BP to pay US$10.5B for most of BHP's U.S. shale assets

BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company's logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. , REUTERS/Kim Kyung-Hoon/File photo

David Stringer, Bloomberg News

Jul 26, 2018

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BP Plc agreed to pay US$10.5 billion for most of BHP Billiton Ltd.’s onshore oil and natural gas asset in the U.S. to add output in regions including the prized Permian Basin.

Melbourne-based BHP, the world’s top miner, will sell its Fayetteville unit to MMGJ Hugoton III LLC for about US$300 million to complete its exit from the shale sector, the company said Friday in a statement. The deals are expected to be completed by the end of October