BHP Billiton sees $2 billion U.S. oil writedown

SYDNEY--BHP Billiton Ltd. (BHP.AU) said it expects to write down the value of its onshore U.S. petroleum business by roughly US$2 billion.

It said the gas-focused Hawkville field would account for the majority of the impairment charge, citing reasons including "geological complexity" and altered development plans. It will also record a goodwill impairment against its Petrohawk acquisition, BHP said in a regulatory filing.

After the writedown, BHP's onshore U.S. business will have net operating assets worth about US$24 billion, excluding roughly US$4 billion in deferred tax liability, it said.

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