The Anglo-Australian mining and energy company said Wednesday petroleum capital expenditure was set to total US$2.9 billion for the year through June, a 6% cut from its prior guidance. That came after oil-and-gas production slipped 4% on-year to 64.5 million barrels of oil equivalent in the first quarter to Sept. 30, although BHP stuck with a target of 237 million barrels for the year. Chief Executive Andrew Mackenzie said the company continued to reduce costs in its onshore U.S. and conventional energy operations and would still meet its output targets with US$200 million less capital investment. Still, Mr. Mackenzie said the company had picked up oil acreage in the Beagle basin in Western Australia and in the Western Gulf of Mexico and BHP would continue to invest in the business. Across BHP’s operations, production guidance for the full-year was maintained after another rise in iron-ore output , flat coal […]