Drumbeat grows louder for BHP to exit petroleum

  • ESG pressure mounts for BHP to exit fossil fuels
  • Australian assets seen best in hands of Woodside
  • High oil, gas prices create ideal time for sale
  • BHP may want to hold on to Gulf of Mexico assets

MELBOURNE, Aug 13 (Reuters) – Expectations are growing that BHP Group Ltd (BHP.AX)(BHPB.L) will deliver a verdict on the future of its petroleum business at its results next week, as it comes under increasing pressure to cut its fossil fuel footprint.

The world’s biggest miner has been facing calls to detail how and when it will exit fossil fuels, with activist investor Market Forces filing a resolution on the topic this week for annual meetings in October and November. read more

BHP’s decision this month to approve $802 million in development spending on oil projects in the U.S. Gulf of Mexico – just days before a new report that issued dire warnings about human contribution to climate change – has only ratcheted up pressure from some investors.

“It’s clear…

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