BHP to sell petroleum business to Woodside
World’s biggest miner, BHP Group said on Tuesday it will sell its petroleum assets to Woodside Petroleum after being under increasing pressure to trim its fossil fuel exposure.
According to the deal, Woodside will be owned 52 percent by existing shareholders and 48 percent by BHP shareholders.The companies said that they expect annual savings more than US $400 million a year.
“With the combination of two high quality asset portfolios, the proposed merger would create the largest energy company listed on the ASX, with a global top 10 position in the LNG industry by production,” said the companies in a statement.
BHP also posted its annual profit which rose to US $17.01 billion from $9.06 billion last year. They said they will payLN a final dividend of US $2 per share.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
Enbridge Pipeline Says Wisconsin Oil Spill’s Cleanup in Progress
Wall Street Weighs ‘Hawkish Cut’ While Tech Shines: Markets Wrap
Oil Rises as Possible Iran, Russia Sanctions Temper Glut Outlook
China’s Weak Winter LNG Demand Provides Relief for Rival Buyers
Oil Edges Higher Ahead of US Inflation Figures and OPEC Report
Oil Slips as Glut Outlook Outweighs Optimism on China Stimulus
Oil Edges Higher as Traders Weigh Fallout From Syrian Upheaval
China’s Solar Industry Looks to OPEC for Guide to Survival
Five Key Charts to Watch in Global Commodity Markets This Week
