The move comes only five months after President Donald Trump signed an executive order undoing the previous Administration’s Clean Power Plan.
Fracking Mining News
US activist investor steps up pressure on BHP to ditch petroleum. Mackenzie says company already knows what to do to lift value by 50% and double return on capital.
Move comes on the heels of calls from shareholders including activist investor Elliott Management and Australia’s Tribeca Investment Partners for a change of BHP's corporate structure.
The miner faces another shareholder revolt as Australia’s Tribeca has joined calls by US activist investor Elliott Management for an exit from shale to free up capital.
They're pressing the company not only to accept a proposal by activist investor Elliott Management to spin off its US petroleum business, but to fully demerge all of its oil and gas assets.
Activist investor Elliott's proposals to break up BHP are riddled with “major flaws” and could end up costing far more to implement than they would save, the company said.
Analysts expect BHP to argue that a demerged petroleum business would need to fund offshore growth projects by raising debt. It may also contend that a stand-alone division won’t have the same ability to defer production until oil prices improve.
Company says the associated risks of spinning off about $22 billion of its US oil assets and listing them in New York would significantly outweigh any potential benefits.
He has instruct has ordered the Environmental Protection Agency (EPA) to review and rewrite it.
US President Donald Trump has outlined his goals in terms of energy and mining, leaving out specifics about how exactly he aims to achieve them.
The agency said such statement, however, cannot become a “national, systemic conclusion” about the impacts of the oil and gas extraction method.
He said he had intended to announce his retirement last year but chose to stay on while BHP dealt with the aftermath of the Samarco mine disaster in Brazil.
BHP is not the first major player to flag green shoots in the mining industry. Caterpillar, the world's largest heavy machinery maker, said the same last month.
The company believes the market is set to move back into balance in 2017, with demand to exceed global supply.
While the province says the proposed ruling will cut red tape, environmental groups claim it doesn't do enough to prevent mining on privately protected lands.
The world’s largest miner announced Friday a roughly $7.2 billion pretax charge against its U.S. onshore energy assets
Research shows campaigns to ban fracking are widespread.
The world's No.1 miner will continue boosting its iron ore output, adding to a global glut and keeping pressure on prices.
With this impairment BHP will have written down its oil and gas business by more than $4 billion since 2011.
Already battered by increasingly onerous regulations on pollution from power generation, U.S. coal miners are now suffering the impact of cheap natural gas on the industry.
But findings could have been limited due to insufficient amount of data and the presence of other possible contaminates that made it impossible to conclude fracking's effects on certain areas, says EPA.
Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Plc said.
The updated regulations, in the works since 2012, set standards for wells and disposal of wastewater. They also require disclosure of chemicals used.
Five million litres of wastewater will be disposed at the Brookfield-based plant following a successful pilot project earlier this spring.
The National Energy Board said Kinder Morgan can conduct survey work at Burnaby Mountain, despite opposition from the city.