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BP strikes $10.5bn ‘transformational’ deal for US shale assets

by Purvai Dua
27th Jul 18 9:35 am

BP has struck a deal to buy US shale oil and gas assets from miner giant BHP Billiton for $10.5bn, marking the British oil giant’s biggest acquisition in nearly two decades.

“This is a transformational acquisition for our Lower 48 business, a major step in delivering our upstream strategy and a world-class addition to BP’s distinctive portfolio,” BP chief Executive Bob Dudley said in a statement.

The acquisition will boost BP’s US oil and gas production by nearly a fifth and marks a new period of growth after the disastrous $65bn Deepwater Horizon crisis.

BP also announced plans to increase its quarterly dividend for the first time in nearly four years and announced a $6bn share buyback.

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