MELBOURNE, Feb. 23 (UPI) -- Australian mining and energy giant BHP Billiton said it retooled its corporate team and adopted a new dividend policy in response to oil market weakness.
The company said Tuesday it posted its first loss in more than 16 years and was cutting its dividend paid to shareholders by about 75 percent. Spending for exploration and production will decline across the board and, in U.S. shale basins, the company said expenditures would fall from $7 billion to $5 billion next year.