Reuters reported BP walked away from a possible purchase of Devon Energy’s Eagle Ford assets, citing confidential sources. TPH Research analysts said the assets could be worth about $4.5 billion. BP neither confirmed nor denied the report; its shares fell 0.4%, Devon’s 3.6%.
Activist investor TOMS Capital says it is one of Devon’s five largest shareholders and is pressing the company to sell assets or itself. It argues Devon’s merger with Coterra left an overly complex portfolio. Another major investor, Kimmeridge, has also urged Devon to streamline but has not called for a full-company sale.
BP had reportedly entered data rooms for several shale assets, including Devon’s Eagle Ford holdings. Access gives a prospective buyer confidential information to evaluate an asset but does not commit it to a purchase.
