BHP quits US shale as annual profit surges

Sydney

BHP Billiton, the world's largest miner, reported a surge in underlying full-year profits on Tuesday and said that it would exit its underperforming US shale oil and gas business, pleasing disgruntled shareholders who had called for a sale.

The Anglo-Australian mining giant, which is under pressure from US hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns, was buoyed by a recovery in industrial commodities markets.