By Rhiannon Hoyle

SYDNEY--BHP Group Ltd. is in talks with Woodside Petroleum Ltd. on a potential deal to combine BHP's petroleum unit with the Australian energy company.

BHP said on Monday that a possible deal with Woodside would include a distribution of Woodside shares to BHP shareholders.

"While discussions between the parties are currently progressing, no agreement has been reached on any such transaction," BHP said.

It is one of a number of options BHP is looking at as part of a strategic review of its petroleum business.

"BHP regularly reviews its portfolio of assets in order to seek opportunities to maximize long-term shareholder value," the company said.

Woodside separately confirmed it was in talks with the mining company.

"Woodside continuously reviews the composition of its asset portfolio and opportunities to create and deliver value for shareholders," the company said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

August 15, 2021 20:38 ET (00:38 GMT)

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