BP is creating a new business to manage its US onshore oil and gas assets, in an effort to compete more effectively with the smaller independent companies that dominate America’s shale industry.
Analysts said BP could ultimately sell the new unit if its performance did not improve. Last year, the oil group said it planned to divest $10bn of assets by the end of next year – on top of the $38bn disposal programme implemented in the wake of the Deepwater Horizon disaster in 2010.
Bob Dudley, BP’s chief executive, played down the possibility of a sale, saying that the new US business “will remain a critical part of BP’s portfolio over the long term”. However, he added that the move “creates optionality for us”.