Energy giant BP announced on Wednesday that it has named David Lawler as chief executive officer of its US Lower 48 Onshore business. The US Lower 48 Onshore business was announced in March as a separate business to manage BP’s onshore oil and gas assets in the US Lower 48.
In response to the unique characteristics of the US Lower 48 onshore oil and gas business environment, the new business is to operate separately from the rest of BP and will be designed to adapt to the rapidly changing and hyper-competitive energy landscape in the region. The establishment of the new business is meant to help unlock the significant value associated with BP’s extensive resource position in the US Lower 48 onshore, which up till now BP oversaw through its Houston-based North America Gas group.
The new business will be owned by BP but Lawler and his leadership team will develop and implement the strategy to expand the company’s crude oil and natural gas liquids portfolio. It will also have separate governance, processes and systems designed to address the unique operating environment in the onshore industry. BP is expected to begin disclosing separate financials for the business in 2015. It will maintain a rigorous focus on safety, integrity and reliability of the operation. These changes are chiefly intended to materially improve the cash flow of the US Lower 48 Onshore business.
Lawler, who brings more than 20 years of industry experience to the role, will begin on 15th September and report to Lamar McKay, BP’s Upstream Segment chief executive.
“With an impressive track record at integrated oil and gas companies as well as independents, Dave is uniquely qualified to lead our onshore business during this exciting transition,” McKay said. “His experience and skills match up perfectly with our goals for the business. I’m confident he will create a competitive and sustainable operation that will be a key component of BP’s portfolio for many years.”
Lawler joins BP from SandRidge Energy, Inc., an Oklahoma City-based independent oil and gas producer, where he most recently was executive vice president and chief operating officer. Before that, Lawler was the CEO and president of PostRock Energy Corporation, another independent oil and gas producer in Oklahoma. Lawler spent the first part of his career working for major integrated oil and gas companies, including Shell for 10 years.
“It is an honour to join BP and have the opportunity to work with the talented members of the Lower 48 organization,” Lawler said. “I’m looking forward to leveraging BP’s talent and resources while running the business as if it were an independent.”
Today, the US Lower 48 Onshore business operates in multiple gas basins from the onshore Gulf Coast north through the Rocky Mountains, and its portfolio includes an extensive unconventional resource base of ~7.6 billion barrels of oil equivalent, across 5.5 million acres and an interest in ~20,000 wells.
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