BP acquired Petrohawk Energy Corporation, the wholly-owned subsidiary of BHP which holds the portfolio of world-class unconventional oil and gas assets, from BHP Billiton for $10.5bn. "This is a major upgrade for one of BP's key Upstream regions, giving us some of the best acreage in some of the best basins in the onshore US. I believe our dynamic, highly-efficient team will be able to unlock the full potential of these assets. This will increase our target for free cash flow from the Upstream by $1bn, to $14-15bn in 2021, and provide opportunities for continuing growth well into the next decade." Bernard Looney, BP's Upstream chief executive.