BP Explores Deal for Devon Asset
Energy giant BP evaluated a potential acquisition of Devon Energy's South Texas operations before ultimately deciding to walk away from the deal. The asset is valued at up to $4.5 billion as Devon markets parts of its portfolio.
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BP PLC explored a $4.5B acquisition of DEVON ENERGY CORP assets in South Texas before walking away, four sources familiar with the matter said late Wednesday. The London-headquartered energy major recently re-entered shale data rooms under new leadership after years of prioritizing renewable investments. The pivot back to oil and gas comes as crude prices hover near $100 per barrel amid geopolitical tensions in the Middle East.
