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SYDNEY—BP PLC will purchase the majority of BHP Billiton Ltd.’s U.S. onshore oil-and-gas unit for $10.5 billion, because the U.Ok. oil main rebuilds within the U.S. after the Deepwater Horizon catastrophe and BHP exits a enterprise it has known as a pricey and mistimed funding.

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The sale accelerates a reshuffling of belongings amongst international vitality corporations as oil costs surge to ranges not seen since 2014. Chesapeake Vitality Corp. mentioned Thursday it’s promoting oil-and-gas fields in Ohio for $2 billion, whereas Royal Dutch Shell PLC has almost accomplished…

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