BP the newest Major in the Permian Basin

[dan_s]

BP buys big into Permian, U.S. shale with $10.5 billion deal.

British energy major BP is a huge Texas player now after agreeing to pay $10.5 billion for the shale assets of Australia's BHP Billiton. The sale represents a major turnaround for BP as it seeks to grow again after the 2010 Deepwater Horizon tragedy in the Gulf of Mexico. The deal includes all of BHP's acreage in West Texas' booming Permian Basin, South Texas' Eagle Ford shale and Louisiana's Haynesville shale. BP Chief Executive Bob Dudley said the deal is a transformative acquisition that gives BP a major presence in the onshore U.S., and not just the deepwater Gulf. BP has largely shrunk this decade since the 2010 Gulf rig explosion, which killed 11 workers, spilled nearly 4 million barrels of oil, and cost the company billions of dollars to settle claims.