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Big Changes Ahead for BP's Onshore U.S. Operations
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British oil major BP plc has announced plans to separate its U.S. onshore assets into a separate company, according to the company’s recent presentation/webcast in London
BP is hoping the spin-off will bolster the competitiveness of its shale gas portfolio.
Commenting on the decision, BP Chief Executive Bob Dudley said: "Over time our aim is to create another discrete high-quality, high-performing business within our overall portfolio, with all the opportunity that brings.
"The new business will remain a critical part of BP’s portfolio over the long-term and we remain committed to both the exceptional resource position of the Lower 48 and to the related technology learnings that can be applied to our portfolio around the world."
The new company will be headquartered in Houston, Texas.
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