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BHP Buyout Bolsters Long-Term Outlook for BP Stock

Kevin Curran

"In 2018 we invested $12 billion of organic capital, underpinned by continued gains in execution performance, great delivery from the team and thereby creating the space for the BHP transaction," BP Upstream CEO Bernard Looney said. This proved overly cautious," J.P. Morgan analyst Christyan F. Malek said. The high cost of the deal did raise questions shortly after its close, as the closure on November 1 saw oil prices on the WTI crude decline from around $67 per barrel to around $40 per barrel on Christmas Eve.