BHP responding to Elliot...
BHP says it will sell U.S. onshore business, bowing to activist pressure
Aug. 21, 2017 7:26 PM ET|About: BHP Billiton Limited (BHP)|By: Carl Surran, SA News Editor
BHP Billiton (NYSE:BHP) +1.4% AH after announcing plans to sell off its U.S. shale oil unit, saying it is “actively pursuing" options to exit the "non-core" business.
BHP bought the U.S. oil and gas business at the height of the oil boom and has since come under pressure from investors including 5%-owner Elliott Management to spin out the division.
The news comes as BHP reports full-year results, including a 23% Y/Y increase in full-year revenue to $38.2B, missing the $38.4B analyst consensus estimate, with underlying earnings rising 45% Y/Y to $6.7B, also below expectations of $7.3B.
BHP also says the Jansen potash project will not be brought to the board during 2018, and is considering various options to maximize the project's value, including further improvements to capital efficiency and bringing in a partner.
BHP under fire from Elliot, page-20
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