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BHP Billiton to Cut Onshore US Rig Count by 40%

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   |    Wednesday,January 21,2015

BHP Billiton has announced that it plans to cut the number of rigs targeting US shale oil by approximately 40%, according to multiple reports.

Source : BHP Presentation  May 2014 /

The company will cut its rig count from 26 to 16 by mid-year 2015. BHP cited weak oil prices as the reason for the decrease. However, the company noted that increased drilling efficiencies will cushion the blow from the rig cut.

Currently, the company's pressure pumper is Schlumberger Ltd.

BHP Billiton Chief Executive Andrew Mackenzie commented: "The revised drilling program will benefit from significant improvements in drilling and completions efficiency."

Currently, the company holds assets in the Fayetteville, Haynesville, Bossier, Eagle Ford and Permian plays. The company has noted that it will continue limited HBP drilling in the Permian.

The company has yet to release its capital budget for 2015. In 2014, BHP spent $4.0 billion on development.

To learn more about BHP's development, see below:

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