September 17, 2014 11:46 PM ET

Oil, Gas and Consumable Fuels

Company Overview of BP Exploration (Alaska), Inc.

Company Overview

BP Exploration (Alaska), Inc. is engaged in exploration, production, and development of oil and gas. The company was incorporated in 1969 and is based in Anchorage, Alaska. BP Exploration (Alaska), Inc. operates as a subsidiary of BP plc.

900 East Benson Boulevard

Anchorage, AK 99508-4254

United States

Founded in 1969

Phone:

907-561-5111

Fax:

907-564-4124

Key Executives for BP Exploration (Alaska), Inc.

President
Operations Development Vice President
General Manager
Age: 57
Compensation as of Fiscal Year 2014.

BP Exploration (Alaska), Inc. Key Developments

BP Exploration (Alaska), Inc. to Pay State $255 Million for 2006 Pipeline Spills and Shutdowns

The State of Alaska won a multi-million dollar arbitration award against BP Exploration (Alaska) Inc. The dispute related to money damages for oil production shortfalls caused by the 2006 pipeline leaks and pipeline replacements in the Prudhoe Bay oilfield. BP admitted liability for purposes of the arbitration, but contended that the State suffered no losses and asked the arbitration panel to award zero damages. Following a four week hearing in May and June, the three arbitrator panel issued a unanimous decision in favor of the State on October 31. The award is final, binding, and non-appealable. After adjustment for previously agreed upon credits, the final award with prejudgment interest is $245 million; in addition, BP will pay $10 million to settle civil assessments for the spills. In total, BP will pay the State $255 million for the 2006 spills and pipeline shutdowns.

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