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.
Shale Gas Mining News
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.
The deal includes a 17% interest in the Port Kembla Coal Terminal, south of Sydney.
Peabody circulated a term sheet last week that implied the first lien debt would be impaired, prompting an organizational push, MINING.com has learned.
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.
Not even counting the $7.7 billion in write-downs and charges, BHP’s underlying profit dropped by a painful 81% to $1.2 billion for the year to June.
The coal giant also said it would review its assets in Australia to run a smaller but "more profitable" basis.
Alpha, which filed for bankruptcy in August last year, is scheduled to ask a federal judge Thursday to approve its exit plan despite objections to it.
Report claims that Walter Energy, Patriot Coal, Alpha Natural Resources, Arch Coal and Peabody Energy also allocated more than half a billion dollars for top executives salaries in decade before going bankrupt.
It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.
Strategic shift comes as the world's biggest miner tries to regain investors' confidence.
This is the third time in a month the U.S. coal miner downsizes its workforce.
The new mineral processing technique also makes the extraction environmentally friendly.
The freeze on new leases for coal mined from federal lands is part of a sweeping review of the federal coal plan.