An activist investor has urged BHP Billiton to spin off its US petroleum assets and unify its dual UK-Australia structure to unlock shareholder value, The Wall Street Journal reports.

Elliott Management said today it sent a letter to BHP’s directors outlining its plan. In the letter, the fund manager also called for the adoption of a consistent capital-return policy that would seek share buybacks rather than using cash for what it called “value-destructive” large-scale acquisitions.