BP Announces Plans to Pull Out of Utica Shale

The April 29 edition of the Youngstown Business Journal reports that BP America released a statement indicating its intent to withdraw from the Utica shale. “Following on from the decision to create a separate BP business around its US lower 48 onshore oil and gas activities . . . BP has decided not to proceed with development plans in the Utica shale,” the company stated in their first quarter earnings report. According to a related article on the Wall Street Journal.com, BP said its oil exploration, development and production division “reported an underlying pretax replacement cost profit of $4.4 billion for the first quarter, down from $5.7 billion in the same period last year, hurt by asset sales and a $521 million charge related to its decision not to develop it Utica shale project in Ohio.”

National, Ohio