Thanks to an improved portfolio, BP earns a narrow moat.
BP is acquiring BHP’s U.S. onshore unconventional assets for $10.5 billion. Although the deal looks a bit pricey, it fills a hole in the company’s portfolio and opens an additional avenue of liquids growth. BP is also better suited today to manage the portfolio than it was a few years ago after separating its U.S. onshore business and improving performance. We plan to incorporate the transaction into our model, but do not anticipate a material change to our fair value estimate. Our no-moat ratin...
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