BP Piles Up Oil Assets as CEO Dudley Says Worst Over for Company

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Source: Bloomberg 20 December 2016

BP Plc is piling up assets with more than $3 billion of deals in three days as Chief Executive Officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump.

In a further sign of confidence, BP this month approved the $9 billion expansion of its Mad Dog deepwater project in the Gulf of Mexico, not far from the site of the oil spill. It also backed an $8 billion expansion of the Tangguh project in July.

BP says it can cover spending and dividends without having to borrow at a price of $50 to $55 a barrel next year.

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