BP weighs acquisition of Devon Energy's Eagle Ford shale assets in renewed US push

BP is weighing a potential acquisition of Devon Energy’s operations in South Texas as the British supermajor renews its push to grow its United States shale portfolio, Reuters reported on Thursday, citing people familiar with the matter.

Since Meg O’Neill became chief executive in April, BP has entered the data rooms of a small number of shale assets put up for sale, six sources told Reuters. It is targeting predominantly oil-producing assets valued at $2 billion to $5 billion; Devon opened the data room on its Eagle Ford position in late August.

Analysts at TPH, the energy arm of Perella Weinberg Partners, valued the asset at about $4.5 billion, though sources pointed to $3.5 billion to roughly $4 billion. They cautioned that entering a data room guarantees neither a bid nor a deal. BP declined to comment; Devon did not respond to a request for comment.

The move marks a strategic turn: after years of prioritising renewables and leadership churn that included five chief executives since 2020, BP has put oil and gas back at the centre of its strategy, even as it spends 18 months cutting debt and working towards a $20 billion divestment target.

Devon is marketing the acreage — about 90,000 net acres producing roughly 77,000 barrels of oil equivalent a day — as part of a portfolio review following its $58 billion merger with Coterra Energy, and faces activist pressure from TOMS Capital and Kimmeridge Energy Management to shed assets. Buying beside BP’s existing Eagle Ford footprint would bring cost savings, four sources said; BPX Energy produced about 545,000 boepd in the second quarter.

Sources

• Reuters, “BP eyes Devon Energy asset amid renewed US M&A ambitions, sources say” (24 Sept 2026): https://www.reuters.com/legal/litigation/bp-eyes-devon-energy-asset-amid-renewed-us-ma-ambitions-sources-say-2026-09-24/
• AskTraders, “BP Enters Data Room on Devon’s Eagle Ford Shale Assets”: https://www.asktraders.com/analysis/bp-enters-data-room-on-devons-eagle-ford-shale-assets/
• News.az, “BP eyes Devon Energy’s $4 billion Eagle Ford assets in US shale push”: https://news.az/news/bp-eyes-devon-energys-4-billion-eagle-ford-assets-in-us-shale-push
• Finimize, “BP Eyes Devon’s Eagle Ford Shale Assets”: https://finimize.com/content/bp-eyes-devons-eagle-ford-shale-assets
• TradersUnion, “BP weighs Devon Energy South Texas asset bid as U.S. shale M&A interest returns”: https://tradersunion.com/news/financial-news/show/3486283-bp-devon-energy-south-texas-shale-bid/