On July 16, 2025, the Texas Commission on Environmental Quality (TCEQ) approved a New Source Review (NSR) Change of Ownership for Permit #117982, officially transferring ownership of the MCCARN A-5H & B-1H Tank Battery from BPX Operating Company to Warwick-Artemis LLC. This regulatory milestone reflects the broader reshuffling of premier upstream assets in South Texas, once held by global energy giant BHP Billiton Petroleum.
🔍 Site and Permit Overview
- Project #: 395599
- Permit #: 117982
- Permit Type: Permit by Rule (PBR)
- Action Type: Change of Ownership
- Effective Date: July 16, 2025
- Facility: MCCARN A-5H & B-1H Tank Battery
- Location: Bee County, near Pawnee, TX (Region 14 – Corpus Christi)
- Regulated Entity #: RN107144834
- New Permittee: Warwick-Artemis, LLC (CN605988799)
The site was originally permitted in 2014 under Rule 106.352 for oil and gas production facilities and Rule 106.492 for flaring equipment.
🏢 Background: From BHP Billiton Petroleum to BPX
The MCCARN site was originally operated by BHP Billiton Petroleum TXLA Operating Company, a regional arm of BHP Billiton’s U.S. onshore oil and gas division. BHP, a multinational mining and energy company headquartered in Australia, entered the U.S. shale market aggressively in the early 2010s, acquiring key positions in the Eagle Ford, Haynesville, and Permian basins.
However, after facing pressure from shareholders to streamline operations and refocus on core mining assets, BHP exited the U.S. petroleum business in 2018, selling its entire shale portfolio — including the MCCARN asset — to BP for $10.5 billion. BP transferred these assets to its U.S. Lower 48 subsidiary, BPX Energy.
💼 Why This Matters to Warwick-Artemis
Warwick-Artemis, LLC is a portfolio company backed by Warwick Investment Group, which specializes in acquiring and optimizing mature oil and gas assets in North America. This acquisition represents a strategic opportunity for Warwick-Artemis to assume control of a legacy Eagle Ford asset with established infrastructure, existing production, and potential for redevelopment or enhanced recovery.
Key strategic benefits include:
- De-risked production: Proven geology and existing well data from prior BHP and BPX operations reduce technical uncertainty.
- Operational upside: Warwick can apply capital-efficient redevelopment techniques, such as refracs, artificial lift upgrades, or pad drilling optimization.
- Long-life reserves: The Eagle Ford remains one of the most productive shale plays in North America, and assets like MCCARN provide stable cash flow potential.
🛢️ The Bigger Picture
This transaction is part of a broader trend where private equity-backed operators and family offices are acquiring legacy shale assets from majors that have shifted focus to lower-carbon strategies, international LNG, or deepwater. As a result, firms like Warwick-Artemis are carving out a role as next-generation stewards of U.S. shale production, focusing on efficiency, optimization, and long-term value creation.
