BP to sell Texas Panhandle gas fields for $390M

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

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.