BHP Billiton Limited
(ASX:BHP) says they expect to write down around $7 billion dollars post-tax on the value of its onshore US assets.
BHP says gas and oil prices have slumped up to 30 per cent in the last three months prompting the impairment charge which will show as an exceptional item in the half year financial results.
The Group has reduced the number of operating rigs from seven to five and will review all investment and development plans. BHP was operating 26 rigs in the US a year ago.
BHP says the company it is confident in the long term outlook and is well positioned to respond to a recovery.
BHP Billiton reported a net profit of $3.74 billion for the 2015 financial year.
