BP (NYSE: BP) announced on Tuesday that it will be spinning off its “Lower 48” onshore gas holdings into a new company, focused on developing its unconventional holdings like the Eagle Ford Shale in Texas.
BP will own the new company, but it will have its own independent management team and its own new location in Houston, Texas. Financial information about this new company will be disclosed in 2015.
“Participating in the US Lower 48 onshore is key to our upstream strategy because we believe the region will remain at the forefront of innovation and drive global learning in unconventional resources,” BP Upstream Chief Executive Lamar McKay said in a statement on Tuesday.
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