BHP Billiton (BHP) Stock Plunging on $7.2 Billion U.S. Shale Writedown
ByKaya YurieffFollow| 01/15/16 - 10:36 AM EST
NEW YORK (TheStreet) -- Shares of BHP Billiton (BHP) are diving by 7.93% to $19.96 on Friday morning, as the company announced a $7.2 billion write-down on its U.S. shale assets as a result of volatility and declining prices in the oil and gas industry.
The Australia-based global miner is engaged in the exploration, development, production, processing and marketing of various minerals and conventional and unconventional oil and gas.
The large asset impairment is the third from BHP, which moved into U.S. shale in 2011 when it spent $20.6 billion, including assumed debt, on two acquisitions when oil and gas prices were significantly higher than today, Reuters reported..
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