BP News

BP is spinning off it's operations in the"lower 48" into a separate unit. This may be good news for those landowners in Trumbull County. But only time will tell.

Here is a portion of the article:

"BP’S NEW MAN IN THE U.S.

There’s change at the top for BP PLC in the U.S. meanwhile, with David Lawler appointed to run a new business unit that BP is creating for the U.S.’s lower 48 states. As Justin Scheck reports, Mr. Lawler was previously chief operating officer at SandRidge Energy Inc., an independent energy producer.

Like other oil majors, BP has struggled to make big profits from the shale oil and gas revolution in the U.S.. Its decision to set up a separate unit in March looked to be an attempt to recreate the dynamism of a small producer within the monster that is a major like BP.

Of course, the question that  has provoked is whether BP is setting up its lower 48 business for a spin-off. It will be interesting to hear Mr. Lawler’s plans."

Hopefully Mr. Lawler's plans include development of the BP Utica holdings. Or selling the new entity to a company that is interested in development.

Either way this could be a positive sign for Trumbull County landowners.

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Permalink Reply by Sage59 on August 21, 2014 at 11:38am

Thank you Barry. Boy, do I wish him good luck. Reading a bit about him, he seems like a person that develops his own luck. I hope that our area is in line with his plans. What do you say we give him the weekend to get things cooking again ;) Maybe a bit longer would be more realistic, after all he doesn't start with BP till Sept 15.

Permalink Reply by Barry D on August 21, 2014 at 2:53pm

Sage,

No doubt that this news does mean a quick fix to the situation in Trumbull County. But I see it as a positive.

Couple this news with that of the Enervest work in the oil area and who knows, we could see development in Trumbull County sooner than later.

Keep the faith !

Permalink Reply by Barry D on August 21, 2014 at 7:33pm

http://online.wsj.com/articles/bp-hires-chief-to-run-its-u-s-lower-...

I found the comment, about the large companies having difficulty making a profit on shale development, very interesting.

Permalink Reply by MJ on August 21, 2014 at 10:26pm

Thanks for your diligent research Barry, and for your posts.  Some news is better than negative comments.

Permalink Reply by Barry D on August 22, 2014 at 12:07am

MJ,

It's going to happen for the northern Utica.

I just hope landowners resist the urge to sell their mineral rights cheap, to the charlatans offering $500-$1000 an acre. I think the patience will pay off.

Permalink Reply by Sage59 on August 22, 2014 at 7:19am

Absolutely on the nose Barry. You are a gentleman to use the term "Charlatan". That is why many of we landowners push back against the drumbeat of negativity. We, guided by knowledge and the market, will ultimately decide what our land rights are worth. Please do not let a vulture see you quit moving and decide for you.  

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