BP's North Star oil station in North Slope, Alaska. Photo: Damian Gillie/Construction Photography/Avalon/Getty Images

BP is selling its oil-and-gas assets in Alaska to Hilcorp Alaska in a $5.6 billion deal that will end its decades-long run as a huge player in the state.

Why it matters: It's a stark sign of the oil giant's repositioning, including its increasing presence in the shale patch in the Lower 48. BP bought BHP's Billiton's U.S. shale assets last year in a $10.5 billion deal.

The big picture: "The sale will include BP’s entire upstream and midstream business in the state, including BP Exploration (Alaska) Inc., that owns all of BP's upstream oil and gas interests in Alaska, and BP Pipelines (Alaska) Inc.'s interest in the Trans Alaska Pipeline System (TAPS)," the announcement states.

What they're saying: BP CEO Bob Dudley said the move is part of "steadily reshaping BP and today we have other opportunities, both in the U.S. and around the world, that are more closely aligned with our long-term strategy and more competitive for our investment."

  • The oil giant said it expects the transaction to be completed in 2020.

Go deeper: The shale boom has become a check on the market's long-term volatility

Go deeper

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