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BHP Billiton announces plans to exit US Lower 48
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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 17 images and tables including:
- BHP US Lower 48 production outlook
- BHP US Lower 48 cashflow and capex outlook
- BHP Billiton's US Lower 48 portfolio
- BHP Billiton announces plans to exit US Lower 48: Image 3
- BHP International production outlook
- BHP International cashflow and capex outlook
- 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
What's included
This report contains:
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