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
Add BT as a preferred sourceMelbourne
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 billion in the six months to Dec 31 from US$2.1 billion a year ago, the Melbourne-based company said on Wednesday. BHP will cut the number of active rigs to 16 from 26 by July, it said.
TRENDING NOW
Singapore at 61: How we can ensure opportunity, security and ownership for the next generation
With tech for fact-checking to cancer care, Singapore startups aim beyond home
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Why Asean matters more than ever to the UK and Singapore
