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12 Pages

BHP Billiton announces plans to exit US Lower 48


BHP Billiton announces plans to exit US Lower 48

Report summary

BHP Billiton's planned exit from the US Lower 48 flies in the face of industry trends. Operators that have built prime growth portfolios in unconventionals, tight oil in particular but gas too, are the envy of the ‘have nots’. The ‘haves’, like BHP Billiton, typically look to high grade and expand, taking advantage of economies of scale and technological know-how.

Besides being prompted by activist investor Elliott Advisors, BHP Billiton’s motivation to sell is driven by a need for greater focus across its diversified commodities business, and a desire to realise value from assets which would be more highly prized by others. The US Lower 48 currently represents less than 10% of the conglomerate’s entire Enterprise Value.


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  • BHP Billiton announces plans to exit US Lower 48 PDF - 915.68 KB 12 Pages, 2 Tables, 15 Figures

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

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  • Executive summary
  • BHP calls time on US Unconventionals
  • US Lower 48 portfolio: what is up for grabs?
  • US Lower 48 portfolio monetisation options
  • What does this mean for BHP's remaining E&P business?
  • Appendix:
    • BHP global upstream portfolio summary
    • US Lower 48 portfolio benchmarking
    • US Lower 48 asset benchmarking

In this report there are 17 tables or charts, including:

  • Executive summary
  • BHP calls time on US Unconventionals
  • US Lower 48 portfolio: what is up for grabs?
    • BHP US Lower 48 production outlook
    • BHP US Lower 48 cashflow and capex outlook
    • BHP Billiton's US Lower 48 portfolio
  • US Lower 48 portfolio monetisation options
    • BHP Billiton announces plans to exit US Lower 48: Image 3
  • What does this mean for BHP's remaining E&P business?
    • BHP International production outlook
    • BHP International cashflow and capex outlook
  • Appendix:
    • Strategic fit of upstream regions
    • BHP production profile
    • BHP cashflow and capex outlook
    • US Lower 48 Production CAGR (2018 – 2025)
    • US Lower 48 capex / boe
    • US Lower 48 new project returns
    • Delaware Northern Reeves breakeven & IRR
    • Eagle Ford Karnes Trough breakeven & IRR
    • Haynesville Caspiana Core breakeven & IRR
    • Fayetteville Enders Fault breakeven & IRR
    • BHP Billiton's International portfolio summary
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