You are here

BHP to cut US shale capex by 40% as oil, iron ore prices slump

Melbourne-based company says it will continue to review spending and could make additional cuts
Thursday, January 22, 2015 - 05:50

Melbourne

BHP Billiton Ltd, the biggest overseas investor in US shale, will cut the number of its rigs there by about 40 per cent as plunging petroleum prices add to concerns about lower iron ore earnings.

Drilling and development spending on US onshore oil and gas fell to US$1.9