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BHP iron-ore output up, FY copper guidance trimmed

By: Esmarie Iannucci     17th October 2018 Diversified giant BHP has reported increases in copper and iron-ore production during the three months to September, while petroleum and coal production fell. Iron-ore production for the three months to September was up by 10% on the previous corresponding period, to 61-million tonnes of ore,... 

BHP sells onshore US assets for $10.8bn

By: Esmarie Iannucci     27th July 2018 Mining major BHP has struck deals to divest of its onshore US oil and gas assets for $10.8-billion in cash. BP American Production Company, a subsidiary of energy major British Petroleum (BP), has agreed to acquire all of the issued share capital of Petrohawk Energy Corporation, which holds the... 

BHP to open data rooms for US shale fields, deals may be announced before year-end

By: Mariaan Webb     20th February 2018 Mining giant BHP will open the data rooms for its onshore US assets next month, the group said on Tuesday, as it confirmed that deals may be announced before the end of this year. Under pressure from activist investors, including Elliott Management, to get out of the shale business that it... 

BHP is said to mull shale split to speed $10bn sale

By: Bloomberg     1st February 2018 BHP Billiton, seeking to accelerate the sale of its US shale unit, is prepared to offer the assets in as many as seven packages, including three in the prized Permian Basin, according to people with knowledge of the producer’s plans. The world’s biggest miner continues to favour a sale of the... 

BHP cuts coking coal, copper guidance, narrows iron-ore range

By: Esmarie Iannucci     26th April 2017 Diversified major BHP Billiton on Wednesday lowered its metallurgical coal and copper production targets, narrowed its iron-ore guidance and said that it plans to sell some noncore US shale gas acreage. The mining major reduced its metallurgical coal production guidance for the 2017 financial... 

Chesapeake Energy declares ‘propageddon’ with record shale frack

By: Bloomberg     21st October 2016 The era of the monster frack has arrived in North America, and Chesapeake Energy Corp. is singing its praises. Chesapeake said Thursday at an analyst conference that it set a new record for fracking by pumping more than 25 000 t of sand down one Louisiana natural gas well, a process the shale... 

Freeport loss doubles as low prices bite

By: Henry Lazenby     26th April 2016 US diversified miner Freeport McMoRan has booked a $3.8-billion write-down of the carrying value of its oil and gas properties, on the back of lower West Texas Intermediate prices. The company reported a net loss attributable to common stock totalling $4.2-billion, or $3.35 a share, for... 

Freeport cuts oil, gas officials as low prices, high debt weigh

By: Henry Lazenby     5th April 2016 In response to a challenging fossil fuels market, US-based miner Freeport-McMoRan has reintegrated its oil and gas business as an operating division of the parent company, doing away with four senior executives, with one remaining. NYSE-listed Freeport said that subsidiary Freeport-McMoRan Oil &... 

Weak market conditions prompt Freeport-McMoRan to look for cost cuts

By: Henry Lazenby     28th July 2015 Multinational diversified miner Freeport-McMoRan has started a comprehensive review of its mining and oil and gas businesses to target significant capital spending and operating and administrative cost cuts in response to weak market conditions for its significant products. These plans would... 

BHP warns of $2bn impairment on US gas assets

By: Esmarie Iannucci     15th July 2015 Mining giant BHP Billiton on Wednesday warned of a $2-billion after-tax impairment on the carrying value of its onshore US assets for the 2015 financial year. The miner said the gas-focused Hawkville field accounted for a substantial majority of the write-down, reflecting its geological... 

Freeport-McMoRan targets immediate commercial at Highlander discovery

By: Henry Lazenby     20th February 2015 Freeport-McMoRan Oil & Gas (FM O&G), the subsidiary of NYSE-listed Freeport-McMoRan, will immediately establish commercial production from its Highlander discovery, onshore in South Louisiana, after “highly favourable reservoir characteristics” were obtained from a production test. The test,... 

BHP maintains focus on costs, cuts US shale drilling rigs

By: Esmarie Iannucci     21st January 2015 Despite reporting record production at eight of its operations, in five commodities, mining major BHP Billiton said on Wednesday that the company would maintain its focus on reducing costs. “Our operational performance over the last six months has been strong. We are reducing costs and improving... 

BHP targets specific savings at core projects

By: Esmarie Iannucci     27th October 2014 Mining giant BHP Billiton on Monday expanded on its projected $3.5-billion productivity gains, with CEO Andrew Mackenzie explaining that the simplified portfolio would reduce operating costs and improve capital efficiency. “We are confident that our productivity drive will be accelerated by the... 

Productivity gains give BHP Billiton’s profit a lift

By: Esmarie Iannucci     18th February 2014 Mining major BHP Billiton’s half-year attributable profit rose by 31% to $7.8-billion, helped by a substantial improvement in productivity and additional volume from a brownfield investment programme, CEO Andrew Mackenzie reported on Tuesday. Underlying earnings before interest and tax increased... 

Freeport-McMoRan completes three-way business combination

By: Henry Lazenby     3rd June 2013 US miner Freeport-McMoRan Copper & Gold on Monday said it had completed the final step of its $19-billion takeover of both Plains Exploration & Production (PXP), which closed on Friday and McMoRan Exploration (MMR), which closed on Monday. NYSE-listed Freeport said the transactions added a... 

Freeport-McMoRan to acquire two explorers for $20bn

By: Henry Lazenby     5th December 2012 New York-listed Freeport-McMoRan on Wednesday said it would acquire Plains Exploration & Production and McMoRan Exploration in two separate cash-and-stock deals with a combined worth of about $9-billion, or $20-billion if assumed debt is also accounted for. The company said it had signed... 

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