Research Analysts (Updated as of May 10, 2017)

“There still remains some very fertile options for Elliott to pursue — realizing value in U.S. oil and gas” and utilizing tax credits in Australia”

–Peter O’Connor, Shaw & Partners Ltd.

“One way BHP could divest shale while retaining exposure to a potential recovery in oil prices would be to vend the shale assets to a well-regarded shale operator in return for an equity stake in that company, which it could sell down the track.”

–Brenton Saunders, BT Investment Management

“A push for a spinoff of BHP’s U.S. petroleum assets may be achievable.”

–Michael McCarthy, CMC Markets (Sydney)

“You do need a chair that can think more creatively in terms of value creation with unbundlings and break-ups always options to consider.’

–Hanre Rossouw, Investec Asset Management

“Amid the debate with activist Elliott, BHP seems to be becoming increasingly selective with its petroleum portfolio… [I] would rather see the company take the bold decision than suffer death by a thousand cuts.’”

–Paul Gait, Bernstein

“BHP’s entire oil portfolio is non-core for a mining company and should be offloaded. The company should take the bold decision rather than suffer death by a thousand cuts.”

–Paul Gait, Bernstein

“While our commodities team remains positive on the oil price, we believe that BHP’s oil business is barely generating free cash flow,”

–Goldman Sachs

“We’re not against the idea of spinning it off, it’s more a matter of working out the economics… If you’re getting out of the business, you might as well get out of the entire business.”

–Hugh Young, Aberdeen Asset Management (Singapore)

“[The letter] places a spotlight on BHP’s U.S. onshore business and its place in the broader group…Further debate on that issue is certainly relevant to shareholder concern.”

–Alon Olsha, Macquarie

“It was a good time for BHP to be reshaping its US shale portfolio, particularly given its stated desire to focus more on oil production than gas in the US. Now that we are seeing signs of life in the oil market I think now is the right time for them to be pursuing opportunistic restructuring of US onshore and starting to pull the trigger on some of these greenfields prospects. Chunkier things like moving some of this Hawkville acreage, that will really step up that reshaping.”

–Adrian Prendergast, Morgans

“We believe that BHP should be looking to divest the entirety of their U.S. onshore assets and begin a formal process for this.”

–Craig Evans, Tribeca Investment Partners Pty

“There’s no way the market is ascribing enough value to BHP’s petroleum business. Of the three proposals, petroleum warrants the most interest. It’s definitely the one people should focus on the most and where we need to see most activity.”

–Craig Evans, Tribeca Investment Partners Pty

“[Elliott’s proposal] makes sense…It also comes down to capital allocation. The board spent a lot of money on those assets and they need to do something to demonstrate value for shareholders”

–Gabriel Radzyminski, Sandon Capital