BHP to shift oil and gas assets into Woodside Petroleum as part of major overhaul

Global miner declares a bumper profit due to high iron ore prices but slashes value of NSW coalmine to become a $200m liability

Global miner BHP is planning a major overhaul, simplifying its company structure and dumping its oil and gas assets into Woodside Petroleum, creating one of the biggest energy producers in the world.

BHP on Tuesday declared a bumper profit due to high iron ore prices, as it announced it will bring together its Australian and UK arms into one company and leave the London Stock Exchange, which could have ramifications for investors.