The sale represents a major turnaround for
BHP has been one of the biggest player in the Eagle Ford — at one time in 2012 it had 42 drilling rigs running on its acreage, which spread across
BHP went big into
But the Australian mining company took a big hit during the recent oil bust, writing down the value of its shale assets by $7 billion two years ago. It now considers the shale game too risky when weighed against its traditional mining holdings. BHP announced its plans to sell the assets last year.
BHP also is selling its
BHP was one of several companies with buyer’s remorse after spending big for shale assets when oil was priced at more than $100 a barrel, said
“In retrospect, companies do better when they focus on something rather than try to do everything,” Molchanov said.
The sale includes 83,000 net acres in the oil-rich
To help appease investors,
Since the BHP deal is cutting into
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