British oil and gas company BP intends to buy shale oil and gas fields owned by BHP Billiton, one of the world's largest mining companies, for $10.5 billion, Reuters reports. This deal will be the largest for BP in 20 years. Recently, it reported an increase in quarterly dividends, which has not happened for the last 4 years, and a reverse buy-out of shares worth $6 billion. BHP, in August last year, put up for sale a shale business, on which it spent 19 billion dollars of shareholder funds. BP expects that as a result of the deal its oil and gas resources in the US will increase by 57%, which will help increase its profitability and cash flow.
S&P and Nasdaq close on record gains amid hopes on new China stimulus
20.02.2020Oil advances on supply concerns, demand worries alleviate
19.02.2020Oil advances but nCoV economic impact restricts gains
19.02.2020EU to propose plans to boost European firms and compete with U.S. tech giants
