Acquisitions & Divestitures

British major BP Plc (NYSE: BP) plans to acquire all of the interests in the deepwater Gulf of Mexico, Brazil and Azerbaijan from Oklahoma City-based producer Devon Energy Corp. (NYSE: DVN) for $7 billion in cash as Devon nears the end of its repositioning to onshore North America assets.

Devon will additionally joint-venture into BP’s Canadian Kirby oil-sands leases in Alberta.

BP group chief executive Tony Hayward says, "This strategic opportunity fits well with BP's operating strengths and key interests around the world, offering us significant additional long-term growth potential ...