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BP, in a splurge of unadulterated capitalism, continues to invest in US shale assets as higher oil prices makes new and highly polluting extraction techniques more attractive again, which will boost its dividend to shareholders.
This goes to prove that the petroleum multi-nationals care more for profits than for the lives of our children and future generations. Editor
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British oil and gas giant BP is buying $10.5bn (£8bn) of US shale assets as the higher oil price makes new extraction techniques more attractive again.
BP's purchase is its largest acquisition since the Deepwater Horizon accident in the Gulf of Mexico, which it is still paying for in the US.
The assets are being sold by Australian mining firm BHP Billiton. BP's boss, Bob Dudley, called the deal "a transformational acquisition". "This is... a major step in delivering our upstream strategy and a world-class addition to BP's distinctive portfolio," he said in a statement.
The deal marks a turning point for BP, which has had to rebuild its reputation in the US and is still paying the $65bn bill in clean-up and penalty costs resulting from the Gulf of Mexico rig disaster in 2010.
BP said it was confident of the deal's positive impact on its fortunes, and as a result would increase the dividend it pays to its shareholders for the first time in four years and would buy back $6bn worth of shares. Read More
