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

BP has renewed its focus on U.S. shale assets, examining Devon Energy’s Eagle Ford position as part of a broader shift under CEO Meg O’Neill toward expanding oil and gas output. According to Reuters reporting for Oilprice.com, BP entered the data room for Devon’s South Texas assets after it opened in late August, though one source said the company ultimately walked away from a potential purchase. Devon’s Eagle Ford holdings span about 90,000 net acres and generated roughly 77,000 barrels of oil equivalent per day in the second quarter. Market firm TPH Research recently placed a price tag near $4.5 billion on the package, while Reuters sources suggested a likely transaction range closer to $3.5 billion to $4.0 billion. BP already has a significant footprint in the region through its BPX Energy unit, which produced approximately 545,000 boepd in Q2, including about 205,000 boepd from Eagle Ford operations. BP has set a BPX production target of more than 650,000 boepd by 2030, underscoring why additional U.S. shale would be strategically relevant. The renewed shopping comes after roughly 18 months in which BP prioritized divestments, debt reduction and a $20 billion disposal target, largely sitting out a recent wave of shale acquisitions. The dynamics of the market are changing: higher crude — which recently climbed back above $100 per barrel — has elevated asset prices and strengthened seller positions just as buyers aim to avoid overpaying. Devon is marketing both its Eagle Ford acreage and Powder River Basin assets following its $58 billion merger with Coterra.