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BHP takes $2 billion oil and gas hit

BHP Billiton expects to recognise an impairment charge of about US$2 billion post-tax against the carrying value of its onshore US assets as an exceptional item in the 2015 financial year results.

The gas-focused Hawkville field accounted for the substantial majority of this charge, “reflecting its geological complexity, product mix, acreage relinquishments and amended development plans”, said