- BP is weighing a potential acquisition of Devon Energy's operations in South Texas, according to people familiar with the matter, with the Eagle Ford asset named as the target of interest.
- The company is focused on predominantly oil-producing US shale assets, a reversal from the period when BP largely sat out shale sale processes to cut debt and complete divestments.
- Part of Devon's Eagle Ford position was previously shared with BP in a joint venture, giving BP existing familiarity with the acreage.
- The reported approach puts a US shale producer in play as a large-cap acquirer reopens its M&A pipeline.
Quotes
“BP targeting predominantly oil-producing US shale assets, sources say”
“Interested in Devon's Eagle Ford asset, sources say”
“Part of Devon's Eagle Ford was previously shared with BP in a joint venture”