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BHP Billiton to sell US shale business

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Mining giant BHP Billiton will sell its US shale assets after pressure from shareholders to offload the underperforming business. The miner said a number of parties are interested in the assets and it is "actively pursuing options to exit". Shareholder Elliott Management has campaigned for strategic changes at BHP including the sale of its shale operations. It comes as the company reported $5.89bn (£4.56bn) annual net profit. BHP said on Tuesday that it deemed the shale business "non-core" and was exploring options to offload the assets. Chief executive Andrew Mackenzie said a number of parties are interested in acquiring its onshore US oil and gas operations, but would not name the price the company is seeking for the assets. BHP's entry into US shale came at the peak of the fracking boom in 2011. A slump in oil prices slugged the business and forced a $7.2bn writedown last year.

About the author

Philip Scott

Head of Equities, Director

Philip has worked as a Private Client Stockbroker for nearly 20 years, commencing his career in Operations with Rensburg Sheppards (now part of Investec plc) before spending 9 years with Killik & Co advising on and directly managing portfolios. He joined SI Capital in 2006 to head up the Private Client Advisory desk.

Philip is a regular contributor to local media commenting on stock market dynamics and is a Chartered Member of the Chartered Institute for Securities & Investment (MCSI). His RDR qualification gained special recognitionfrom the CISI for achieving the highest combined pass mark in the country for the Investment Advice Diploma in 2012.

“At SI Capital I enjoy being part of a talented team who collectively share the same desire to provide excellence in service.  My focus is to ensure that each client receives effective and optimal management of their assets.”

Philip lives locally, is married with 2 daughters and is an avid sports fan (if now predominantly from the sidelines).  His other interests include music and film.

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