BP is reinforcing the importance of U.S. oil and gas development within its global portfolio, with BPX Energy positioned as one of the company’s key upstream growth platforms.
During BP’s first-quarter 2026 earnings call, CEO Meg O’Neill described the company’s Americas position as “world-class.” She specifically identified BPX’s U.S. onshore operations and BP’s Paleogene developments in the Gulf of America as important sources of future production growth.
BPX also delivered strong operating performance during the quarter, helping BP produce 2.3 million barrels of oil equivalent per day despite disruptions in the Middle East and the effects of recent asset sales.
BP did not disclose detailed BPX drilling plans during the call, but its 2026 well permits provide an indication of where the company is preparing future development.
BPX’s 2026 U.S. Permit Position
The available data contains 87 permits attributed to BPX in 2026. Texas accounts for almost three-quarters of the total, reflecting BPX’s concentration in the Eagle Ford and Permian Basin.
State or operating area Well permits Share Texas 63 72.4% Louisiana 16 18.4% Federal Offshore – Gulf of Mexico 7 8.0% Alaska 1 1.1% Total 87 100.0%
The geographic mix gives BP exposure to several of the most important oil and natural gas producing regions in the United States. The portfolio combines oil-weighted shale development in Texas, natural gas opportunities in the Haynesville and longer-cycle offshore projects in the Gulf of Mexico.
Eagle Ford Leads BPX Permit Activity
The Eagle Ford is BPX’s largest permitting area, accounting for 39 permits, or approximately 45% of the dataset. De Witt and Karnes counties represent most of this activity.
The Delaware Basin and Haynesville Shale each account for another 20 permits. Together, these three major shale plays represent 79 of the 87 permits in the file.
Basin or play Primary locations Well permits Share Eagle Ford De Witt, Karnes, McMullen and Live Oak counties 39 44.8% Haynesville Shale Bossier, De Soto, Caddo, Sabine and San Augustine counties 20 23.0% Permian – Delaware Basin Reeves and Loving counties 20 23.0% Deepwater Gulf of Mexico Green Canyon and Keathley Canyon 7 8.0% Alaska North Slope Umiat 1 1.1% Total 87 100.0%
Eagle Ford
BPX has 39 permits across four South Texas counties:
County Permits De Witt 20 Karnes 12 McMullen 6 Live Oak 1 Total 39
The concentration in De Witt and Karnes counties indicates that BPX continues to prioritize established Eagle Ford acreage where existing infrastructure and operational knowledge can support repeatable development.
Permian–Delaware Basin
BPX has 20 permits in the Delaware Basin:
County Permits Reeves 17 Loving 3 Total 20
Reeves County represents the centre of BPX’s 2026 Permian permitting program. The Delaware Basin provides BP with exposure to one of the most productive oil-producing regions in North America and complements the company’s larger Eagle Ford position.
Haynesville Shale
BPX also has 20 permits across East Texas and northern Louisiana:
County State Permits Bossier Louisiana 6 De Soto Louisiana 4 Sabine Louisiana 4 San Augustine Texas 4 Caddo Louisiana 2 Total 20
The Haynesville gives BPX a strategic natural gas position close to Gulf Coast liquefied natural gas export facilities, industrial customers and power-generation demand. This acreage could become increasingly important as U.S. LNG exports and electricity requirements expand.
BPX Maintains a Large Unspud Permit Inventory
Only 24 of the 87 permits contain an Activity Date, indicating that 63 permits—or 72.4% of the total—had not yet been reported as spud or drilled.
Basin or play Total permits No Activity Date Unspud share Eagle Ford 39 34 87.2% Haynesville Shale 20 12 60.0% Permian – Delaware Basin 20 11 55.0% Deepwater Gulf of Mexico 7 5 71.4% Alaska North Slope 1 1 100.0% Total 87 63 72.4%
Part of this backlog reflects the timing of recent approvals. All 22 permits issued in July lacked an Activity Date, suggesting many had not been outstanding long enough to progress into drilling.
However, several permits issued earlier in the year also remain without activity. These older permits represent a potentially meaningful inventory of future drilling locations, although a permit does not guarantee that a well will be drilled.
The Eagle Ford has the largest available inventory, with 34 permits that do not contain an Activity Date. The Delaware Basin appears further advanced: nine of its 20 permits already show activity, compared with five of 39 in the Eagle Ford.
What the Permit Data Signals
BP’s earnings commentary and 2026 permit activity point in the same direction: U.S. shale is an important part of the company’s upstream strategy.
BPX provides BP with a combination of established acreage, short development cycles and the ability to adjust capital deployment as commodity conditions change. Its exposure is also diversified between oil-focused development in the Eagle Ford and Delaware Basin and natural gas growth in the Haynesville.
For oilfield service companies and suppliers, the permit inventory highlights three distinct opportunity areas. The Eagle Ford has the largest potential backlog, the Delaware Basin shows the strongest conversion of permits into drilling activity, and the Haynesville provides exposure to growing Gulf Coast natural gas and LNG demand.
BP remains focused on strengthening its balance sheet and maintaining capital discipline. Nevertheless, management’s description of BPX as a core U.S. growth business—and the depth of its 2026 permit inventory—suggest that U.S. shale will remain one of BP’s most important sources of flexible, repeatable upstream development.
Author: phinds