BHP Group bets on lower-carbon world with petroleum exit; shares up 9.8%

BHP Group unveiled the most sweeping change to its business since the world’s biggest miner was created two decades ago, as it plans an escape away from fossil fuels to shift toward what it calls “future facing” commodities and clears up some longstanding questions facing investors. 

BHP will sell its oil and gas operations to Woodside Petroleum Ltd. in exchange for shares that it will distribute to its own investors, it announced Tuesday. 

The company also approved $5.7 billion of spending to build a massive new fertiliser mine in Canada and said it will unify its dual-listed structure and shift to a single primary listing in Australia. The shares in London jumped as much as 9.8% after the flurry of announcements.