But make no mistake: BHP remains a juggernaut in mining traditional commodities. It earns about 40% of its profits from iron ore, and 20% each from oil, coal, and copper. Those proceeds are then measured against a set of capital-spending rules that determine how much should be returned to shareholders, and how much should be allocated to finding new opportunities.
"I think shale has been a great success. And I think it'll remain that way for gas. But a lot of the shale oil developments we were a part of until we sold came as a result of people being a bit depressed by the low gas prices, because there was so much gas. I think this might be a relatively temporary phenomenon. And when that's apparent, and there's a shortage of new oil production coming on, I think you might see a bit of spiking [in prices].
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