Hilcorp Energy Co. affiliate Harvest Alaska LLC announced Dec. 18 that it completed its acquisition of BP PLC unit BP Pipelines (Alaska) Inc.'s midstream ownership interests, comprised of an approximate 49% stake in the Trans-Alaska Pipeline System and a 49% stake in Alyeska Service Company and other Alaska midstream assets.

State regulators cleared the deal Dec. 14.

Alyeska will continue to operate the 800-mile pipeline system, which transports up to 1.1 million barrels per day of oil from the state's North Slope to Valdez, Alaska.

The transfer is part of a $5.6 billion deal announced in August 2019. BP closed on the sale of its upstream assets to Hilcorp in July.