BHP Billiton Limited
(ASX:BHP) says it is selling about half of its oil and gas acreage in the Permian Basin of Texas and New Mexico to focus on its more lucrative assets in the region.
BHP expanded its petroleum portfolio in 2011 by buying thousands of acres of shale assets in the US with the $US12 billion takeover of Petrohawk Energy and $US4.75 billion purchase of Chesapeake Energy Corp's Fayetteville operation.
But the global miner took a write down on those purchases after natural gas prices dropped.
A BHP spokeswoman confirmed that the company is selling some of its Permian Basin acreage but isn't exiting the basin.
BHP generated a net profit of $11.9 billion in fiscal 2013.
