BP is interested in a potential purchase of Devon Energy's Eagle Ford asset, according to people familiar with the matter, a deal that could reshape the oil major's onshore shale ambitions and hand Devon a way to quiet restless shareholders.
The interest was first reported by Reuters. BP declined to comment, and Devon Energy did not respond to a request for comment, the outlet noted.
A Familiar Patch of Ground for BP
The Eagle Ford asset is not new territory for BP. Devon and BP previously held the acreage in a joint venture, giving BP direct operational familiarity with the same ground it is now examining as a potential outright purchase. BP's broader U.S. onshore shale foothold dates back to October 2018, when it completed a $10.5 billion acquisition of BHP Billiton's unconventional assets, adding 190,000 barrels of oil equivalent per day across the Permian, Eagle Ford, and Haynesville basins and rebranding its Lower 48 unit as BPX Energy, according to BP.
BPX Energy today operates across Texas and Louisiana, with assets in the Eagle Ford, Permian, and Haynesville basins. BP continues to prioritize debt reduction and divestments.
New Leadership, Renewed Focus on Oil and Gas
The potential move comes amid a leadership shakeup at the top of BP. Meg O'Neill, the former Woodside Energy chief executive, became BP's CEO in April 2026, according to BP. O'Neill replaced Murray Auchincloss after leading Woodside and spending 23 years at ExxonMobil, and her appointment came as BP set out its strategic priorities.
BP's interest in Devon's Eagle Ford asset comes as the U.S. Energy Information Administration forecast in September 2026 that total domestic crude production would reach a record average of 13.8 million barrels per day this year, supported by West Texas Intermediate prices averaging $84 per barrel through August, per the U.S. Energy Information Administration.
Devon's Portfolio
Devon completed a $58 billion all-stock merger with Coterra Energy in May 2026, combining roughly 750,000 Delaware Basin acres with holdings in the Eagle Ford, Marcellus, and Powder River basins, according to The Energy Year. The combined company has holdings in the Eagle Ford and Powder River Basin.
Where the Eagle Ford Fits In
The Eagle Ford Shale stretches roughly 20,000 square miles across 23 South Texas counties, running about 400 miles from Laredo near the Mexico border to northeast of Austin, with Karnes, DeWitt, and La Salle counties together producing 46% of the play's total crude output as of late 2024, according to the Federal Reserve Bank of Dallas. Regional crude output has held steady at approximately 1.1 million to 1.15 million barrels per day, while natural gas production has climbed toward 7.0 billion cubic feet per day as gas-oil ratios rise in maturing wells.
