Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Lack of Infrastructure and Well Costs Contribute to BHP's Permian Downsizing
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According to a report by Reuters, BHP is planning to sell half of its Permian Acreage acquired thus far. They plan to divest acreage they feel is unimportant as part of a larger streamlining effort in the company.
A spokeswoman from BHP said: “The drilling program has now defined our primary area of focus in the basin and, while this program is at a relatively early stage, we see the potential to build a sizeable business. As we continue with our evaluation, we will concentrate our efforts on the acreage that holds the most immediate interest for us while divesting some other parts of our holdings.”
The Permian acreage owned by BHP before the sale is 500,000 net acres. The sale will leave BHP with approximately 250,000.
165,000 acres will be sold in the Delaware Basin and the remainder of…
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