Blackstone considers sale of Beacon Offshore Energy for $5bn [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
The outlet said Blackstone is in talks with investment banks about a potential process that could begin as early as this quarter, citing people familiar with the matter. Beacon Offshore Energy is likely to garner significant interest from other oil and gas producers in the GoM, where Chevron, bp and Shell are major players. However, no definitive decision has been reached, and Blackstone may also choose not to proceed with the sale, the sources indicated. In recent years, consolidation within the US upstream sector has predominantly focused on shale operators due to decreasing crude prices and a reduction in premier drilling locations on land. This shift contributed to a revitalisation of drilling activities in the Gulf. Beacon Offshore Energy holds some of the most productive wells in the US, utilising advanced technology to access difficult-to-reach crude reserves. Last December, Harbour Energy's acquisition of Gulf explorer LLOG Exploration for $3.2bn (£2.38bn) undersc
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