BP reported third-quarter profits more than doubled on Tuesday, far exceeding analyst expectations amid stronger oil prices.
acquisition of BHP’s Billiton’s shale assets for $10.5 billion. At the time, the oil firm claimed the purchase would allow it to beef up its U.S. business and increase earnings and cash per share.
The original deal was agreed with BP offering 50 percent cash and 50 percent shares for BHP Billiton’s shale assets. However, the company announced it would now complete the transaction at the end of the month from available cash without resorting to a rights issue as planned.
Gilvary said this “simplified the transaction an awful lot.”