Oct. 17 (UPI) -- British energy major BP said Monday it will acquire U.S.-based Archaea Energy Inc. as part of its effort to build up its portfolio in what it sees as responsibly sourced natural gas.
Archaea, which has headquarters in Houston, is getting bought out by BP for around $4 billion in cash, with the British energy giant covering another $800 million in net debt. For BP, the move expands its so-called renewable natural gas business included as part of its strategic focus on a greener portfolio.