SYDNEY—BP PLC will buy the bulk of BHP Billiton Ltd.’s U.S. onshore oil-and-gas unit for $10.5 billion, as the U.K. oil major rebuilds in the U.S. after the Deepwater Horizon disaster and BHP exits a business it has called a costly and mistimed investment.
The sale accelerates a reshuffling of assets among global energy companies as oil prices surge to levels not seen since 2014. Chesapeake Energy Corp. said Thursday it is selling oil-and-gas fields in Ohio for $2 billion, while Royal Dutch Shell PLC has nearly completed...