Saturday, June 6, 2020

BP More than Doubles US Shale Oil Putput in 2019

February 4, 2020

(File photo: BP)

BP's U.S. shale oil production more than doubled in 2019 from a year earlier as it ramped up output following the $10.5 billion acquisition of BHP's assets in late 2018.

Oil production at BP's shale division, known as BPX Energy, rose to 124,000 barrels per day (bpd) in 2019 from 55,000 bpd a year earlier.

Natural gas production rose to 2,175 million standard cubic feet per day from 1,705 million standard cubic feet per day.

Capital expenditure in BPX rose to $1.94 billion in 2019, or around 12% of BP's total capex, from $1.15 billion in the prior year.

BP has largely completed the sale some portfolios of shale assets producing mostly natural gas, which it put on sale following the BHP deal, Chief Financial Officer Brian Gilvary said.

BPX operated an average of 13 rigs in three basins in 2019, including 4 in the Haynesville basin, 6 in the Eagle Ford and 3 in the Permian.

(Reporting by Ron Bousso, editing by Louise Heavens)

Related News