BP buys New Mexico oil and gas assets from Devon EnergyStaff writer ▼ | December 21, 2015
BP said its U.S. onshore unit has acquired all of Devon Energy Corp's oil and gas properties in the San Juan Basin in New Mexico.
Energy BP holds 550,000 acres in the San Juan Basin
Battered by a crude downturn that has stretched for more than a year, many independent oil and gas companies are selling assets or contemplating selling assets they no longer consider essential as a way to raise cash.
BP, which started operating its Lower 48 onshore unit as a separate business in early 2105, already holds 550,000 acres and has average output of 100,000 barrels of oil equivalent per day in the San Juan Basin which spans New Mexico and Colorado. ■