2017.08.2203:31:00UTC+00BHP Posted Surge in Annual Profit, Says it will Exit U.S. Shale Business

The world's biggest miner, BHP Billiton, posted a jump in underlying full-year profits and announced it will leave its underperforming U.S. share oil and gas business.

The Anglo-Australian mining giant was supported by a recovery in industrial commodities markets. It has generated more cash, trimmed net debt by almost $10 billion to $16.3 billion and has tripled its final dividend to $0.43 per share.

The market focused on the lower debt and the firm's resolve to leave U.S. shale, which pulled up its shares by 1.2 percent.

BHP Billiton has been facing calls from some shareholders to exit the shale business it acquired at the peak of the oil boom. The miner claims it has been "actively pursuing options to exit."

According to Chief Executive Andrew Mackenzie, the preference would be a small number of trade sales, however, the company has declined to reveal a timetable for quitting the business.

Fund managers, which include U.S. hedge fund Elliott Management and Tribeca, have been calling for shale's divestment, as well as higher shareholder returns and the elimination of dual-structured Australia and London stock listings.