BP wants BHP oil
BP has been dubbed the front-runner to buy BHP’s US shale assets.
BP has reportedly submitted a bid of over $US10 billion ($13.5 billion) for BHP’s assets.
BHP announced plans to sell its oil and gas businesses in August 2017 amid pressure from shareholders over declining profits.
Elliott Management, which owns 5 per cent of BHP, has been pushing hard for the shale sales, and also wants the company to change its dual-listing status and buy back shares.
BHP’s oil and gas assets cover four shale basins — Haynesville, Permian, Fayetteville and Eagle Ford.
The sale is part of BHP’s strategy of demerger and divestment of all non-core assets.
BP’s bid is yet to be finalised, so exact details remain confidential for now.