BHP Billiton Backs Fiscal Year 2018 Production, Unit-Cost Guidance

By Dimitrios Kontos

Mining, metals and petroleum company BHP Billiton PLC (BLT.LN) said Wednesday that its production and unit-cost guidance for fiscal 2018 remains unchanged.

The Anglo-Australian company said that all of its major projects under development are on schedule, and that first-quarter performance puts it on track to deliver 7% volume growth in fiscal 2018.

Total petroleum production for the quarter ended Sep. 30 decreased 8% compared with a year earlier, to 50 million barrels of oil equivalent. Guidance for the fiscal year remains unchanged at between 180 million and 190 million barrels of oil equivalent.

Comparable crude oil, condensate and natural gas liquids production for the quarter fell 9%, to 22 million barrels of oil equivalent.

Production of conventional liquids was 15 million barrels of oil equivalent, reflecting natural field decline, the impact of Hurricane Harvey in the Gulf of Mexico and planned maintenance, the company said.

Meanwhile conventional gas volumes for the period were broadly unchanged from a year earlier, at 107 billions of cubic feet.

Write to Dimitrios Kontos at [e-mail]

(END) Dow Jones Newswires

October 18, 2017 02:43 ET (06:43 GMT)

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