Insight
BHP Billiton announces plans to exit US Lower 48
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- 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?
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Appendix:
- BHP global upstream portfolio summary
- US Lower 48 portfolio benchmarking
- US Lower 48 asset benchmarking
Tables and charts
This report includes the following images and tables:
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BHP US Lower 48 production outlookBHP US Lower 48 cashflow and capex outlookBHP Billiton's US Lower 48 portfolio
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BHP Billiton announces plans to exit US Lower 48: Image 3BHP International production outlookBHP International cashflow and capex outlookStrategic fit of upstream regionsBHP production profileBHP cashflow and capex outlookUS Lower 48 Production CAGR (2018 – 2025)US Lower 48 capex / boeUS Lower 48 new project returns
- 5 more item(s)...
What's included
This report contains:
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