The Natural Gas Rally Is Far From Over

Reuters

BHP reports best profit in nearly a decade, reshapes portfolio

MELBOURNE (Reuters) -BHP Group reported its best annual profit in nearly a decade and a record dividend on soaring iron ore prices, as the world’s biggest listed miner announced an exit from its $13 billion petroleum business as part of a portfolio shake-up. On a day of sweeping changes, BHP also said it was going ahead with its Jansen potash project in Canada and, in a blow to the London Stock Exchange, unveiled plans to do away with its dual-listed share structure, meaning it will leave Britain’s FTSE100 blue chip index where it is the biggest company. The group plans to sell its petroleum assets to Woodside Petroleum Ltd, creating a new, bigger petroleum company to better navigate the energy transition and give shareholders greater choice in how they manage their fossil fuels exposure, Chief Executive Mike Henry said.