Chevron Corp. late Tuesday agreed to sell a package of Alaska oil and natural gas assets in Cook Inlet to a subsidiary of privately held Hilcorp Energy Co.

Financial details were not disclosed for the transaction, which, pending regulatory review, is expected to be completed by the end of the year.

Chevron subsidiary Unocal Corp. is selling the contracts and interests in the Granite Point, Middle Ground Shoals, Trading Bay and MacArthur fields, as well as stakes in 10 offshore platforms. The Ninilchik and Beluga River gas field units and two gas storage facilities are included in the package.

Current net production from the properties to be sold to Hilcorp is about 85 MMcf/d and 3,900 b/d of oil, or 4,410 boe/d, Chevron said.

Chevron acquired the Cook Inlet properties in its $17 billion takeover of Unocal six years ago (see Daily GPI, July 21, 2005). The San Ramon, CA-based major plans to keep its nonoperated interests in the North Slope oilfields and a 1.36% stake in the Trans-Alaska oil pipeline system.

Houston-based Hilcorp is ranked by IHS Herold Inc. as the third largest privately held U.S. exploration and production company. The 22-year-old producer primarily operates in the Gulf Coast region and in Wyoming’s Powder River Basin.

Hilcorp Resources Holdings LP, a partnership formed last year by the corporation and equity investor Kohlberg Kravis Roberts & Co. LLP, recently sold 141,000 net acres in the Eagle Ford Shale to Marathon Oil Corp. for $3.5 billion (see Daily GPI, June 2; June 15, 2010).

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