BP to Pay $10.5 Billion for Most of BHP's U.S. Shale Assets

BP has acquired the majority of BHP's US onshore oil and gas assets in a $10.5 billion deal, marking BP's largest acquisition since 1999. This acquisition provides BP with significant acreage in the Permian Basin, a key area for US oil and gas production. The deal may shift BP's focus back towards oil production. For BHP, this deal, along with another smaller one, allows them to exit the shale sector, a move welcomed by investors like Elliot. BHP plans to return most of the proceeds to shareholders, with the deals expected to close by October. The future strategy for BHP remains a topic of interest.

What is the significance of BP's acquisition mentioned in the text?

How does this acquisition potentially affect BP's portfolio?

What challenges has BHP faced with its shale assets according to the text?

What are the expected outcomes for BHP after the deals are finalized?

What questions remain for BHP regarding its management team after the acquisition?