BHP Billiton, the world’s largest mining company, has finally decided to exit the shale energy industry entirely. In a recent statement, BHP Billiton has asked four investment banks to assist in either selling or spinning off its underperforming U.S. shale oil and gas assets. Unfortunately, for BHP, the company sunk nearly $50 billion on its shale assets and will be lucky to receive $10 billion.
Something must have changed at corporate headquarters because the company stated last month that they were considering selling their shale assets over the next two years. However, the company now wants to make a decision and get the ball rolling by early 2018. So, there seems to be a motivating factor to unload their shale assets sooner than later.
What a change in the company’s strategic position from just a year ago when they decided to stick with their U.S. shale assets for the long haul. According to the article published in October 2016, BHP Billiton Bets Long On Its Shale Assets:
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