The Transformation of BP’s Onshore US Portfolio: Growth and Opportunity
Host: UpCurve Energy
Please join SPE Business Development as BP shares their latest developments and exciting growth story.
In 2018, BP completed its $10.5 billion acquisition of BHP’s U.S. unconventional assets, significantly upgrading BP’s U.S. onshore oil and gas portfolio and driving long-term growth. The acquisition added production of 190K boepd and 4.6Bboe of discovered resources in the liquids-rich regions of the Permian (Delaware) and Eagle Ford basins in Texas and in the Haynesville natural gas basin in East Texas and Louisiana. This world-class addition to BP’s global portfolio will be safely integrated into BP’s operations during 2019 and is expected to deliver growth well into the next decade.
BP’s Lower 48 business also changed its name to BPX Energy. Creation of this wholly owned Denver based subsidiary marks a new era for BP’s U.S. onshore oil and gas unit, which has operated as a separate entity since 2015 and has achieved material improvements in operational and financial performance since.
Concurrent with its execution of this transformational acquisition, BP announced that it would cover a substantial portion of the acquisition cost through divestment of a significant portion of its existing onshore US portfolio, including its premier operated positions in the San Juan basin, the Wamsutter field in Wyoming, the Arkoma and Anadarko basins in OK/TX, an established SWOOP asset, 3 ETX fields, and legacy non-op mineral and HBP leasehold assets in numerous conventional and unconventional basins.
Mr. Singh will walk us through the impact of these events and how BP plans to execute the actions needed to complete this transformation.
We will kick off with our popular 5-6 PM networking happy hour followed by the 6-7 PM presentation, including Q&A. Both will be on the third floor mezzanine.
SEASON PASS HOLDERS: You do not need to register for this event, as your Season Pass has automatically registered you for all 2018 – 2019 Business Development events. Thank you for being a Season Pass Holder!
Location:
Four Seasons Hotel
1300 Lamar
Houston
,
Texas 77010