BP heads for exit door as it sells up in Alaska

UK supermajor BP is exiting its entire Alaska business, including its interest in the legacy Prudhoe Bay oilfield, as it shifts its US focus to shale and deep-water.

The company has agreed to sell all of its assets in the state to privately held Hilcorp for $5.6 billion.

The deal will make Hilcorp the second-largest producer in the state behind ConocoPhillips.