Subscribe free to our newsletters via your
  Oil and Gas News from OilGasDaily.Com  




Subscribe free to our newsletters via your




















OIL AND GAS
BHP Billiton looking to unload its U.S. shale portfolio
by Daniel J. Graeber
Washington (UPI) Aug 22, 2017


An Australian energy giant said its assets in the U.S. waters of the Gulf of Mexico were promising, but said capital restraints meant it was leaving shale behind.

The company, the largest miner in the world, reported profits for the year ending June 30 at $5.89 million, a dramatic rebound after a $6.39 billion loss for the previous period. CEO Andrew Mackenzie said free cash flow of $12.6 billion was its second-highest on record and gains from net productivity came from a "simpler portfolio."

Onshore U.S. production for the Australian energy and mining giant was expected to decline because the development of new activity won't be enough to offset natural decline from existing assets.

"We have determined that our onshore U.S. assets are non-core and we are actively pursuing options to exit these assets for value," a company statement read.

In April, BHP dismissed a push by managers at hedge fund Elliot Associates and Elliot International, which hold minor shares in the company, to split off its U.S. oil division in order to unlock tens of billions of U.S. dollars in shareholder value.

Capital geared toward exploration and production was reduced last year, though the company said its spending efforts would increase next year as its focuses on offshore opportunities. The company holds a 23.9 percent stake in the Mad Dog project in the U.S. waters of the Gulf of Mexico, a program controlled by British energy company BP. Production by 2022 is expected to be around 140,000 gross barrels of crude oil per day.

Tyler Broda, an analyst with RBC Capital Markets, said cash flow came in better than expected for the company, adding the decision to leave its U.S. shale assets behind with a good one.

"The sale is also aligned with Elliott's recent activism, which we see as a sign that BHP is willing to engage shareholders," he said in an emailed assessment of BHP's results.

In other segments, the company said earlier this month it was investing tens of millions of dollars on a nickel sulphate operation to capitalize on the momentum for electric vehicles. Batteries used in electric vehicles are made with nickel.

Identified once as a non-core asset, the company said it was shifting gears toward the production of battery minerals in a multi-million dollar overhaul.

"We see huge potential in electric vehicles," the company said.

OIL AND GAS
Discovery could lead to new catalyst design to reduce nitrogen oxides in diesel exhaust
West Lafayette IN (SPX) Aug 21, 2017
Researchers have discovered a new reaction mechanism that could be used to improve catalyst designs for pollution control systems to further reduce emissions of smog-causing nitrogen oxides in diesel exhaust. The research focuses on a type of catalyst called zeolites, workhorses in petroleum and chemical refineries and in emission-control systems for diesel engines. New catalyst desi ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Potato waste processing may be the road to enhanced food waste conversion

Mexico's prickly pear cactus: energy source of the future?

Additive selectively converts CO2 to multicarbon fuels

New light-activated catalyst grabs CO2 to make ingredients for fuel

OIL AND GAS
Deep-UV probing method detects electron transfer in photovoltaic devices

Midsummer receives two new orders for its DUO thin film solar cell manufacturing system

The power of perovskite

China's solar panels shine spotlight on North Korea trade

OIL AND GAS
Wind energy blows up storm of controversy in Mexico

U.S. extends wind energy taproots into Zambia

Night vision for bird- and bat-friendly offshore wind power

Norway's Statoil reshapes hold of giant wind farm off the British coast

OIL AND GAS
UAE nuclear programme edges toward 2018 launch

129I waste used to track ocean currents for 15,000 km after discharge from nuclear plants

Analysis highlights failings in US's advanced nuclear program

Clashes at anti-nuclear demo in France

OIL AND GAS
Incomplete drought recovery may be the new normal

Heat map showcases extreme temperatures in Southern Europe

UNEP chief urges China to do more on climate

Warm periods in the 20th century are not unprecedented during the last 2,000 years

OIL AND GAS
Merkel wants to 'restore trust' in diesel after scandal

China's Great Wall Motor plans Fiat Chrysler purchase

Uber's ousted CEO calls investor lawsuit unfounded

Uber bows to Philippines suspension after show of defiance

OIL AND GAS
Iran general slams Iraq referendum plan during Erdogan talks

Iraq readies to retake another IS bastion: officials

Canada to contribute policing to liberated Iraq city

Conviction, sentences upended in Blackwater case

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement