Deals
BP Redraws Its American Map in Historic Shift South From Alaska
- Company is focusing on shale fields, Gulf of Mexico deep water
- Shareholders are pressuring companies to cut carbon emissions
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BP Plc has closed one chapter in its U.S. business, exiting Alaska decades after transforming the state into an oil powerhouse. Now it’s time for a new phase in the company’s American story.
The old BP, which discovered billions of barrels of oil on the country’s farthest frontier and laid an 800-mile pipeline across the frozen tundra, is fading. The new BP comes with a fresh focus on the fast and competitive shale business, and going high-tech to squeeze all the barrels it can out of existing fields.