BHP Billiton Ltd. (NYSE: BHP), which is based in Australia but has its petroleum unit based in Houston, is working on options to exit its onshore U.S. business.
BHP entered the U.S. shale market in a series of acquisitions totaling about $20 billion in 2011, according to Fortune. Analyst have indicated the business now could sell for around $10 billion, BBC News reports.
“As I have said previously, the shale acquisitions were poorly timed, we paid too much, and the rapid pace of early development was not optimal,” CEO Andrew Mackenzie said on the conference call. “When we entered the industry, our objective was to leverage our systems and scale, become an industry leader and then replicate the opportunity around the world. However, following a global endowment study, it became apparent that opportunities to replicate U.S. shale oil elsewhere did not exist.”Click HERE to read more ...