© Reuters. PHOTO FILE: Visitors to the BHP booth (formerly known as BHP Billiton) speak with representatives during the annual convention of the Prospectors and Developers Association of Canada (PDAC) in Toronto, Ontario, Canada, on March 4, 2019 REUTERS / Chris Helgren / File Ph.D.
(Reuters) – BHP Group (NYSE 🙂 said on Tuesday it would sell its oil assets to Woodside (OTC 🙂 Petroleum on a full deal, as the world’s largest miner made its best annual profits in almost a decade.
BHP has been under increasing pressure to reduce its exposure to fossil fuels and has already sold some coal assets while looking to sell more.
Following the large share issue associated with the deal, Woodside will be 52% owned by existing shareholders and 48% by BHP shareholders.
Companies expect annual savings of more than $ 400 million a year.
The underlying profit attributed by BHP for the year ended June rose to $ 17.01 million, from $ 9.06 million last year, and lacked a consensus of $ 17.46 million from 17 analysts compiled by Vuma.
The company said it will pay a final dividend of $ 2 per share, higher than the 55 cents paid last year.
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