BP Eyes Devon Energy's Eagle Ford Shale Assets in $4.5B Deal
BP sits 36% above its 52-week low of $32.72.
Summary
BP is weighing an acquisition of Devon Energy's South Texas shale assets, including the Eagle Ford, as part of CEO Meg O'Neill's push to expand U.S. shale holdings. The company has entered the data room on the asset, which analysts at TPH value at around $4.5 billion. Devon is marketing both its Eagle Ford and Powder River basin acreage following its merger with Coterra Energy. This move signals BP's renewed appetite for oil-producing shale assets after a period of debt reduction and divestments. The potential deal would be BP's first major shale acquisition under O'Neill, who took over in April.
At the time of this announcement, BP was trading at $44.41 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $114B. The 52-week trading range was $32.72 to $48.27. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.