BP is weighing a potential acquisition of Devon Energy’s Eagle Ford operations in South Texas as it renews efforts to expand its U.S. shale assets. Sources put possible valuations at $3.5 billion to $4 billion, while analysts estimated about $4.5 billion.
BP has entered data rooms for a small number of U.S. shale assets for sale, including Devon Energy’s Eagle Ford asset, sources said. Entering a data room does not guarantee BP will buy or formally bid on an asset. The company has focused on predominantly oil-producing assets valued between $2 billion and $5 billion, according to sources.
Devon’s Eagle Ford operation spans around 90,000 net acres and produced about 77,000 barrels of oil equivalent per day in the second quarter. Sources valued the asset at roughly $3.5 billion to $4 billion; analysts at TPH estimated about $4.5 billion. Part of the asset was previously held in a joint venture with BP, which ended in 2025.
BP’s BPX Energy unit produced around 545,000 barrels of oil equivalent per day in the second quarter, including approximately 205,000 from its existing Eagle Ford operations. BP is targeting more than 650,000 barrels of oil equivalent per day from BPX by 2030. The company has spent the past 18 months focused on reducing debt and meeting a $20 billion divestment target.
