BHP said on Wednesday it would double the number of onshore US shale rigs, despite a major shareholder pushing for the commodities giant to divest its US oil and gas assets.
The Anglo-Australian firm said in an annual operational review ending June 30 that it increased the rig count to five during the April-June quarter, with plans to boost that to 10 in the 2018 financial year.
The ramp up came even as BHP said it would sell noncore shale assets in Hawkville, Texas, in the September quarter.
New York-based Elliott Advisors, a significant shareholder in the company, is pushing for BHP to restructure the business, including spinning off its US oil and gas operations and dissolving its costly dual stock market listing.
The world’s biggest miner rejected Elliott’s proposal in April, while Canberra has warned that removing BHP from the Australian Stock Exchange was not in the national interest.
https://www.businesslive.co.za/bd/companies/2017-07-19-bhp-plans-to...
Tags: BHP
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In researching the decades-old Tuscaloosa Trend and the immense wealth it has generated for many, I find it deeply troubling that this resource-rich formation runs directly beneath one of the poorest communities in North Baton Rouge—near Southern University, Louisiana—yet neither the university ( that I am aware of) nor local residents appear to have received any compensation for the minerals extracted from their land.
This area has suffered immense environmental degradation…
ContinuePosted by Char on May 29, 2025 at 14:42
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