BP Eyes Bigger U.S. Shale Footprint After Devon Deal Talks

AI Summary

BP is reconsidering its presence in the U.S. shale market, including interest in Devon Energy's Eagle Ford assets in Texas. Despite entering the data room, BP reportedly decided not to proceed with a deal, signaling strategic reassessment in its oil and gas growth plans.

BP has started looking seriously at U.S. shale assets again, including Devon Energy’s Eagle Ford business, as CEO Meg O’Neill pushes the company back toward oil and gas growth. BP entered the data room for Devon’s South Texas assets after it opened in late August, according to Reuters sources. One source said BP ultimately walked away from a deal. Devon’s Eagle Ford position covers about 90,000 net acres and produced roughly 77,000 barrels of oil equivalent per day in the second quarter. TPH Research valued the assets at…