The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg

The World's Biggest Mining Company Is Selling Out of U.S. Shale - Bloomberg:

BP Plc agreed to pay $10.5 billion, its biggest acquisition in almost two decades, for most of BHP Billiton Ltd.’s onshore U.S. oil and natural gas assets, including in the prized Permian Basin.

The deal gives the London-based energy giant a position in the Permian, a swath of west Texas and New Mexico that’s the world’s fastest-growing major oil region. It’s another sign that BP has mostly rebounded from crude’s price crash and the fatal 2010 accident in the Gulf of Mexico that left it with a more than $60 billion bill. 


“We’ve just got access to some of the best acreage in some of the best basins in the onshore U.S.,” BP’s Upstream Chief Executive Officer Bernard Looney said in a statement. The Permian produces about 3.4 million barrels a day, which would make it the fourth-largest member of OPEC, behind Saudi Arabia, Iraq and Iran.