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BP re-brands Lower 48 business

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Say hello to the latest Oil & Gas brand on the scene- BPX Energy- the new name for BP’s Lower 48 business. The reason for the re-brand? The completion of BP’s $10.5 billion acquisition of BHP’s U.S. unconventional assets across the Permian and Eagle Ford basins in Texas and the Haynesville basin in East Texas and Louisiana.
BP has re-branded its Lower 48 business unit, giving it the new name of BPX Energy
The acquisition- which was announced in July and closed as scheduled on October 31st- adds oil and gas production of 190,000 barrels of oil equivalent per day (boe/d) and 4.6 billion oil equivalent (boe) of discovered resources in the liquids-rich Lower 48.

The new brand for BP’s Lower 48 business, represents what will be a new era of growth for the company’s onshore oil and gas unit which has operated as a sperate entity since 2015. The ‘BP’ portion of the business’s new name reflects that it remains wholly-owned by BP and a strategic business within BP’s Upstream organisation. The ‘X’ stands for exploration- both the search for new oil and gas resources as well as for new ideas and methods to fundamentally improve the business.

Commenting on the completion of the acquisition of BHP’s assets, Bernard Looney, BP’s Upstream chief executive, said:

“By every measure, this is a transformational deal for our Lower 48 business. It is an important step in our strategy of growing value in Upstream and a world-class addition to BP’s global portfolio. We look forward now to safely integrating these great assets into our business and are excited about the potential they have for delivering growth well into the next decade”.

At present BP’s onshore oil and gas business produces around 315,000 boe/d from operations across seven oil and gas basins in five states with resources of 8.1 billion boe. The acquisition of BHP’s unconventional assets will lead to significant growth in these production figures in the coming months and years ahead.
The BHP acquisition will substantially increase the liquid hydrocarbon proportion of BP's production and resources in the US onshore.
(Image via BP).

Dave Lawler, CEO of BPX Energy, has set out his plans for the newly rebranded business unit, saying:

“We are exploring how to improve every aspect of our business. Our mission is to build an organisation imbued with a strong, inclusive, modern culture where everyone is respected, supported, and encouraged to achieve their highest potential and career aspirations; an organisation that leads the industry in the protection of people and the environment, while simultaneously creating significant value for BP’s shareholders”.

“Whilst we have more to do, we have made great progress toward our goals, while also delivering material value to BP. And I’ve never been more confident about our future”.

The BHP acquisition will substantially increase the liquid hydrocarbon proportion of BP’s production and resources in the US onshore, to around 27 percent of production and 29 percent of resources from the current 14 percent and 17 percent, respectively.

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BP re-brands Lower 48 business - Time to read 3 min
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