SMOOTH SAILING – A troller cruises across Sitka Sound during a hazy sunset Friday evening. (Sentinel Photo by James Poulson)

BP Renegotiates Sale Of Its Assets in Alaska

By BECKY BOHRER
 
The Associated Press

JUNEAU (AP) — BP said it has renegotiated financial terms with Hilcorp for the sale of its business assets in Alaska, a move BP said reflects the current low oil-price environment.

BP in August announced the proposed $5.6 billion sale of assets and operations in Alaska, including interests in Prudhoe Bay, the Point Thomson gas field and the trans-Alaska pipeline system. In a release late Sunday, BP said the sale consideration remains $5.6 billion but changes were made to the agreement’s structure.

The revised agreement was “structured with flexibility to phase and manage payments to accommodate current and potential future volatility in oil prices,” according to a release from BP.

BP Alaska President Janet Weiss in a statement called these challenging times. North Slope oil prices have been below $30 a barrel since mid-March and were closer to $10 a barrel last week. 

Alyeska Pipeline Service Co., which operates the trans-Alaska pipeline, said Friday it asked North Slope producers to deliver 90% of what they had been delivering. Michelle Egan, an Alyeska spokeswoman, called it a planned, managed approach to address anticipated high inventory.

Weiss said BP will continue working with regulators to answer their questions and show BP is committed to completing the sale.

Jason Rebrook, president of Hilcorp Energy Co., in a statement Monday said Hilcorp is proud of the work it’s done in Alaska and plans to be “an important part of the Alaska economy and community for many years to come.”

Larry Persily, a former federal coordinator for Alaska natural gas projects, said he wasn’t surprised by news of the renegotiated terms. BP has been ready to move on, he said.

“Hilcorp was the best prospect, maybe the only serious, legit prospect,” Persily said. “Hilcorp wanted it so it was just a matter of coming to new terms.”

BP said the proposed sale is part of the company’s plan to divest $15 billion in assets by the middle of 2021. The company said that, subject to regulatory approvals, the parties expect the deal to close in June.

Weiss said if necessary due to the timing of approvals, the deal could be completed in parts, starting in June.

 

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Alaska COVID-19
At a Glance

(updated 8-4-20)

By Sentinel Staff

The state Department of Health and Social Services has posted the following update on the number of confirmed COVID-19 cases in Alaska as of 12:30 a.m. Tuesday.

New cases as of Monday: 59

Total statewide – 3,394

Total (cumulative) deaths – 25

Active cases in Sitka – 17 (12 resident; 5 non-resident) *

Recovered cases in Sitka – 15 (11 resident; 4 non-resident) *

The state says the cumulative number of cases hospitalized is 136.

To visit the Alaska DHSS Corona Response dashboard website click here.

* These numbers reflect State of Alaska data. Local cases may not immediately appear on DHSS site, or are reported on patient’s town of residence rather than Sitka’s statistics. 

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Welcome to the Sitka Sentinel's web page. In order to make the Sentinel's news more easily available during the COVID-19 pandemic, we have taken down the paywall to access articles on this page. Just click on an article headline to read the story. 

March 23, 2020

NOTICE FROM THE PUBLISHERS

TO READERS AND ADVERTISERS

For the duration of the COVID-19 disaster emergency declared by federal, state and local authorities, the Sentinel is taking additional measures to reduce virus exposure to its employees and contractors as well as to the public, while continuing to publish a daily news report for Sitka.

To the extent possible, Sentinel news and sales staff will be working from home. For the protection of our carriers, home delivery of the newspaper will be stopped effective Tuesday, March 24.

The Sentinel will continue to publish on its website sitkasentinel.com. Access to the website will be free to all users. The Sentinel will also produce a print edition Monday through Friday. It will be available to all readers without charge, at locations throughout town.

Initially, these locations are those where the Sentinel's newspaper vending machines are already in place. The coin mechanisms will be disabled or the doors removed to permit easy access. The Sentinel will work with the stores where the paper is usually sold, to designate a place inside or outside the store where the free edition can be made available.  

Home delivery subscriptions are on hold, and after the end of the disaster emergency, subscriptions will be extended at no charge for the number of days that there was no home delivery.

The Sentinel will make its print edition available to the public as early in the day as possible. with all personnel taking precautions to prevent spread of the virus.

The Sentinel is calling upon its customers to observe the COVID-19 emergency precautions already in place, particularly in maintaining a six-foot social distance from others at newspaper distribution sites.

Following is the statement issued by the Sentinel on March 16, stating the Sentinel's emergency procedures, which remain in effect.

The Sentinel office at 112 Barracks Street is closed to the public. We encourage people to use the phone, email or the U.S. Postal Service as much as possible.There is a slot in the front door of the office for ads, news items and payment checks. Emails may be sent to  This email address is being protected from spambots. You need JavaScript enabled to view it. and the phone number is (907) 747-3219.                                                                          

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20 YEARS AGO
August 2000

The School Board Tuesday discussed district policy on head lice. At present, students found to have head lice are kept from school until all lice are removed. The revised policy allows students who have nits to remain in school, with information on treatment and a nit-removing comb to be sent home with them.

50 YEARS AGO
August 1970

Legal notice: Sealed bids will be received ... for furnishing and installation of siding on the City
Garage, located on Halibut Point Road. ... City of Sitka, Alaska Fermin Gutierrez, Director of Public Works. 

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