PLC is selling stakes in four Alaska North Slope oil fields to Hilcorp Energy Co., ratcheting down its investment in a region it helped pioneer as the oil company seeks to raise cash. The London-based company said on Tuesday it would sell interests to the closely held Houston-based company. The companies didn’t release financial terms of the deal, but a BP spokesman said the company “secured good value for these interests.” Hilcorp called the purchase a major acquisition for the company—its third in Alaska since 2012. “Our ability to bring new life to mature basins is a great fit for these assets,” John Barnes, a senior vice president at Hilcorp, said in a statement. For BP, long a major player in Alaska, the sale marks a narrowing focus as it seeks to raise $10 billion in cash, with most funds earmarked to buy back shares. BP’s stock plunged after […]