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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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  "presentationDate": "2017-05-16 00:00:00",
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  "notes": "Uses strong, emotive language ('death by a thousand cuts', 'wholly unfounded', 'value destruction') to frame management as the antagonist.",
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      "text": "Our interactions with a significant quorum of other shareholders holding BHP shares worth tens of billions of US$ have revealed extremely broad and deep-rooted support for pro-active steps to be taken by management to achieve an optimal value outcome for BHP's petroleum business.",
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      "text": "In petroleum alone, BHP’s management has destroyed a significant amount of shareholder value: US$23 billion through the ill-fated foray into the US onshore petroleum sector; US$8 billion spent on petroleum exploration activities with no apparent value created.",
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      "text": "shareholder value: $23 billion",
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      "text": "There are a number of obvious possible solutions to unlock the latent value of BHP’s petroleum business, including a sale or demerger of the US petroleum business and a sale or ASX listing for the Australian and other remaining petroleum assets.",
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      "text": "Our interactions with a significant quorum of other shareholders holding BHP shares worth tens of billions of US$ have revealed extremely broad and deep-rooted support for pro-active steps to be taken by management.",
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      "text": "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.",
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      "text": "\"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, April 26, 2017",
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      "text": "There Is Extremely Broad and Deep-Rooted Shareholder Support for BHP to Review Its Entire Petroleum Strategy",
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