BP bids $10bn to acquire BHP’s US assets

By Pouyan Broukhim
Share

British Petroleum (BP) is reportedly looking to expand its American portfolio by acquiring the US onshore shale oil and gas assets of Australian energy firm BHP Billiton.

According to the news, first cited by Reuters, the London-based firm has bid $10bn for the assets that could include the Eagle Ford, Permian, Haynesville and Fayetteville onshore shale basins. In total, BHP owns 794,000 net acres across these four oil and gas sites.

See also:

BHP acquired the assets previously during a major upturn in the oil markets. However, recently, the company has come under pressure from activist hedge fund Elliott Management Corp to auction off the declining assets, first revealed approximately a year ago.

The move would aid the London-based oil giant’s US business that it spun off as a separate division in 2015 in the aim of upping its competitive presence in North America.

Other companies interested in a potential deal for the assets include Royal Dutch Shell and Chevron, according to Reuters, citing sources familiar with the matter.

Share

Featured Articles

What is Nestlé CEO Laurent Freixe’s Action Plan?

Newly appointed CEO sets out action plan involving separating water brands into standalone business and boosting advertising and marketing spend

Will Mulberry Turn a New Leaf Under CEO Andrea Baldo?

International British luxury brand cuts quarter of head office staff as newly appointed CEO conducts strategic review

Female Board Members of Biggest UK Companies Paid 69% Less

Female board members of FTSE 100 companies are paid 69% less than male counterparts, as they find themselves frozen out of the biggest roles

Is This the Next CEO of LVMH?

Leadership & Strategy

How Burberry’s New CEO Is Going Back to Basics

Leadership & Strategy

Is Bayer CEO Bill Anderson Running Out of Time?

Leadership & Strategy