Hilcorp Energy

What Hilcorp Energy does

Hilcorp Energy Company is a privately held independent oil and natural gas exploration and production company founded around 1989-1990 and headquartered in Houston, Texas. The company operates across nine US states - Alabama, Alaska, Colorado, Louisiana, New Mexico, Ohio, Pennsylvania, Texas, and Wyoming - and is one of the largest privately owned producers in the country, with a portfolio of approximately 11,000 low-producing stripper wells that most major operators decline to manage. Its Alaska operations (conducted through wholly-owned subsidiary Hilcorp Alaska) make it the dominant local natural gas supplier to utilities and industrial consumers in Cook Inlet, while its San Juan Basin operations in New Mexico and Colorado (via Hilcorp San Juan LP) supply production through both direct sales and the Mesa Royalty Trust. The company also operates a 2026 capital plan of approximately $14 million across 32 projects covering new drilling, recompletions, and workovers.

Hilcorp generates revenue by selling crude oil and natural gas at market prices to refineries, utilities, natural gas processors, and energy traders under direct enterprise sales relationships, and earns additional royalty income from working and non-operating interests. The company sells directly through bilateral contracts rather than digital channels and supports royalty and working interest owners through its EnergyLink Online System, a secure portal for statements, JIB invoices, and direct deposit setup. Customer and partner relationships include refiners, Alaska utilities such as Matanuska Electric Association, and the Mesa Royalty Trust, with no public pricing tiers because the company is not consumer-facing.

The company's strategic positioning centers on operating cheap, mature assets at scale and selectively tying in to large infrastructure projects. In October 2025-January 2026, Hilcorp Alaska signed a 30-year gas supply agreement with Glenfarne Alaska LNG alongside ExxonMobil and ConocoPhillips to anchor the ~$44 billion Alaska LNG project, with mechanical completion targeted for 2028 and first gas for 2029. Founder and Chairman/CEO Jeffery Hildebrand publicly committed Hilcorp to the Trump administration's $100 billion Venezuela oil investment initiative in January 2026, marking a high-profile international expansion signal. Effective January 1, 2026, the company completed an internal reorganization that placed Lower 48 and Alaska assets into newly established wholly-owned entities (Hilcorp Energy I, L.P. and Hilcorp Alaska, LLC). Hilcorp is self-funded through operations with no disclosed PE or VC ownership.

Name

Hilcorp Energy

Legal name

Hilcorp Energy Company

Website

https://hilcorp.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hilcorp Energy is a privately held Houston-based independent oil and natural gas producer operating in nine US states, managing roughly 11,000 stripper wells, dominating Cook Inlet Alaska gas supply, and participating in the Alaska LNG and Venezuela investment initiatives.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (211), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

akta.pro secondary industry

Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

Keywords

• Oil and gas production
• Natural gas exploration
• Upstream energy operations
• Stripper well management
• Hydrocarbon development

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Oil and Natural Gas Production Sales: Hilcorp generates revenue through the production and sale of crude oil and natural gas from its operated properties across nine U.S. states. Production is sold to refineries, utilities, and energy traders at market prices. The company also earns royalty income from non-operated working interests.
2. San Juan Basin Royalty Trust Distributions: Hilcorp San Juan LP operates San Juan Basin properties, with proceeds flowing through the Mesa Royalty Trust to unitholders. Distributions fluctuate based on production volumes, commodity prices, and operational costs.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Hilcorp Energy is a privately held independent exploration and production company that develops, produces, and sells crude oil and natural gas from operated properties across nine U.S. states. The company manages approximately 11,000 stripper (low-producing) wells and conventional assets in basins including the San Juan Basin and Cook Inlet, Alaska. It also operates the EnergyLink Online System, which provides royalty and working interest owners with access to revenue and joint interest billing statements.

Product overview

Hilcorp Energy Company is a privately owned oil and natural gas producer operating across nine U.S. states (Alabama, Alaska, Colorado, Louisiana, New Mexico, Ohio, Pennsylvania, Texas, and Wyoming). The company's operations center on exploration, development, and production of oil and gas properties, including conventional wells and stripper wells. As a strategic partner in the Alaska LNG project, Hilcorp Alaska supplies natural gas from the North Slope under 30-year supply agreements. The company also operates San Juan Basin properties in New Mexico and Colorado. Owner relations are managed through the EnergyLink Online System, which provides royalty owners and working interest holders access to revenue statements and joint interest billing. Hilcorp is recognized as one of the largest privately owned oil and natural gas producers in the United States, with approximately 11,000 stripper wells in its portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Natural Gas Production Exploration, development, and production of crude oil and natural gas from operated properties in nine U.S. states, including management of approximately 11,000 stripper (low-producing) wells. Production is sold to refineries, utilities, and energy traders at market prices.
• EnergyLink Online System

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• Great Bear PantheonminorStrategic or Co-development Partner · 18 May 2026Great Bear Pantheon (unit of Pantheon Resources) signed supply agreement with Glenfarne Alaska LNG for the Alaska LNG project, representing a key commercial milestone alongside commitments from ConocoPhillips, ExxonMobil, and Hilcorp Alaska.
• Glenfarne GroupcoreStrategic or Co-development Partner · 22 January 2026Hilcorp Alaska signed preliminary gas supply agreement with Glenfarne Alaska LNG to supply North Slope natural gas for the proposed Alaska LNG project. The project involves a 739-mile pipeline from the North Slope with a target of mechanical completion in 2028 and first gas delivery in 2029. Phase Two includes LNG export facilities near Nikiski.
• ExxonMobilcoreStrategic or Co-development Partner · 22 January 2026ExxonMobil signed preliminary gas supply agreement with Glenfarne Alaska LNG for the Alaska LNG project. Combined with agreements from Hilcorp Alaska and ConocoPhillips, the project has secured supply commitments from all three major North Slope producers.
• Alaska Gasline Development CorporationcoreStrategic or Co-development Partner · 22 January 2026The State of Alaska holds a 25% stake in the Alaska LNG project through Alaska Gasline Development Corporation, with Glenfarne holding 75% ownership. This public-private partnership advances Alaska's energy infrastructure development.
• Trump AdministrationcoreGTM or Marketing Partner · 9 January 2026Hilcorp expressed full commitment to participate in the Trump administration's $100 billion Venezuela oil investment initiative following the capture of President Maduro. Hilcorp attended the White House meeting with nearly 20 oil executives to discuss rebuilding Venezuela's oil sector.
• ConocoPhillipscoreStrategic or Co-development Partner · 1 October 2025ConocoPhillips, along with ExxonMobil and Hilcorp Alaska, signed 30-year supply agreement with Glenfarne Alaska LNG for the Alaska LNG project. All major North Slope producers have committed sufficient gas volumes to support final investment decision.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Apache Corporation: Apache is a U.S. independent E&P with significant operations in the Permian Basin and overseas, focused on conventional and unconventional oil and gas. Comparable independent upstream operator with similar multi-region footprint.
• EOG Resources: EOG Resources is one of the largest U.S. independent E&P operators with a diversified multi-basin portfolio. Highly comparable independent producer model with premium acreage, though skewed toward higher-volume unconventional plays versus Hilcorp's stripper-well base.
• Expand Energy (formerly Chesapeake Energy): Expand Energy is the largest U.S. natural gas producer focused on the Haynesville and Marcellus shales. Comparable as a large private-scale-independent gas-weighted producer with similar U.S. onshore operational profile.
• ConocoPhillips: ConocoPhillips is a major independent E&P with significant Lower 48 and Alaska operations, including being a co-signatory with Hilcorp Alaska on the 30-year Alaska LNG supply agreements. Highly comparable upstream footprint and Alaska gas exposure.
• Range Resources: Range Resources is a U.S. independent natural gas and NGL producer focused on the Marcellus Shale in Pennsylvania and the Utica in Ohio. Comparable in that Hilcorp operates in both Pennsylvania and Ohio, and both companies share a Lower 48 onshore gas-weighted production profile.
• Coterra Energy: Coterra Energy is an independent E&P with diversified operations in the Permian Basin, Marcellus Shale, and Anadarko Basin. Comparable multi-basin independent upstream operator model.
• Devon Energy: Devon Energy is a U.S. independent E&P focused on unconventional oil and gas production in the Permian, Eagle Ford, and Anadarko basins. Comparable independent operator model with multi-basin Lower 48 exposure.
• Murphy Oil: Murphy Oil is an independent E&P with U.S. onshore operations in the Eagle Ford and Gulf of Mexico plus onshore acreage. Comparable independent oil and gas producer with similar mid-cap scale.

Broad incumbents

• ExxonMobil: ExxonMobil is the third North Slope producer committed to Alaska LNG alongside Hilcorp, and operates the largest U.S. integrated oil business. Comparable in upstream oil and gas production, broader in downstream and chemicals.
• Occidental Petroleum: Occidental is a large U.S. integrated oil and gas company with major Permian and Rockies upstream operations and chemicals downstream. Overlaps with Hilcorp on Lower 48 oil and gas production but is much larger and integrated.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hilcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hilcorp Energy