toptestmotor.com
toptestmotor.com Agosto 13, 2020


BHP Billiton returns to black with $6.7 billion profit

22 Agosto 2017, 11:30 | Azura Castelo

Analysts at Deutsche Bank forecast BHP Billiton posting underlying earnings of US$20.3bn

Mining machine

Yet what most caught the market's attention was management's decision to exit its USA shale oil assets, possibly including via an IPO - following recent meetings between its new chairman, Ken Mackenzie and dozens of investors including activitist hedge fund Elliot Management.

Elliot Management and Tribeca, two fund managers, along with others have been pushing for the divestment of its shale business, along with higher returns for shareholders and eliminating the dual structured stock listings for London and Australia. The last stock price is up 10.66% from the 200-day moving average, compared to the Standard & Poor's 500 Index which has increased 0.05% over the same time period.

Chief executive Andrew Mackenzie told investors on Tuesday that all options were on the table for the under-performing USA shale activities.


The group added there were a number of parties interested in the assets, which BHP has now deemed "non-core". The company's market capitalization is GBX 72.70 billion. "And I think it's very appropriate that when we're able to do so, we reward them", Mr Mackenzie said.

Tyler Broda, an analyst with RBC Capital Markets, said cash flow came in better than expected for the company, adding the decision to leave its US shale assets behind with a good one.

The business has since seen another $US20 billion of spending, but has suffered a string of heavy write-downs, including more than $US10 billion of impairments over 2015 and 2016.


Revenue up 24% to US$38.3 billion.

The miner said that it is exploring multiple alternatives but will only sell the assets for value. Lower value acreage has already been sold.

BHP also today announced a global multi-currency bond repurchase plan - comprising of two separate transactions, one targeting certain bonds issued under BHP's United States debt capital markets programme and another targeting certain bonds issued under the Euro Medium-Term Notes Programme.


BHP Chief Executive Officer, Andrew Mackenzie, said, "This strong momentum will be carried into the 2018 financial year, with volume growth of seven per cent and further productivity gains expected". "However, with value as our guide, we will be patient as we pursue options to exit our position". "In the meantime, we will complete well trials, acreage swaps and assess midstream solutions to increase the value, profitability and marketability of our acreage". The company said it is important to develop future options, but in a disciplined way.



Otras noticias

Tendencias Ahora

The Internet Died After the Worst Death in Game of Thrones History
They were both recovering from jarring events: Dany had just lost a dragon to the Night King and Jon was almost killed by wights. On the boat back to Dragonstone, Daenerys visits Jon, who is surely suffering from the bitter cold of being soaked in icy water.

Muguruza thumps Halep in straight sets in Cincinnati final
In the women's final on Sunday, Muguruza absolutely dominated world number two Simona Halep , racing to a 6-1, 6-0 victory. Muguruza was forced to save two break points in a lengthy fourth game, leaving Halep swiping her racket in anger.

Trump praises Kim for 'wise' decision on Guam
If 60 is the high end, he said, then there "has to be an additional uranium enrichment facility to have produced that level". Last week, President Donald Trump threatened to rain down "fire and fury" if challenged by North Korea .

Triple talaq verdict ensures
Gulshan ParweenIn 2015, Gulshan Parween's husband sent her a talaqnama on a Rs 10 stamp paper when she was at her parent's home. In the Latifi case, it upheld the right of Muslim women to maintenance till re-marriage.

Broncos' Trevor Siemian appears to deliver KO punch in QB derby
General manager John Lynch said Wednesday: "I talked to him and like Reuben, big smile, said, 'I'm straight.' And, so he's good". The results of four first-half drives by the 49ers' offensive starters: punt (three-and-out), fumble, interception, fumble.

Fed's Yellen to headline annual Jackson Hole policy conference
Front-end volatilities in major currencies retain a bullish bias while on longer tenors, long-vega trades lose traction. The euro (EUR) is hovering around opening levels against the USA dollar (USD) quoted at 1.18006 on Tuesday 22nd August.

Atletico finally ready to lodge Diego Costa bid
With the rumored signings, only time will tell if any of them join Chelsea before the transfer window closes, which isn't too long from now.

BMW M5 is indeed finally unveiled
With a kerb weight of around 1465kg, the M5 managed to sprint from 0-100km/h in 6.5 seconds and reached a top speed of 245km/h. The interior focuses entirely on the driver, with absolute control under all driving conditions being the maxim.

Gerard Deulofeu, Paco Alcacer partner Lionel Messi in attack — Team News
There was a solemn feeling at the Nou Camp before and during the game with only 56,480 supporters at the 99,000-capacity arena. Ruthless Real In Coruna, Deportivo made a flying start against Real but wasted three early chances to surprise the champions.

First victims of the Barcelona terror attack named
Scraps of paper covered in notes were strewn around the flat, which had been turned upside down during the police search. Moussa Oukabir's brother, Driss Oukabir, is reported to be one of those detained.