Insight
Billions for BHP: a valuation of the conglomerate's US Shale assets
Report summary
BHP has announced it plans to exit the US shale business. The position on the chopping block would provide the desired scale for a new entrant or be a nice inventory addition for an existing player. The assets include low-cost inventory and growth potential in the Permian, Eagle Ford, and Haynesville plays. While the Fayetteville has attracted minimal capital investment recently, it could be the perfect 'deal sweetener' as a part of a larger package for the right buyer. The Lower 48 assets expect to be cash flow positive in 2018, assuming at least an US$55/bbl WTI oil price, which should be revered by the investment community. Cash flow generation from the Fayetteville and Eagle Ford is funding growth in the Permian position.
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