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  "documentTitle": "BHP Billiton (BHP)",
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  "authorName": "Elliott",
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  "notes": "Uses a 'death by a thousand cuts' metaphor to describe management's divestment strategy.",
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      "text": "Up to 86% of value foregone",
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      "text": "Silverback Acreage Map",
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      "text": "value foregone: 86%",
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      "text": "Management's apparent 'strategy' of piecemeal sales of US onshore petroleum assets cannot be a viable alternative to a properly thought-out plan to demerge or otherwise divest BHP's petroleum assets. Sadly, this approach might be better characterized as the commercial equivalent of 'death by a thousand cuts'",
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      "text": "We offer as an example management's ill-fated decision to divest 44,000 net acres in Reeves County in the Permian basin to Silverback Exploration LLC in 2014 for US$75 million. Less than two years later, Silverback sold a package of 35,000 net acres, estimated to have at least a 60% overlap with that originally divested net acreage, to Centennial Resources for US$855 million. Even if we assume no value for those acres retained by Silverback, BHP suffered a loss of 86% when compared to the value that management could have subsequently realized",
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      "kind": "quote",
      "text": "The team has done a terrific job trading assets along the way. Jac Nasser, Chairman, May 4, 2017",
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      "text": "\"The team has done a terrific job trading assets along the way.\" — Jac Nasser, Chairman, May 4, 2017",
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      "kind": "source-note",
      "text": "(1) Source: Industry data (2) Source: PLS Global M&A Database",
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      "kind": "title",
      "text": "Worrying signs of value destruction appear to demonstrate a flawed approach to recent US onshore acreage trading",
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      "kind": "title",
      "text": "Current BHP Management Have yet to Acknowledge that They Are Not the Right Custodians of the US Onshore Assets",
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