BP plans to split its U.S. onshore oil and gas segment into a separate business, company officials said in a March 2014 statement. In recent years, BP has divested non-core assets to focus on the development of unconventional plays like the Eagle Ford Shale.
The new business, which will operate separately from BP, will have control of ~5.5 million acres in assets and over 21 wells. Approximately ~450,000 gross acres are in the Eagle Ford Shale alone. BP hopes to maximize competitiveness in the company’s US Lower 48 onshore dealings with this new endeavor.