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
08/25/201601:20:00Miner South32 Posts Full-Year Loss
08/19/201600:10:00Asian Shares Down, Though Higher Oil Prices Lift Energy Stocks
08/17/201606:04:55Report of Foreign Issuer (6-k)
08/17/201606:04:43Report of Foreign Issuer (6-k)
08/17/201603:03:00BHP Slides to Big Full-Year Loss -- WSJ
08/16/201608:40:00BHP CEO Says Prepared to Mothball Jansen Project
08/16/201604:10:00BHP Billiton Reports Worst-Ever Annual Loss
08/16/201603:03:00Miners Step Up Debt Payments -- WSJ
08/16/201602:51:00BHP Billiton Records Deep Annual Loss; Cuts Dividend
08/15/201609:47:00Commodity Prices Boost Miners' Efforts to Unload Mountain of...
08/12/201603:43:00Rio Tinto Iron-Ore Chief Attacks Australian Lawmaker's Proposed...
08/11/201601:20:00Newmont Sees Dividends Rising, Provided Gold Prices Cooperate
08/10/201606:13:56Report of Foreign Issuer (6-k)
08/01/201603:41:00Australia Stocks End Higher, Led by Commodity Shares
08/01/201603:03:00Rio Tinto Mines Recovering Prices -- WSJ
07/30/201605:59:00Rio Tinto Has Bounced Back on Stronger Prices for Minerals
07/28/201619:18:00Correction to Billiton Brazil Dam Article
07/28/201608:58:00Brazil's Vale Profit Declines 34%
07/28/201606:26:00Brazil's Vale 2Q Net Profit Declines 34% At $1.1 Billion
07/28/201606:21:44Report of Foreign Issuer (6-k)

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 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad