BP Once Evaluated Acquiring Devon's Eagle Ford Assets, Valuing Them at Up to Approximately $4.5 Billion

en.Wedoany.com Reported - On September 24, BP had recently evaluated the acquisition of Devon Energy's Eagle Ford shale oil and gas assets in South Texas, and entered the data room of the asset sale process to obtain non-public information. The relevant asset data room opened at the end of August. The latest information shows that BP has now withdrawn from the evaluation of acquiring the assets, and neither party has announced a formal bid or transaction agreement.

Devon's Eagle Ford assets are located in DeWitt County and Karnes County, Texas, covering approximately 90,000 net acres in the core area of the Eagle Ford Shale. The assets produced approximately 77,000 barrels of oil equivalent per day in the second quarter of 2026. According to Devon's official website, the block currently has more than 10 years of development inventory.

Market participants value the assets at approximately $3.5 billion to $4 billion, while TPH Research gives a valuation of approximately $4.5 billion. BP's recently evaluated U.S. shale assets are mainly concentrated in projects focused on crude oil production, with target asset valuations ranging from approximately $2 billion to $5 billion. Entering a data room only indicates that the buyer is conducting due diligence on the assets and does not constitute a formal acquisition commitment.

BP's U.S. onshore oil and gas business, bpx energy, currently operates in three major basins: the Permian, Eagle Ford, and Haynesville. BP's previously established upstream plan shows that bpx produced more than 430,000 barrels of oil equivalent per day in 2024 and plans to increase this to more than 650,000 barrels of oil equivalent per day by 2030. The company discloses that its U.S. onshore resource base exceeds 7 billion barrels of oil equivalent.

Devon currently still lists Eagle Ford as one of its five core operating areas. The company's updated 2026 capital plan allocates approximately $475 million in upstream capital expenditure for the block; its U.S. asset portfolio also includes the Delaware Basin, Anadarko, Rockies, and Marcellus, among other areas.

Some of Devon's Eagle Ford assets were previously in a joint venture relationship with BP, and that joint venture arrangement ended in 2025. After re-entering the asset data room this time, BP did not continue to advance the transaction, and Devon has so far not publicly announced the result of the asset sale.