Australia’s BHP Billiton will reduce its US onshore rig presence from 26 to 16 by July in response to lower oil prices . Andrew Mackenzie, BHP’s chief executive officer, explained in the company’s operational review for the half-year ended Dec. 31 that it will instead focus on improvements in drilling and completions efficiency. “Our ongoing shale investment program will remain focused on our liquids-rich Black Hawk acreage [in the Eagle Ford shale],” Mackenzie said. “However, we will keep this activity under review and make further changes if we believe deferring development will create more value than near-term production.” The company in 2011 entered the Eagle Ford—where a majority of the company’s US onshore rigs currently reside—in its $12.1-billion merger with Petrohawk Energy. The move was part of a $20-billion investment in US shale by a company whose expertise at the time was primarily in deepwater […]