BP to sell Texas Panhandle gas fields for $390M


BP agrees to sell 270K gross acres of its natural gas-rich property in the Texas Panhandle to acquisition and development firm Pantera Energy for $390M.

BP’s 500 operated natural gas wells in Sherman and Moore counties produce ~27.6M cf/day of natural gas equivalent; BP will still operate ~1,700 wells in the Panhandle after the sale.

The sale is BP’s latest move to work through $10B in asset sales as it seeks to prune its balance sheet and focus spending on the most profitable parts of its portfolio.

From other sites
Comments (5)
  • deercreekvols
    , contributor
    Comments (9398) | Send Message
     
    And so it begins...BP slowly divesting from US operations...we can thank LA courts for this loss of business...

     

    Long BP and pleased that they operate in over 80 countries around the world...
    7 Jul 2014, 04:31 PM Reply Like
  • daphnex2
    , contributor
    Comments (127) | Send Message
     
    Sad to see.
    7 Jul 2014, 05:02 PM Reply Like
  • BAHAMAS1
    , contributor
    Comments (5095) | Send Message
     
    The whole BP /U.S. situation SADLY reflects the last 6 yrs in this country.
    7 Jul 2014, 05:38 PM Reply Like
  • spike77
    , contributor
    Comments (413) | Send Message
     
    Actually with these huge multi nationals it's good to take a long hard look at all assets and prune them to concentrate on the best performing areas. But BP must truly be sick of the way they are being treated by the USA. Their unique skills are definitely in demand elsewhere. I am holding BP long, and will buy more on the dips
    8 Jul 2014, 11:18 AM Reply Like
  • Upstreamer
    , contributor
    Comments (100) | Send Message
     
    As spike says, this is about multinationals having to prune and prioritize their investments.
    Since these are gas-prone assets, and so have minimal profitability in BP's portfolio, hence are most susceptible to being sold off.

     

    The courts' decisions (whatever you think of them) has very little or nothing to do with this: were the assets profitable BP would never sell them off.
    8 Jul 2014, 11:54 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs