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BP to create new business for US onshore assets


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NEW YORK (AP) — BP plans to create a separate, more competitive business to manage its onshore oil and gas assets, including its shale operations, in the 48 contiguous U.S. states.

BP PLC, which will own the new business, currently oversees the region through its North America Gas group based in Houston.

BP said Tuesday that the business will be based at a new location in Houston that's separate from its Westlake campus. The business will also have a separate management team.

BP, which is still contending with repercussions from the Deepwater Horizon spill in the Gulf of Mexico, plans to start reporting separate financial results for the new business in 2015. It does not include offshore operations.

Shares of London-based BP added 24 cents to $49.24 in morning trading.

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