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BP explores U.S. shale assets in Devon Energy deal talks

BP reportedly entered the data room for Devon’s South Texas assets after the process opened in late August, and at least one source said it later walked away.

Reported · Written up by our desk · Energy

BP has restarted efforts to buy U.S. shale assets, with Reuters sources saying it opened talks around Devon Energy’s Eagle Ford business, according to OilPrice citing Reuters.

The company reportedly entered the data room for Devon’s South Texas assets after it became available in late August, as BP evaluated the opportunity.

One Reuters source said BP ultimately walked away from the deal, even as BP’s CEO Meg O’Neill pushed the company back toward oil and gas growth.

OilPrice also noted that Devon’s Eagle Ford position covers about 90,000 net acres, underscoring the size of the shale footprint BP was reviewing.

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