BHP Billiton Foundation announced Tuesday its financial support for two new global projects launched at an event held in Washington DC.
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The business could fetch around $10 billion, two banking sources said.
The move comes only five months after President Donald Trump signed an executive order undoing the previous Administration’s Clean Power Plan.
The US administration will review federal plan to protect the dwindling population of greater sage grouse in 11 western states.
Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement.
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.
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.
The world’s largest miner announced Friday a roughly $7.2 billion pretax charge against its U.S. onshore energy assets
The gloomy outlook comes as the International Energy Agency predicts crude oil won't reach $80 a barrel until at least the end of the decade.
More than a dozen energy companies have been pressing U.S. authorities to lift the nation's four-decade moratorium on oil exports.
The agency believes U.S. tight oil supply will sink by nearly 400,000 barrels a day in 2016.
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.
The government also published a list of answers to common questions about crude exports, providing guidance in a matter plagued by confusion.
The stock closed in Sydney below the $30 mark, which is the lowest it has traded in the last five years.