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BP Calls it Quits in the Utica Shale – Total Write-off

posted May 1, 2014, 10:58 AM by Tyler Umstead   [ updated May 1, 2014, 10:58 AM by Rachael Huff ]

BP announced today they are pulling out of the Utica Shale and writing it all off. In a very brief mention in a press release issued this morning about first quarter 2014 results, BP says: “Following on from the decision to create a separate BP business around its US lower 48 onshore oil and gas activities, and as a consequence of appraisal results, BP has decided not to proceed with development plans in the Utica shale. The Upstream result includes a write-off relating to the Utica acreage.”

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