A review that could lead to a downgrade will be closed once the sale is complete, perhaps late this spring, the agency said. See insights on Hilcorp including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Stocks come off lows but fall for a third straight day, as investors eye stimulus talks, disappointing jobless claims Hilcorp in August announced it intended to buy BP Alaska’s assets, including the company’s 49 percent stake in the 800-mile trans-Alaska pipeline, and interests in related pipelines. Phone: 907-257-4200 The five-member commission said its interpretation of state statute prevents it from releasing the documents because they are not required to be filed with the Federal Energy Regulatory Commission. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes. Breaking News • Oct 15, 2020. “I don’t think it’s realistic for them to go to capital markets with oil at $35 (a barrel), so I think they will wait for the dust to settle a little bit,” Tsocanos said. The Wall Street Journal reported last month that Hilcorp plans to purchase BP Alaska’s assets entirely by using debt. Andrew Brooks, a Moody’s analyst, said in November that the credit rating agency needed to see Hilcorp’s financial plans for the acquisition as part of its credit review of the company. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. Hilcorp Energy I LP / Hilcorp Finance Company is set up as a dual issuer and operates as a special purpose entity. Moody's Investors Service 10 Mar 2016 Credit Opinion Hilcorp Energy I, L.P: Update Following Recent Confirmation of Ba1 Rating . Alaska Journal breaks the news that matters to business. Hilcorp Ventures, Inc. has 2 total employees across all of its locations and generates $675,603 in sales (USD). He said the companies did not originally state, as required, that they were seeking the confidentiality protections of the statute. The public deserves to have access to Hilcorp/Harvest’s financial information in order to determine whether the transfer of operating authority to Hilcorp/Harvest is in the best interest of the public.
Skeptics have expressed concern that privately owned Hilcorp, a small company compared to BP, may not have the financial capabilities to handle unexpected events such as cleanup costs for a major oil spill. Commissioner Stephen McAlpine was the lone dissenting member. Corri Feige, the Alaska Department of Natural Resources commissioner, has said the company has been transparent and forthcoming in providing information the state needs to oversee the transaction, including for a “stress test” to determine Hilcorp’s ability to respond to a major accident should one occur. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. “With this in mind, I believe that airing these documents publicly and subjecting the entire transaction to intense debate far outweighs the petitioners’ interest in keeping them confidential,” McAlpine said in a two-page dissent. Hilcorp can avoid a rating downgrade by employing “a prudent mix of debt, an equity infusion, and/or alternative funding,” Moody’s report said.
Monday’s oil price crash eroded a large chunk of Hildebrand’s wealth, according to Tom Metcalf, a reporter with Bloomberg. But the company’s debt levels rose over the past year, the report said.
The Regulatory Commission of Alaska has said it will make a determination by March 12, 2020, on whether the financial statements will be disclosed to the general public. Ben Tsocanos, an analyst with Standard & Poor’s, said the agency has seen Hilcorp’s financial plan. More than 200 people have filed comments with the RCA, many concerned about Hilcorp’s request for privacy. Hilcorp has done well under the leadership of its billionaire founder, Jeffery Hildebrand, the report said. “We were of the opinion they’d go to market around now (to borrow money),” Tsocanos said. Breaking News • Oct 03, 2020. Hilcorp did not respond to requests for comment for this article, including how much money it might seek to borrow to finance the acquisition.
The commission will decide on that larger issue by Sept. 28, the commission’s order said. The plan is not publicly available, he said. BP and Hilcorp have addressed public concerns about Hilcorp’s financial capabilities in statements filed with the Regulatory Commission of Alaska. Now public scrutiny may well be based on speculation as to what the documents may or may not say rather than a complete airing of the facts as they exist,” he said. Brooks could not be reached for additional comment.
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