BP's Eagle Ford position is largely centered around its partnership with Lewis Energy in Dimmit County, La Salle County, and Webb County. Industry experts have reported that BP spent $160 million to acquire a 50% interest in 80,000 acres in the play, but BP later announced it had accumulated a total of 450,000 net acres through additional acquisitions. Webb County is mostly prospective for gas and gas-condensate. The partnership's dry gas properties do not benefit from the high liquids yields in northern Webb County or oil production a little further north. The companies development plans will likely expand even further as natural gas prices improve. BP spent much of 2010 focused on cleaning up after the Macondo well incident in the Gulf of Mexico. The company divested several assets in North America, but retained its onshore Gulf Coast position and added several hundred thousand acres in South Texas during 2010 and 2011.
BP's American headquarters is in Houston, TX, but the company is based in London, United Kingdom. BP trades on the NYSE under the symbol BP. The company has evolved from one of the very first major oil companies and has operated since 1909when it was founded as the Anglo-Persian Oil Company by William Knox D’Arcy.
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BP Eagle Ford Shale Quarterly Commentary
BP discusses its Eagle Ford properties very little, but the company did provide a little insight during its year-end press release.
February 7, 2012
Over the last five years we have radically re-focused our footprint, divesting around 8 billion dollars of declining assets, and acquiring an equivalent amount in growth plays. For example, we now have around 6 trillion cubic feet or 1 billion barrels of oil equivalent in the Eagle Ford distributed over 450,000 acres, and also have significant positions in the Woodford, Fayetteville and Haynesville shales.
July 27, 2011
“… expected growth in absolute volume of assets held by BP; the schedule of projects due to commence operation in 2012 and 2013.….”
April 27, 2011
“…asset divestitures will continue and the company plans to reinstate its dividend in June of 2011….”