Shale

BP to exit Alaska in $5.6 billion deal with Hilcorp

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 U.S. is exporting oil to 31 countries

Data: U.S. Energy Information Administration; Chart: Axios Visuals

The U.S. is now exporting crude oil to a record number of 31 countries, according to newly released data from the U.S. Energy Information Administration.

Where it stands: U.S. oil exports are going all over the world, ranging from oil-rich United Arab Emirates to Australia, reaching 2.9 million barrels a day from essentially 0 in 2015 before Congress lifted a 40-year-old ban on exporting crude oil.