BHP is the largest non-U.S. producer in the prolific Eagle Ford shale of Texas. Its operations in th

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Shares in BHP Billiton (ASX:BHP), the world s largest mining company, were severely hurt Monday by what until now was still its strong point against rival Rio Tinto (LON:RIO) its exposure to oil through its U.S.-based business .
Analysts attributed the sharp drop to falling oil prices, which hit a five-year-low Monday, unable to find a bottom despite their biggest fall in roughly 30 months last week, when the Organization of Petroleum Exporting Countries (OPEC) held back from cutting output in the face of a supply glut.
The industrial metal dropped as low as $6,230.75, hitting flow chart its lowest flow chart levels since mid-2010, and closed in London at $6,245.50, down 1.7%. Iron ore began the week with a slight decline of 0.21% for 62% Fe fines.
The Australian explains why BHP s stake in the oil market may soon make the diversified giant lose ground against Rio Tinto: The pain that sliding oil prices can reap on the bottom line of BHP s petroleum unit was evident in a recent JPMorgan report that lowered oil price forecasts by about US$30 a barrel to US$81 in 2016 and US$83 for the year after. On top of increased exposure to oil prices, BHP s entry into the US shale sector through US$20bn of acquisitions has brought it an ongoing US$4bn a year capital expenditure. The ongoing spend is a barrier to near-term increased shareholder returns that Rio does not have.
BHP is the largest non-U.S. producer in the prolific Eagle Ford shale of Texas. Its operations in the Eagle Ford grew after it bought Petrohawk the pioneer flow chart of production in the formation three years ago.
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Cecilia Jamasmie, news editor at MINING.com, has over 15 years of experience in print media, TV, online media and public relations. She specializes in Corporate Social Responsibility (CSR) and the Latin Ameri