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BHP may sell $15 billion petroleum biz to focus on mining
The world’s biggest mining company BHP Group Ltd. is considering selling its oil-and-gas business for an estimated value of at least $15 billion to focus on mining.
The sale would rank as one of the energy industry’s biggest deals this year.
BHP Group is talking with Australia’s Woodside Petroleum Ltd. about a possible deal where BHP shareholders would receive Woodside stock.
BHP’s investments in oil and gas serve as a way to hedge against price swings of other commodities, such as iron ore.
But BHP’s stance wasn’t always popular with shareholders. It also has to deal with the growing pressure from investors and governments to cut emissions.
Investment in new fossil-fuel supply projects would keep BHP from meeting a goal of zero net carbon emissions globally by 2050.