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BHP Billiton takes £5bn writedown on US oil assets as price slump takes toll

Discussion in 'Market News' started by Lily, Jan 15, 2016.

  1. Lily

    Lily Forum Member

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    The global mining company was forced to act after the dramatic plunge in the oil price left its expensive US exploration business weighing on the bottom line

    BHP Billiton has been forced to write down the value of its onshore American oil and gas assets by more than 30% as it factors in the slump in crude oil prices.

    The company said on Friday that it expected to take an impairment charge of £5bn ($US7.2bn or $A10.3bn) in its half year results, its second writedown on its US oil and gas assets in six months.

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