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BHP Nears Oil and Gas Exit as Climate Scrutiny Intensifies

  • Options include distributing Woodside shares to BHP holders
  • Miner’s petroleum unit may be worth more than $15 billion
Operations At Ukrnafta PJSC's Oil And Gas Field Processing Site
Photographer: Vincent Mundy/Bloomberg
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BHP Group is in talks over a potential merger of its oil and gas unit with Woodside Petroleum Ltd. to accelerate a retreat from fossil fuels amid increasing pressure to curb emissions.

Options being discussed include a distribution of Woodside shares to BHP holders to allow the Australian energy firm to add operations spanning Australia to the Gulf of Mexico, the companies said in separate statements. BHP’s unit could be valued at more than $15 billion, a person familiar with the details said last month.