The TPH CEO luncheon series continued last Wednesday with David Lawler, CEO of BP Lower 48 Onshore (wholly-owned subsidiary of BP). David brings a unique variety of major integrated (Shell, Conoco) and independent E&P (SandRidge, Post Rock Energy) executive experience to bear on the challenges BP faces in transforming its vast US onshore business unit. In his first year at the helm, significant strides have been made reshaping the business towards the nimble, high efficiency model of the successful publicly-traded independent E&Ps. He described the liberating effects on the organization of streamlining processes and concentrating decision-making and accountability within the business unit (rather than at the corporate level) which enables people to focus on producing tangible results. Cost improvements have been significant (~50% in some key areas) and the low hanging fruit presented by innovation and technology is substantial – comparatively few horizontal wells have been drilled on BP Lower 48 Onshore’s 5.5 million acre asset base. Although the primary focus remains on exploiting the value embedded in the existing portfolio, management remains committed to monitoring and evaluating strategic and tactical opportunities that emerge in the external A&D landscape.