The company bought the acreage for $US4.75 billion ($A5.4 billion) from Chesapeake Energy in 2011 as part of a $20 billion buying spree, which also saw it snap up the shale assets of Petrohawk Energy.

According to documents published ahead of the strategy meeting, marketing of the Fayetteville asset in Arkansas has already begun.

"As we look to improve the balance of liquids and gas across our petroleum portfolio we have initiated the marketing our Fayetteville acreage," BHP CEO Andrew Mackenzie said in a statement.

"However, we will only divest the field if it maximises value for shareholders."

According to Macquarie Wealth Management, Fayetteville accounts for about 33% of BHP’s US onshore acreage, but only 20% of resources.

The analyst said that this was perhaps a strange time to be considering the sale as gas demand growth is anticipated with imminent US LNG exports and new petrochemicals developments being considered.

“Indeed, this could be another instance of BHP misreading the outlook for the US gas market,” it said.

Fayetteville is dominated by dry gas resources rather than liquids.

BHP has had a difficult few years in charge of the acreage as gas prices in North America dropping below $US2 per unit soon after the acquisition.

Henry Hub gas prices have since improved over the past year, averaging $US4.38 over the last 12 months, improving the value of the asset.

Macquarie valued the asset at $US2.7 billion based on the Henry Hub price, however, that number was revised down to $US1.2 billion on a spot price basis.

The ultimate sales price was predicted to be somewhere between these two figures.

Without Fayetteville gracing its portfolio, Macquarie predicts BHP’s petroleum production for financial year 2016 will drop by 8.5%, while its 1P reserve life will fall from 9.9 years to 8.4 years.

It was suggested, however, that the sale might signal growing confidence in the Permian Basin, with production at its Black Hawk project expected to peak in 2017.

“In the Eagle Ford and Permian we are forecasting liquids production of approximately 200,000 barrels per day by the 2017 financial year,” Mackenzie said.

“This is expected to generate significant value as investments in our liquids-rich onshore US wells typically generate returns of over 50%.

“In time, we expect to fully develop our Haynesville gas field given the quality of our acreage.”

The mining giant showed further faith in its Black Hawk acreage, saying that drilling costs had fallen 16% in the 2014 financial year, while overall onshore operating costs are expected to improve over FY15.