BP eyes Devon Energy asset amid renewed US M&A ambitions, sources say
BP•BP is weighing a potential acquisition of Devon Energy’s Eagle Ford operations in South Texas, sources said. BP has targeted predominantly oil-producing U.S. shale assets valued at $2 billion to $5 billion, while estimates for Devon’s Eagle Ford range from $3.5 billion to $4.5 billion.
1. BP weighs shale assets
BP has entered data rooms for a small number of shale assets for sale, including Devon Energy’s Eagle Ford operations, sources said. They cautioned that entering a data room does not guarantee a formal bid. BP declined to comment, and Devon did not respond to a request for comment.
2. Eagle Ford figures
Devon’s Eagle Ford asset covers around 90,000 net acres and produced around 77,000 barrels of oil equivalent per day in the second quarter. TPH Research analysts estimated its value at around $4.5 billion, while sources put the range at $3.5 billion to roughly $4 billion.
3. BP shale strategy
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. Part of Devon’s Eagle Ford asset was previously held in a joint venture with BP, which dissolved in 2025.
