BHP Billiton Limited (ADR) (NYSE:BHP) is looking to exit the U.S. shale business.
The announcement was made by BHP Billiton Limited (ADR) during its earnings report for its fiscal fourth quarter and full year of 2017. The company says that it considers the shale business to be “non-core.” It also notes that it is looking to “exit these assets for value.”
“We have classified our onshore U.S. as non-core,” Andrew Mackenzie, CEO of BHP Billiton Limited (ADR), said during the earnings call transcribed by Seeking Alpha. “However, with value as our guide, we will be patient as we pursue options to exit our position.”
BHP Billiton Limited (ADR) says that it still has plans for its U.S. shale business while it waits for a sale. This includes completing “well trials, acreage swaps and assess midstream
solutions to increase the value, profitability and marketability of our acreage.”
BHP Billiton Limited (ADR) earnings report for its fiscal full year of 2017 saw it post earnings per share of $1.27 on revenue of $38.29 billion. This is better than the company’s earnings per share of $1.04 on revenue of $30.91 billion from the same period of the year prior.
BHP Billiton Limited (ADR) also announced its dividend for the fiscal year of 2017. The company is handing out a dividend of 43 cents per share for holders of BHP stock. This dividend will be payable on Sept. 26, 2017 to shareholders on record as of Sept. 8, 2017. The dividend for the same period prior was 14 cents per share.
BHP stock was up 1% as of Tuesday morning and is up 16% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.