AUSTRALIAN mining group BHP Billiton reduced the rig count at its US onshore oil operation by 35 per cent in the three months to March 2015.
The company’s boss Andrew Mackenzie said the move had been made in a quick response to current market conditions, and added: “With higher oil prices expected over the medium term, we believe deferring development will create more value than producing today.”
In an operational review published yesterday, the group revealed that total petroleum production for the nine months to the end of March had increased by six per cent compared to the same period of the previous year, up to 192.5m barrels of oil equivalent.
Meanwhile, copper production was up by one per cent and iron ore was up by 17 per cent in the first three quarters of the 2015 financial year.
Shares in the company were up by 1.37 per cent yesterday.