BHP on Track to Exit US Shale
Australian mining and petroleum firm BHP said July 18 that it has received bids for its US shale assets that the company has put up for sale.
“The exit process for onshore US is progressing to plan. Bids have been received and we aim to announce one or more transactions within the coming months, targeting completion of any transactions by the end of the 2018 calendar year,” it said.
BHP announced the plan to divest it US shale assets last August terming them "non-core". The company holds more than 838,000 net acres in four major US shale areas – Eagle Ford, Permian, Haynesville and Fayetteville – where it produces oil, condensate, gas, and natural gas liquids. The Black Hawk area of Eagle Ford and the Permian area are its two largest liquids-focused field developments.
Meanwhile BHP’s gas production during the 12-month period that ended June 30, 2018 was 636bn ft3 (1.74bn ft3/d), down 5% year on year.
That included 377bn ft3 of conventional gas output, down 4% year on year, while its US gas production was 259bn ft3, down 6%.