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1 Year : From Oct 2018 to Oct 2019
By David Winning
SYDNEY--BHP Billiton Ltd. (BHP.AU), the world's biggest mining company by market value, said it would return US$10.4 billion to shareholders via a stock buyback and special dividend after completing the sale of its U.S. onshore oil and natural gas assets.
BHP, which has faced pressure from activist investor Elliott Management Corp. to improve returns, said the move would bring the total cash handed back to shareholders over the past two years to US$21 billion.
The Melbourne-based company said it planned to buy back shares worth US$5.2 billion and pay a special dividend to shareholders totaling US$5.2 billion. It said the capital-management program would begin immediately.
On Wednesday, BHP completed the sale of the bulk of its U.S. oil and gas unit to BP PLC (BP), ending a costly saga that left the company roughly US$20 billion worse off.
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(END) Dow Jones Newswires
October 31, 2018 17:56 ET (21:56 GMT)
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