BHP Billiton: What's Next For The World's Largest Miner?

Last week, the world's largest listed diversified miner, BHP Billiton announced that it will take a $4.9 billion post-tax, $7.2 billion pre-tax, exceptional impairment against its US onshore hydrocarbon assets. After this write-down, the value of these assets will fall to $12 billion after a deferred tax liability, down from $21 billion pre-tax in June.

In addition to the impairment, BHP has cut the number of US onshore rigs it is operating from 7 to 5 (down from 10 mid-2015). The impact of the lower rig count will reduce the group's . . .

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