I am not certain that it shows that BHP needs the cash. I think it shows that BHP believe that another partner may find more value in the asset than BHP. IF WPL can do something with it, then it becomes income for BHP, currently the fields are not generating any ROI at all. By selling down, the potential for ROI increases. (Remember that BHP has only sold 50% of their stake - so they still see value in the asset, If BHP needed cash, they would have sold 100% to WPL)
HT1
Ann: Woodside agrees to acquire half of BHPB's Scarborough assets,BHP-WPL.AX, page-8
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