Billionaire activist investor wants BHP Billiton to spin off its U.S. petroleum assets

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BHP Billiton Ltd. (NYSE: BHP), which is based in Australia but has its petroleum unit based in Houston, is being urged by activist investor Elliott Management Corp. to spin off its U.S. petroleum assets. BHP’s oil and gas portfolio produces around 660,000 barrels of oil equivalent per day. Elliott claims the portfolio has hurt the company’s profit during the oil slump, while its mining operations have seen increased demand, according to the Wall Street Journal. “BHP Billiton’s approach is to…


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