02 aug: Sohn vil underlægge Cibor-rente statslig kontrol - NY
03 aug: USA/Aktier: ECB skuffelse sænkede markedet
03-08-2012 03:17:00

UPDATE: BHP Takes $3.29 Billion Writedown; CEO Kloppers Declines Bonus

Relateret indhold

-- BHP to book US$2.84 billion impairment against value of some US shale assets

-- It will recognize US$450 million charge against Australian nickel assets

-- CEO Marius Kloppers and petroleum CEO Michael Yeager decline bonuses

(Recasts first paragraph, adds detail and background throughout and fund manager comment in the twelfth-thirteenth paragraphs.)

By Robb M. Stewart

MELBOURNE--BHP Billiton Ltd. (BHP) said Friday it will write down the value of U.S. shale gas and Australian nickel assets by a combined US$3.29 billion, prompting Chief Executive Marius Kloppers to decline an annual bonus in the latest sign the global resources boom has lost momentum.

BHP blamed a slump in U.S. natural gas prices for the US$2.84 billion impairment charge on the Fayetteville shale assets acquired last year, following peers such as BP PLC (BP) and Encana Corp. (ECA) that have announced big writedowns of U.S. shale deposits in the past two weeks alone.

The Anglo-Australian company said it also plans to recognize a US$450 million pre-tax charge against the value of its Australian nickel assets, where a supply glut has squeezed margins.

But in a significant move, BHP said the potential to pump oil from shale rock meant it wouldn't write down any of the U.S. assets acquired through the $12.1 billion takeover of Petrohawk Energy Corp. in August last year. That deal was BHP's biggest since Mr. Kloppers took the helm of BHP in 2007.

Mining and energy companies are being squeezed by falling commodity prices on one side and rising operating costs on the other, prompting many to reconsider investment plans to focus on trimming jobs and costs.

BHP faces shareholder pressure to defer approval of some or all of three US$10 billion-plus expansion projects before the year-end. South Africa-born Mr. Kloppers has faced criticism of overpaying to grab thousands of acres of shale assets for almost US$17 billion last year, just before prices tumbled on oversupply.

The impairment charge is being taken against the carrying value of the largely gas assets that BHP picked up early in 2011 when it bought Chesapeake Energy Corp.'s (CHK) Fayetteville shale assets and a pipeline system in Arkansas for US$4.75 billion.

The company said an assessment of its assets concluded the value of the larger liquids-rich acreage in Texas and Louisiana, which came with the later Petrohawk deal aren't affected.

"The Fayetteville charge reflects the fall in United States domestic gas prices and the company's decision to adjust its development plans by shifting drilling from dry gas to the more liquids-rich fields," Mr. Kloppers said in a statement, adding the company had responded appropriately to changed market conditions.

Chairman Jacques Nasser said BHP's board had agreed with Mr. Kloppers and petroleum chief executive Michael Yeager's decision not to be considered for a bonus for the financial year ended in June.

Analysts had flagged a shale writedown of as much as US$6 billion.

Tim Schroeders, a fund manager at Pengana Capital in Melbourne, welcomed Mr. Kloppers and Mr. Yeager "sharing the pain of investors," who have seen BHP's share price fall to near three-year lows.

"This potentially diffuses any speculation around senior management," said Mr. Schroeders, noting Mr. Nasser's strong support for Mr. Kloppers in BHP's statement.

BHP is due to release its full-year earnings results Aug. 22 and profit for the financial year is expected to have fallen to almost US$16.88 billion before one-time items from a record US$21.68 billion on a similar basis last year, according to the consensus expectations of 25 analysts.

"These are difficult times, particularly for those companies and their shareholders who are being affected by global uncertainty," Mr. Nasser said. "Notwithstanding the prevailing environment, we are confident in the outlook for the U.S. natural gas market and the role our shale assets will play in BHP Billiton's portfolio in continuing to deliver long term shareholder returns."

Write to Robb M. Stewart at robb.stewart@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

August 02, 2012 21:17 ET (01:17 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

DSV/Nykredit: Kursmål bliver hævet med 8 pct. før regnskab

28-04-2017 14:21:41
Nykredit hæver kursmålet for DSV-aktien til 400 kr. fra 370 kr. forud for transportkoncernens regnskab i næste uge.Banken vurderer, at DSV står stærkt på markedet og kan begynde at fokusere på organisk vækst, efter at det seneste år primært er gået med at integrere amerikanske UTI Worldwide, der blev købt sidste år for 9,5 mia. kr.- Vi har hævet vores estimater for de kommende år. Derudover har vi..

Novo/Nordea: Sanofi-regnskab indikerer lyspunkt på vækstmarkeder

28-04-2017 11:31:07
Kvartalsregnskabet fra Novo Nordisks store franske rival, Sanofi, vidner om, at diabetesforretningen har haft en en stærk udvikling på vækstmarkederne, mens salget er under pres i USA.Og det er en tendens, som Nordea regner med også kan slå igennem i Novos regnskabstal på onsdag. Det fremgår af et notat.Nordea understreger dog, at det langt fra er ligetil at drage paralleller fra Sanofis regnskab...

Novo-rival slår overskuds- og salgsforventninger i første kvartal - NY

28-04-2017 08:06:11
Den franske medicinalvirksomhed Sanofi, der er blandt Novo Nordisks største konkurrenter, er kommet ud af årets første tre måneder med en bedre indtjening end ventet.I første kvartal endte det justerede overskud per aktie (Business EPS, red.) på 1,42 euro, hvilket var højere end de 1,26 euro, som analytikerne ifølge Bloomberg News havde sat næsen op efter.Den samlede omsætning steg til 8,65 mia. e..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Zealand Pharma får 8 mio. kr. i royalty-betaling i første kvartal
2
Novo/Nordea: Sanofi-regnskab indikerer lyspunkt på vækstmarkeder
3
Aktier/tendens: Danske Bank sætter dagsordenen
4
Mærsk sætter pris på kæmpe tysk opkøb - NY
5
Aktier/åbning: Danske Bank tager teten efter regnskabstriumf

Relaterede aktiekurser

BP PLC $0.25 443,91 0,3% Stigning i aktiekurs
Chesapeake Energy Corpor.. 5,26 -0,6% Fald i aktiekurs
BHP BLT FPO 23,72 -0,6% Fald i aktiekurs
BHP Billiton PLC ORD $0... 1.175,00 1,9% Stigning i aktiekurs
BP p.l.c. 34,32 -0,2% Fald i aktiekurs
BHP Billiton Limited 35,60 1,7% Stigning i aktiekurs
BHP Billiton PLC Sponsor.. 30,73 1,7% Stigning i aktiekurs
Encana Corporation 10,70 0,5% Stigning i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
29. april 2017 07:37:48
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: ReleaseCandidateBuild_20170427.1 - EUROWEB2 - 2017-04-29 07:37:48 - 2017-04-29 07:37:48 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x