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.
ICYMI BP acquires world-class oil & gas assets from @BHP, transforming its US onshore business https://t.co/zDA0ViITsf pic.twitter.com/bfgPutwjaM
— bp (@bp_plc) July 27, 2018
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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