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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BHP Group Plc | NYSE:BBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.18 | 0 | 01:00:00 |
By Rhiannon Hoyle
Higher oil prices and U.S. tax reform are encouraging interest in the shale operations BHP Billiton is looking to sell, and bids are expected from suitors in the coming weeks, Chief Executive Andrew Mackenzie said Tuesday.
BHP, the world's largest listed miner by market value, said last year it planned to offload its U.S. onshore energy business, and Mr. Mackenzie said Tuesday the company was making good progress with its exit.
"We have timed it well. The environment is supportive," he said at an industry conference in Florida.
Oil trades at a multiyear high, underpinned by signs that major oil producers are committed to reducing supply. Turmoil in the Middle East and U.S. trade sanctions against major oil producer Iran have also supported oil prices.
BHP's decision to put the business up for sale followed months of campaigning by Elliott, the New York hedge fund that questioned the fit of its shale business with its main units that mine iron ore, copper and other minerals. The company holds more than 838,000 acres in shale-rich U.S. regions.
Mr. Mackenzie also said higher prices for commodities including coal and iron ore increased BHP's return on capital employed to roughly 14% from about 2% two years ago.
He said BHP still aimed to achieve a further $2 billion in productivity gains by mid-2019, at a time when rising costs are expected to start pressuring margins. The company has recorded roughly $12 billion in improvements since 2012, when falling prices sparked a race to reduce costs and make mines more efficient.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
May 15, 2018 10:24 ET (14:24 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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