, Columnist
BHP Shows Patience Pays in $10.5 Billion BP Deal
The commodities giant exits its shale disaster at a better price than many expected.
The world’s hottest oil patch was a desert for BHP.
Photographer: Callaghan O’Hare/Bloomberg
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Even the most sorry tale can have something like a happy ending.
That looks to be the case with BHP Billiton Ltd.’s misbegotten foray into onshore U.S. oil and gas. With the announcement Friday that the company will sell its assets in the Eagle Ford, Permian and Haynesville basins to BP Plc for $10.5 billion, the company’s U.S. oil unit will be sticking to the deep seas.