BHP is in talks to sell its petroleum unit to Woodside for a mooted $15 bln. It’s a decent price for the seller. But there’s a big risk these assets are sharply devalued on carbon concerns sooner rather than later: AntonyMCurrie
would have looked like a good deal for all sides just a few years ago. But if discussions, confirmed by both companies on Monday, lead to a transaction, the $183 billion miner will be the only one guaranteed of a decent outcome as carbon concerns bite.
At some 5.9 times the division’s 2022 EBITDA, as estimated by Citi, that’s comfortably above where oil majors like BP Trouble is, pressure is mounting on governments and fossil-fuel companies to speed up plans to reduce emissions. Last week’s report from the United Nations Intergovernmental Panel on Climate Change outlined in more stark detail than before the science necessitating the push. The usually industry-friendly International Energy Agency in May warned that reaching net-zero emissions by 2050 meant starting no new oil, gas or coal projects.
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