BP Is Front-Runner to Buy BHP's U.S. Shale Unit

BP Plc has emerged as the front-runner to buy BHP Billiton Ltd.’s onshore oil and gas operations in the U.S., according to a person familiar with the matter. The London-based oil major has made the highest offer for the assets, which BHP prefers selling in a single package, said the person, who asked to not be identified because the matter isn’t public. The Australian mining conglomerate, based in Melbourne, received initial offers about two months ago from BP, Chevron Corp. and Royal Dutch Shell Plc, among others, people familiar with the matter said in June.