trending Market Intelligence /marketintelligence/en/news-insights/trending/_44Qmh3i5YSXQzP6j-RfhA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Report: BP launches sale of legacy US assets to help pay for BHP purchase

Essential Energy Insights - September, 2020

Bull market leaves US utilities behind in August

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Utilities, midstream reckon with energy transformation on the horizon

Report: BP launches sale of legacy US assets to help pay for BHP purchase

Following its $10.5 billion acquisition of U.S. oil and gas assets from BHP Billiton Group at the end of October, London-based major BP PLC reportedly launched the sale of about $3 billion of its legacy U.S. assets to help pay for the purchase, Reuters reported Dec. 19, citing sources familiar with the deal.

BP is putting up for sale blocks it held before the BHP deal in the Wamsutter basin in Wyoming, the Arkoma and Anadarko basins in Oklahoma, and the San Juan Basin at the Colorado-New Mexico border. Interested parties include Carlyle and Warburg Pincus, Reuters said.

SNL Image

Company executives had said BP was planning a $5 billion to $6 billion divestment program to help finance the BHP acquisition and help boost pretax cash flow toward a target of $14 billion to $15 billion.

Before the BHP deal, BP's U.S. onshore oil and gas business produced about 315,000 barrels of oil equivalent per day from seven basins in five states.

The BHP acquisition added oil and gas production of 190,000 boe/d and 4.6 billion barrels of discovered resources in the Permian and Eagle Ford basins in Texas and the Haynesville Shale in East Texas and Louisiana. With the closing of the deal, BP's Lower 48 business changed its name to BPX Energy.

Unlike many of its peers who in the last few years placed heavy bets on rising output and lucrative returns and dumped billions into shale investment, in 2010, BP sold off most of its Permian Basin assets to help offset the costs of damages related to the Deepwater Horizon oil spill in the Gulf of Mexico.

In its monthly Drilling Productivity Report, the U.S. Energy Information Administration said it expects oil production from the Permian Basin in December will top 3.7 MMbbl/d, with output likely to exceed 3.8 MMbbl/d in January 2019 for the first time ever.

After the planned asset divestitures, total 2021 production from BPX is expected to reach 500,000 boe/d.