BHP's shale for sale
The mining company will bow out of its US shale venture after pressure from activist investors
BHP Billiton's shale business has been in the crosshairs for months. Elliott Management, an asset manager and activist investor that has built up a 5% stake in BHP, has been agitating for management to cut the US onshore oil and gas business loose. It even set up a website, fixingbhp.com, where it argues the company has burned through some $23bn of investor money in its "ill-fated foray into US shale". Now management is buckling to investor demands and says it will start shopping around its shale assets, which includes acreage in the Haynesville and Fayetteville gas plays and in the Eagle Ford and Permian tight oil fields. Andrew Mackenzie, the company's boss, played up the business, saying
Also in this section
8 May 2024
Despite Australia’s first import terminal nearing completion, the prospect of additional regasification projects is far from certain
7 May 2024
Ample stocks and a soft demand outlook will limit how much LNG Europe can import this year
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies