BP to set up separate unit for assets in U.S. lower 48

|About: BP p.l.c. (BP)|By:, SA News Editor

BP says it will create a new company to manage its onshore oil and natural gas assets in the continental U.S.; it will own the company, to be based in Houston in a different facility from the company offices already there.

BP hopes the move will help unlock the significant value associated with its extensive resource position in the lower 48 states and make it competitive with the type of smaller, more nimble companies that have pioneered the U.S. shale boom.

BP says it expects to start reporting financials for the business in 2015.