BP Revisits U.S. Shale Strategy with Devon Eagle Ford Talks
BP is actively evaluating the purchase of Devon Energy’s Eagle Ford assets in South Texas, marking a strategic pivot toward U.S. shale growth under CEO Meg O’Neill. Although BP previously walked away from a deal after reviewing data in late August, renewed interest has emerged as the company seeks to expand its production footprint. The assets, which produced roughly 77,000 barrels of oil equivalent per day in the second quarter, are valued between $3.5 billion and $4.5 billion. This move contrasts with BP’s recent focus on divestment and debt reduction, though higher oil prices and strong refining margins have improved the financial case for acquisition.