BHP Billiton’s Limited
(ASX:BHP) new petroleum boss Tim Cutt has separated the capital-intensive US shale business from its oil-and-gas interests.
Mr Cutt told media about the reorganisation, saying it involves the appointment of an asset manager for shale and an asset manager for the conventional business.
He says the reshuffle is part of a strategy shift by BHP's Andrew Mackenzie, who is focused more on value and cash generation and less on volume growth.
Mr Cutt told media the shale business holds up well under Mr Mackenzie’s productivity agenda and that it’s expected to extract billions in value from the existing portfolio.
BHP generated a net profit of $11.9 billion in fiscal 2013.
