BHP Billiton is set to take a $10.3 billion write-down on its US shale oil and gas assets, following a plunge in energy prices over the past year-and-a-half.
The diversified mining giant said in a statement to the share market that it will book an impairment charge of approximately $US7.2 billion ($10.3 billion) in its next half-yearly accounts, due out in February.
After tax, BHP Billiton estimated that the write-down will be around $US4.9 billion ($7 billion).
The write-down reflects the plunging value of oil, which has fallen more than 70 per cent from $US115 a barrel in mid-2014 to recent lows below $US30 a barrel for Brent crude.
BHP Billiton said it had lowered its future oil price expectations and altered its development plans, reducing the value of its onshore shale oil and gas assets to $US16 billion
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