Despite a near doubling in crude oil output, BHP Billiton
(ASX:BHP) has recorded a sharp loss at its Petrohawk Energy shale operation in the US.
Petrohawk’s annual report revealed a loss of $US174.4 million loss – the exact amount of last year’s profit.
Revenues rose 14 per cent over the period, but tumbling natural gas prices weighed heavily on the projects bottom line.
BHP Billiton last reported a $4.1 billion net profit.
