“We have a strong sense of urgency,” chief executive Andrew Mackenzie told reporters following the company’s annual general meeting in Melbourne.
Shale Gas Mining News
Representatives from Elliott have in the last month met with major BHP investors based in London, South Africa and Australia to lay out the activist fund's arguments for an overhaul of the miner.
BHP Billiton Foundation announced Tuesday its financial support for two new global projects launched at an event held in Washington DC.
The business could fetch around $10 billion, two banking sources said.
It's tempting to think that BHP Billiton has caved into demands by activist investor Elliott Advisors by agreeing to sell its U.S. onshore oil and gas business and by boosting the returns to shareholders.
The move comes only five months after President Donald Trump signed an executive order undoing the previous Administration’s Clean Power Plan.
Value added brought by the mining sector grew by more than 21% in the first three months of the year — the largest increase since the fourth quarter of 2014.
The US administration will review federal plan to protect the dwindling population of greater sage grouse in 11 western states.
Corsa Coal’s Acosta Deep mine, to begin operations in June, will create about 600 jobs.
During the mining trial done at a depth of 4,153 feet, engineers extracted each day around 16,000 cubic metres of gas, with methane content of up to 99.5%.
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.
The miner said decision was unrelated to Elliott Management's call earlier this month to unlock shareholder value by spinning off about $22 billion of BHP's US oil assets.
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.
Net profit was $3.2bn for the six months to December 31, compared with a loss of $5.7bn in the same period a year earlier.
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.
Despite a spike in coal prices last year and promises of better times ahead for the sector by President-elect Donald Trump, the US coal industry will face further hardship this year, a new report argues.
The Obama administration has called for a broad array of reforms to its coal-leasing program, including royalty rates increases.
The agency said such statement, however, cannot become a “national, systemic conclusion” about the impacts of the oil and gas extraction method.
Regulators argue the undisclosed liabilities increase the probability that the state will be left with claims under the surface-mining and other environmental laws.