Bob Dudley says that unlike Saudi Arabia and Russia, the US shale market responds purely to oil prices.
The world's biggest miner recently sold its US shale oil and gas operations to British giant BP for US$10.5 billion.
The settlement removes a thorn from the side of BHP which alongside fellow miner Rio Tinto was accused of not paying its fair share of tax.
Melbourne-based BHP will also sell its Fayetteville operation to a Merit Energy Co unit for about US$300 million to complete its exit from the shale sector.
The miner also agreed to fund a total of US$211 million in financial support for the Renova Foundation, created to help victims of the Samarco dam disaster in Brazil.
The workers' union is preparing a US$400,000 emergency fund to support workers if they opt to strike.
BHP has agreed to sell the Cerro Colorado copper mine to EMR Capital.
China the planet's largest commodities consumer has been seeking cleaner, higher-grade raw materials such as iron ore as it cracks down on pollution and inefficiency in the steel-making industry.