ADVFN - Advanced Financial Network.
HOME» NYSE » B » BBL Stock Price » BBL Stock News

Bhp Billiton Sp Share News

 Bhp Billiton Stock Price
BBL Stock Price
 Bhp Billiton Stock Chart
BBL Stock Chart
 Bhp Billiton Stock News
BBL Stock News
 Bhp Billiton Company Information
BBL Company Information
 Bhp Billiton Stock Trades
BBL Stock Trades

CORRECT (5/14): BHP Decision Looms On US Shale Writedown -Executive

("UPDATE: BHP Decision Looms On US Shale Writedown - Exec," at 0649 GMT Monday, misstated the production forecasts in the ninth paragraph. The errors also appeared in "BHP Billiton Says Shale Has Much Faster Payback Than Offshore," at 0427 GMT Monday. The correct version follows:) --BHP to assess value of shale assets June 30 --To devote 85-90% of US onshore spending to liquids development --Says BHP Petroleum FY output guidance unchanged By Ross Kelly and Robb M. Stewart Of DOW JONES NEWSWIRES BHP Billiton Ltd. (BHP) will decide later this year on whether the slump in U.S. gas prices will force a writedown on its shale assets there, as it continues to switch its focus to developing liquids instead, a senior company executive said Monday. The company has more than 1.6 million acres across Texas, Louisiana and Arkansas after it last year bought Petrohawk Energy Corp. for more than US$12 billion in cash and paid US$4.75 billion for Chesapeake Energy Corp.'s (CHK) Fayetteville shale acreage. Some analysts have forecast the company will be forced to write down the book value of the assets after U.S. gas prices fell below US$2 per per million British thermal units this year due to a market oversupply and warmer-than-usual winter. Prices have recently edged back above US$2.00 as companies scale back output, but were hovering between $4-$5 in the first half of 2011. J. Michael Yeager, the head of the mining giant's petroleum division, said it will devote 85%-90% of spending on its U.S. onshore energy prospects to developing liquids next year to combat lower gas prices. "On the 30th of June, at the end of our fiscal year, we will have to do an accounting snapshot," Mr. Yeager told reporters, adding the analysis will include a consideration of what BHP paid for the assets, forward investment plans and costs, and the company's view on the direction of energy prices. "We will do a BHP Billiton normal process on that, and we will let the accounting fall where it may," Mr. Yeager said. The executive said BHP will spend a little less than a previously targeted US$4 billion this financial year on its U.S. onshore assets, mainly due to backing off on its gas prospects. "I think it's safe to say we'll spend more next year. Eighty five-to-ninety percent of it will be on liquids. We do need to drill a few of the gas wells to hold the large amounts of acreage," he said. To develop more liquids, BHP is switching its focus to the liquids-rich Eagle Ford and Permian shales. It is targeting the recovery of about 1.5 billion barrels of liquids, which is 500 million barrels larger than its previous target. "Eagle Ford liquids-rich wells are among the highest return and fastest payback of any BHP Billiton investment," Mr. Yeager said. The company's Eagle Ford assets are expected to reach output volumes of 300,000 barrels of oil equivalent a day, half of which will be liquids, over the next five-to-six years, Mr. Yeager said. The goal with the Permian acreage, where net production is about 80% liquids, is to reach 100,000 barrels a day, he said. Mr. Yeager said the concentration on liquids won't impact BHP's annual production guidance for the whole company of 225 million barrels of oil equivalent. "I think we'll be real, real close to that," Mr. Yeager said. -By Ross Kelly and Robb M. Stewart of Dow Jones Newswires; 612-8272-4692; ross.kelly@dowjones.com

Stock News for Bhp Billiton Sp (BBL)
DateTimeHeadline
08/20/201405:44:06LONDON MARKETS: FTSE Breaks 5-day Winning Streak After BOE Report
08/20/201405:04:07EUROPE MARKETS: Carlsberg Slumps, Vestas Rises: Europe Movers
08/20/201404:58:21EUROPE MARKETS: Carlsberg Slumps In Europe After Profit Warning
08/20/201403:52:24LONDON MARKETS: FTSE Breaks 5-day Winning Streak Ahead Of BOE...
08/19/201418:12:41ADR Shares End Mostly Higher; BHP Billiton Shares Active
08/19/201412:41:09LONDON MARKETS: U.K.'s FTSE 100 Climbs For 5th Day After Inflation...
08/19/201412:17:08EUROPE MARKETS: Maersk Lifts Stoxx 600 With 4.9% Leap
08/19/201410:45:15BHP to End Formal Links with New Spun-off Company - CEO
08/19/201407:00:04BHP CEO: Need to Consult Regulators
08/19/201406:50:00BHP Billiton CEO: Need to Consult Regulators Before Deciding...
08/19/201405:21:57LONDON MARKETS: U.K.'s FTSE 100 Climbs For Fifth Day After Inflation...
08/19/201404:50:16EUROPE MARKETS: Maersk Leads Stoxx 600 With 5% Rally
08/19/201404:30:09BHP Billiton to Spin Off Some Assets
08/19/201404:04:07LONDON MARKETS: U.K.'s FTSE 100 Climbs For Fifth Day Ahead Of...
08/18/201423:00:55Asian Shares Rally on Rate Expectations -- Update
08/18/201405:00:15LONDON MARKETS: FTSE 100 Jumps As Ukraine Tensions Ease
08/15/201412:53:22LONDON MARKETS: BHP Billiton Climbs In London Trade; FTSE Flat
08/15/201412:28:08EUROPE MARKETS: Europe Stocks Swept Lower As Ukraine Tensions...
08/15/201409:29:22EUROPE MARKETS: H&M Rises, Carillion Falls In European Trade
08/15/201407:34:26LONDON MARKETS: BHP Billiton Climbs In London Trade; FTSE 100...

Bhp Billiton Sp and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad