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BHP Cuts Rig Count by 22% in Q1; Talks Plans for Near-Term Asset Sales
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BHP Billiton reported its operational review for the nine months ending March 31, 2018.
Highlights:- Total petroleum production for the nine months ended March 2018 decreased by -8% to 143 MMboe. Guidance for the 2018 financial year remains unchanged at between 180 and 190 MMboe.
- Planned Asset Sales: The exit process for our Onshore US assets is progressing to plan and the data rooms for all fields and mid-stream assets are now open. We expect to receive bids by June 2018 and proceed with negotiations to potentially announce one or several transactions in the first half of the 2019 financial year. In parallel, we continue to explore potential asset swap opportunities and exit via demerger or Initial Public Offering.
- Rig Count Decline: Onshore US drilling and development expenditure…
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