BP PLC changed the name of its Lower 48 business to BPX Energy following the completion of its $10.5-billion acquisition of BHP’s US unconventional assets (OGJ Online, July 27, 2018).
Announced in July, the deal adds oil and gas production of 190,000 boe/d and 4.6 billion boe of discovered resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville natural gas basin in East Texas and Louisiana. The liquid hydrocarbon proportion of BP’s production and resources in the US onshore increases to 27% of production and 29% of resources from the current 14% and 17%, respectively.
Estimated to generate more than $350 million of annual pretax synergies, the transaction is expected to increase upstream pretax free cash flow by $1 billion, to $14-15 billion in 2021.
BP's US onshore business moved into its new headquarters office in Denver in September (OGJ Online, Dec. 15, 2016).
