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.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...