HOUSTON, Dec 18 (Reuters) - BP Plc on Friday said itsU.S. onshore unit has acquired all of Devon Energy Corp's oil and gas properties in the San Juan Basin in NewMexico for an undisclosed price.
BP expects to take over operation of the 480 wells spreadacross 33,000 acres in the first quarter of 2016 after receivingrequired government agency approvals, it said.
Battered by a crude downturn that has stretched for morethan a year, many independent oil and gas companies are sellingassets or contemplating selling assets they no longer consideressential as a way to raise cash.
BP, which started operating its Lower 48 onshore unit as aseparate business in early 2105, already holds 550,000 acres andhas average output of 100,000 barrels of oil equivalent per dayin the San Juan Basin which spans New Mexico and Colorado.
Shares of Oklahoma City, Oklahoma based Devon rose 4 centsto $29.02 in midday New York Stock Exchange trading. So far thisyear the stock is down 53 percent. U.S.-listed shares of BP fell 6 cents to $30.29.
(Reporting by Anna Driver)