BHP Drops 'Billiton' From Its Name

BHP's new corporate logo

Chief Executive Andrew Mackenzie met Wednesday with representatives from Elliott Management Corp., the activist investor pushing for the resources company to shed at least some of its oil-and-gas assets and boost shareholder returns.

Elliott said today: "Current management's response to the value unlock plan has been misconceived, wholly unconvincing and a disservice to BHP's owners - underestimating the groundswell of dissatisfaction among shareholders".

Elliott, run by billionaire Paul Singer, has accused BHP of adopting a "do nothing" approach to its three-pronged proposal.

Elliott, which claims a 4.1 per cent stake in BHP's UK-listed unit, says it prefers a full or partial demerger of the unit, but recognises there are other possible solutions to unlock the latent value of the petroleum business.

In a subsequent letter and accompanying presentation provided to BHP today, Elliott reveals extremely broad and deep-rooted shareholder support for proactive steps to be taken by BHP management to review its petroleum business. Our path is deliberate, with value and returns at the center of everything we do.

Teenagers film themselves illegally climbing Golden Gate Bridge; video
YouTube is full of videos of risk takers performing risky stunts , each more mindless than the previous. He told KPIX 5 that it took about 10 minutes to climb to the top of one of the bridge's famous towers.

BHP first flagged the notion of rigs returning to its shale acreage in February, and the company flagged in April that it was looking to sell some of its lesser shale assets like the Hawkville and Fayetteville shales in South Texas and Arkansas respectively.

BHP has destroyed about $31 billion in value through its foray into USA shale and failed petroleum exploration as well as a further $9 billion in poorly timed share buybacks, Elliott said in a letter to the company's board.

BHP was also reportedly set to meet with members of Elliott on the sidelines of a conference this week.

BHP has said it would review the plans and respond.

Mackenzie gave a speech to the conference on Tuesday where he reiterated his confidence in boosting the value of the company by up to 50% and nearly double the return on capital, through cutting costs and carefully managing assets.

Nadal beat battling Thiem to claim fifth Madrid Open crown
At the Internazionali BNL d'Italia in Rome , Britain's Dan Evans fell to a straight sets-defeat to Jiri Vesely in the first round. Winning is very important but also the way I'm playing at the moment makes me very relaxed. "All in all, I did try my best".

He said BHP now has major growth projects valued at up to US$25bn, offering potential average returns of more than 16% at consensus prices. The use of technology could add another $12 billion.

In its letter, Elliott also shifted a push for BHP to spin off its US oil and gas assets, which include activities in the Gulf of Mexico and vast onshore shale acreage. While Elliott showed that BHP has invested $8 billion in petroleum exploration since 2002, and with little to nearly no return, one unfortunate reality may simply be that BHP can not cost-effectively break all of the assets out with the current energy market prices.

BHP has said the costs of scrapping its dual-listed structure significantly outweigh the benefits.

Shares of BHP Billiton plc (LON:BLT) traded up 2.28% during mid-day trading on Thursday, hitting GBX 1190.50.

A number of equities analysts have recently commented on BBL shares.

McKayla Maroney Fires Back At Haters Who Criticized Her Racy Instagram Video
What a disgrace! #TRAMP" However, several people came in McKayla's defense as @diabloslim70 wrote, "Haters gonna hate. And for people saying that, for the most part - it would kind of hurt my feelings when you haven't done anything".

Share

Related News

  • Microsoft aims to create a more versatile Windows 10

    Story Remix , a new image and video editing app, will enable users to create short video montages using shared photos and video. Another feature will let users start working on a document on a Windows 10 PC and pick up where they left off on a rival phone.
    Trump expands 'global gag rule,' targeting $8.8B in global health aid

    Trump expands 'global gag rule,' targeting $8.8B in global health aid

    On a myriad of issues, Donald Trump hasn't disappointed evangelicals since he's taken office. But other USA government support for organizations' overseas health efforts were unaffected.

    Microsoft president: Cyber attack should be 'wake-up call'

    The researcher wrote a blog post detailing the creation of a new domain as a "sinkhole" for the ransomware. Grafi said his firm has been contacted by companies that are scrambling to avoid potential pitfalls.
  • Vive's Standalone Headset for Google Daydream

    Since Google launched Daydream past year , there's been a notable absence of phones that support the platform. Today at Google I/O, the tech giant announced a new expansion of the Daydream mobile VR platform.
    Erdogan Praises Trump, Denounces US's Kurdish Allies in Syria

    Erdogan Praises Trump, Denounces US's Kurdish Allies in Syria

    Erdogan knows "Zarrab is going to testify against him unless Turkey finds a way to save him from prison", Yayla wrote. Yildirim's comments come hours ahead of a crucial meeting between presidents Recep Tayyip Erdogan and Donald Trump.

    Trump says he could name Federal Bureau of Investigation head by next week

    Trump took to Twitter on Friday morning to issue a rare warning to Comey, indicating he might have "tapes" of their conversations. But Spicer said Monday there was "no collusion with respect to the president himself".
  • Apple, Qualcomm spat intensifies, manufacturers drawn in

    Apple, Qualcomm spat intensifies, manufacturers drawn in

    The other manufacturers listed by Qualcomm were Pegatron Corp 4938.TW , Wistron Corp 3231.TW and Compal Electronics Inc 2324.TW . Apple has promised to indemnify the manufacturers for any damages resulting from breaching their agreements with Qualcomm .
    HTC launches 'squeezable' U11 smartphone to rival the iPhone 7

    HTC launches 'squeezable' U11 smartphone to rival the iPhone 7

    The similarities between the U11 and the U Ultra don't end with the finish either, as the new phone omits the headphone jack too. It's an interesting idea, but we'll have to wait to get our hands on an HTC U 11 to see how well it works in practice.
    Moto Z, C, X, E, G: All details leak

    Moto Z, C, X, E, G: All details leak

    After being under the radar for quite some time now, the Motorola Moto C and Moto C Plus have finally seen the light of day today. Moving on to the "X" series, it's represented by the Moto X, which will sport a 5.2-inch full HD display .
  • Tottenham midfielder Dele Alli: We can handle Wembely move

    Tottenham midfielder Dele Alli: We can handle Wembely move

    You never say what's going to happen in the future, no one knows, no one can predict it. We also shouldn't be naive, there will be a time when Dele leaves the club.
    Tuesday Apple Rumors: Apple May Discontinue the iPad mini

    Tuesday Apple Rumors: Apple May Discontinue the iPad mini

    On the Macintosh platform that includes a fix for the problem where audio may stutter when played through USB headphones. That may not sound super exciting, but hey, it doesn't hurt to get an update that'll make your phone run more smoothly.

    Chinese-Made Passenger Jet Takes Off For Its First Test Flight

    It took Comac seven years to get its first aircraft, the regional ARJ-21 jet, into production after its debut flight in 2008. COMAC has received 570 orders from 23 foreign and domestic customers, according to the Chinese media.