Weak Prices Aren’t BHP’s Biggest Oil Problem
Broken Hill Properties, better known as BHP (NYSE: BHP), is one of the largest miners on earth. However, it doesn't just dig for iron ore, copper, and coal -- it also drills for oil. Recent moves suggest that BHP is pulling back on its oil bet, which is true to some degree, but the company is hardly giving it up. The trouble is that weak oil prices are only one of the problems it's dealing with in the oil sector. Here's what you need to know about BHP's oil prospects.
In mid-2018 BHP sold onshore U.S. unconventional oil assets (shale oil properties where fracking is the primary method of extraction) to BP, the company formerly known as British Petroleum. The price tag was a hefty $10.5 billion, which sounds like a huge sum of money.
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Source Fool.com
