BHP notes the recent press speculation regarding our Petroleum business. As previously stated, BHP regularly reviews its portfolio of assets in order to seek opportunities to maximise long-term shareholder value.
BHP confirms that it has initiated a strategic review of its Petroleum business to re-assess its position and long-term strategic fit in the BHP portfolio. A number of options are being evaluated. One option is a potential merger of the Petroleum business with Woodside Petroleum Ltd (Woodside) and a distribution of Woodside shares to BHP shareholders.
BHP confirms that it has been in discussions with Woodside. While discussions between the parties are currently progressing, no agreement has been reached on any such transaction.
BHP said a further announcement would be made as and when appropriate.
The person responsible for arranging the release of this announcement on behalf of BHP is Stefanie Wilkinson, Group Company Secretary.