Australian energy giant BHP Billiton said it expects to take a $2 billion hit on Texas shale, but held out hope for its onshore U.S. operational strategy.

The company blamed "geological complexity" and other issues associated with developing the Hawkville shale area in Texas for the expected impairment charge.

"While the impairment of the Hawkville is disappointing, it does not reflect the quality of our broader onshore U.S. business," BHP Billiton Petroleum President Tim Cutt said in a Wednesday statement.

Production from the Australian company, including in its mining sector, increased 9 percent for the nine months ending in March. Petroleum production increased 6 percent to a record 193 million barrels of oil equivalent, supported in large part by operations in the Lower 48 U.S. states.

BHP Billiton singled out the Permian shale basin in Texas as a bright spot in its onshore portfolio. Total U.S. onshore drilling and development spending totaled $3 billion through March and the company said it planned to spend roughly $3.4 billion in the current fiscal year.

After the loss, the company said it will maintain about $24 billion worth of net assets in the United States, supported by the 150,000 barrels of oil expected from the Permian shale.

The company added it plans to invest about $1.5 billion and deploy 10 rigs in the United States by next year, assuming a base oil price of $60 per barrel, relative to current levels.

Energy companies are spending less on exploration and production as lower crude oil prices crimp operating expenses. BHP said its rig count declined 34 percent to 17 for the period through March. It said, however, the decline will not impact production expectations for the year.