Australia’s Woodside Petroleum is set to acquire BHP’s entire petroleum business via an all-stock merger that will create a company with a combined market capitalization of up to A$41 billion (US$29.9 billion)

WHATS HAPPENING

1. News of the merger immediately sparked protests from climate activists.
2. The combined business will have a conventional asset base producing ~ 200 million barrels of oil equivalent per year 
3. BHP claiming  it will make it a global top 10 independent energy company.
4. The business will diversified production mix (46% LNG, 29% oil & condensate and 25% domestic gas and liquids)
5. It will also hold proven plus probable reserves totalling more than 2 billion boe, comprising 59% gas and 41% liquids. 

WHAT CLIMATE ACTIVIST ARE SAYING

1. "Rather than take responsibility for the highly polluting petroleum business sites BHP has built, this is a cynical attempt to simply walk away." 
2. “Ultimately, Woodside is  taking on a burden that BHP has decided is too toxic to touch."

BOTTOMLINE

The companies that don't want tainted high emission assets are simply downloading toxic assets to parties that maybe below the climate activist radar. This divestment will reduce BHP's carbon footprint significantly (greenwashing??) without actually reducing the real emissions. Private Equity and smaller companies below the climate radar are more than happy to continue production as long as its profitable.  This not the climate friendly option, and continues to damage the climate.