BHP to Assess Value of U.S. Shale Assets, Cut Back Gas Drilling

BHP Billiton Ltd. plans to decide at the end of next month whether to write down the value of the U.S. shale gas assets it acquired for $20 billion, while cutting back on drilling natural gas wells until prices recover.

Australia’s largest oil and gas producer will take an “accounting snapshot” as of June 30, when its financial year ends, J. Michael Yeager, chief executive officer of BHP’s petroleum division, said today at a media briefing in Adelaide when asked about potential writedowns.