ENERGY

PG&E; Unit to Buy BP Subsidiary: BP Exploration Inc. said it would sell its U.S. exploration and production operations to PG&E; Resources, part of Pacific Gas & Electric Co., for about $400 million. PG&E; Resources will acquire Tex-Con Oil & Gas Co. of Houston, BP Exploration said. PG&E;, based in San Francisco, is the nation’s largest investor-owned utility. Last month, BP Exploration sold the transmission and marketing arm of Tex-Con to Transok Inc. for $250 million. The Tex-Con exploration and production business operates 750 wells and has proven reserves totaling 30.4 million barrels of oil and 317.9 billion cubic feet of gas.