BP (BP) is acquiring the shale oil and gas assets from BHP Billiton (BHP) for $10.5 billion.
"This is a transformational acquisition for our Lower 48 business, a major step in delivering our Upstream strategy and a world-class addition to BP's distinctive portfolio," said CEO Bob Dudley.
The company also announced a 2.5% hike to its quarterly dividend on Friday.
Listen to TheStreet's Scott Gamm and Martin Baccardax discuss BP's latest acquisition and other news of the week in this exclusive podcast.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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