Deals

BP Profit Smashes Estimates on Eve of Giant Shale Oil Deal

No longer plans to issue shares to cover part of acquisition
Gearing will rise above 30 percent in the first quarter

CFO Brian Gilvary discusses BP’s deal for BHP, $70 oil, and confidence in the company’s ability to sell off assets. (Source: Bloomberg)

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By Kelly Gilblom

October 30, 2018 at 7:17 AM UTC

Updated on

October 30, 2018 at 8:04 AM UTC

This article is for subscribers only.

BP Plc reported a surge in profit that smashed estimates, giving the company the confidence to fully fund its $10.5 billion U.S. shale oil deal with cash.