BP Plans Spinoff Of Onshore Biz In Lower 48 States

Law360, New York (March 4, 2014, 2:23 PM EST) -- BP PLC said Tuesday that it would spin off its onshore oil and gas operations in the lower 48 U.S. states into a separate unit, a move the energy giant said would keep it at the forefront of the unconventional development that's defined the U.S. energy boom.

BP said the new unit, which it will continue to own, will help unlock the value of its resources located in the lower 48, which is currently overseen by the company's North America Gas group. It will have separate...
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