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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bhp Billiton Ltd | LSE:0HN3 | London | Ordinary Share | BHP BILLITON ADR REPTG 2 ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.49 | 1,637 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 54.19B | 12.92B | 2.5473 | 11.18 | 144.46B |
TIDMBHP
RNS Number : 8864S
BHP Group PLC
10 November 2019
Issued by: BHP Group Plc Date: 11 November 2019 To: London Stock Exchange JSE Limited For Release: Immediately Contact: Helen Ratsey +44 (0) 20 7802 7540 ------------ --------------------------------- Petroleum briefing -----------------------------------------------
UK Listing Authority Submissions
The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM
- Petroleum briefing
The document will also shortly be available via BHP's website: bhp.com
The meeting will be webcast at: https://edge.media-server.com/mmc/p/362g83wf
Further information on BHP can be found at bhp.com.
BHP Group plc Registration number 3196209
LEI 549300C116EOWV835768
Registered in England and Wales
Registered Office: Nova South, 160 Victoria Street
London SW1E 5LB United Kingdom
A member of the BHP Group which is headquartered in Australia
NEWS RELEASE
Release Time IMMEDIATE Date 11 November 2019 Release Number 21/19
Petroleum briefing
BHP President Operations Petroleum, Geraldine Slattery, today said Petroleum is set to deliver strong returns and contribute significant value for BHP through the 2020s and beyond, built on a foundation of quality assets, and attractive growth options.
Speaking to investors and analysts at a briefing in Sydney, Ms Slattery said Petroleum is a great business with competitive growth potential and is aligned with BHP's strategy of being in the best commodities, with the best assets, enabled by the best culture and capabilities. Petroleum has delivered strong financial performance over many years and this is set to continue.
"In a decarbonising world, deepwater oil and advantaged gas close to established infrastructure can offer competitive returns for decades to come."
Ms Slattery outlined a scenario(1) that could potentially:
- Generate robust EBITDA margins of more than 60 per cent and an average Return on Capital Employed of more than 15 per cent over the next decade;
- Deliver average Internal Rates of Return of around 25 per cent for major projects, which are resilient through cycles; and
- Support an average annual volume growth of up to 3 per cent between the 2020 and 2030 financial years.
"Our portfolio of quality assets and pipeline of competitive growth options are expected to generate strong free cash flow and returns through the 2020s and beyond", Ms Slattery said.
Petroleum's growth options currently include Scarborough, Wildling Phase I, Trion and Trinidad & Tobago North. While these remain subject to our strict Capital Allocation Framework, they are well placed to compete with other options in the Group's portfolio.
"Our capabilities in safety, exploration and deepwater operations, coupled with a high-performance culture give us confidence that we can deliver on our plans into the future," Ms Slattery said.
Presentations will be webcast live at https://edge.media-server.com/mmc/p/362g83wf and all materials be available on our website at bhp.com.
A summary of guidance and project details contained in the presentation is included below.
1. Represents an unconstrained scenario based on execution of all unsanctioned projects at current equity interests and does not constitute guidance. Based on Wood Mackenzie's most recent long-term oil and gas price forecasts as follows: Brent oil price assumption (2020-2030 average: US$74.34/bbl, real 2019); Japan LNG DES price assumption (2020-2030 average: US$7.86/MMBtu, real 2019).
Guidance
Asset FY20e Medium term Production Unit costs(1) Production Unit costs(1) ====================== ============= ================== ================== ============= Conventional Petroleum 110-116 MMboe US$10.5-11.5/boe 110 MMboe average <US$13/boe ---------------------- ------------- ------------------ ------------------ -------------
Future options
Options Operator BHP Potential Capex BHP Tollgate Potential Description Ownership execution share first timing (US$m) production(2) ============== ======== ========== ============== ============== =============== ============== =============== North West Woodside 16.67% <5 years >250 Pre-feasibility FY26 Low risk Shelf Other investment Resource Owner opportunity to maximise Karratha Gas Plant value through processing other resource owner gas; benefits through tolling fees, cost recovery and life extension. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Pyrenees Phase BHP 71.43% <5 years >250 Opportunity FY22 Combination of 4 Assessment well re-entries and new subsea wells which aim to optimise incremental value using the existing infrastructure. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Scarborough(3) Woodside 26.5% 1 year 1,400-1,900 Pre-feasibility FY24 Large resource of 13 subsea wells connected to a semisubmersible floating production unit from which gas is exported via pipeline to Pluto LNG facility for onshore processing. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Atlantis Phase BP 44% <5 years >250 Opportunity FY24 Additional 4 Assessment development opportunities for infill producing
wells. Data obtained from Phase 3 project de-risks further development of multiple hydrocarbon bearing zones. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Mad Dog BP 23.9% <5 years >250 Pre-feasibility FY24 Two water Northwest injector wells Water providing water Injection from Mad Dog Phase 2 facility to increase production at existing A Spar facility. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Mad Dog BP 23.9% <5 years >250 Opportunity FY25 Additional opportunities Assessment opportunities to increase the Mad Dog Phase 2 production beyond the initial investment scope with new wells tied back to existing facility, results in highly economic opportunities. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Shenzi Growth BHP 44% 1 year <250 Pre-feasibility FY23 Shenzi Subsea opportunities Multi-Phase Pumping (SSMPP); Subsea pumping opportunities to increase production rates from existing wells. -------------- -------- ---------- -------------- -------------- --------------- -------------- --------------- Options Operator BHP Potential Capex BHP share Tollgate Potential Description Ownership execution (US$m) first timing production(2) ============== ======== ========== ============== =============== =============== ============== ============== Wildling Phase BHP 44%-72% 1-2 years 500 Pre-feasibility FY23 Two Shenzi 1 North wells tied-back to the Shenzi platform, provides the opportunity to accelerate production and unlock additional recoverable reserves. Phased development accelerates first oil, minimizes appraisal cost and reduces risk. ============== ======== ========== ============== =============== =============== ============== ============== Trion BHP 60% 2-3 years >5,000 Conceptual FY25 Large greenfield development in the deepwater Mexico GoM. Resource uncertainty reduced with recent successful appraisal drilling of
2DEL and 3DEL wells. ============== ======== ========== ============== =============== =============== ============== ============== Trinidad & BHP 70% <5 years Under study Opportunity FY27 Completed Tobago North Assessment successful exploration program on our Northern licenses. Potential material gas play in deepwater Trinidad & Tobago, well positioned to the Atlantic LNG plant onshore Trinidad & Tobago. ============== ======== ========== ============== =============== =============== ============== ==============
Note: This represents an unconstrained scenario based on execution of all unsanctioned projects at current equity interests and does not constitute guidance.
Exploration
Options Location Ownership Maturity Earliest first Description production ===================== ====================== ============ =========== ===================== ===================== Western GoM US - Gulf of Mexico 100% Frontier Early 2030s Acquired a Operator significant acreage position in historically underexplored Western Gulf of Mexico --------------------- ---------------------- ------------ ----------- --------------------- --------------------- Mexico Mexico - Gulf of 60% Operator Exploration Late 2020s Opportunity to tie Mexico back prospects to future Trion hub. Included in Trion Minimum Work Program --------------------- ---------------------- ------------ ----------- --------------------- --------------------- T&T Southern Gas Trinidad & Tobago 65% Exploration Mid 2020s Discovered gas play (Magellan) Operator in deepwater Trinidad & Tobago --------------------- ---------------------- ------------ ----------- --------------------- --------------------- T&T Southern Deep Trinidad & Tobago 65% Frontier Late 2020s Evaluating multiple Potential Operator play types to test deeper potential in deepwater Trinidad & Tobago based on deep oil shows from Le Clerc exploration --------------------- ---------------------- ------------ ----------- --------------------- --------------------- Eastern Canada Orphan Basin 100% Frontier Early 2030s Recent bid success Operator for blocks with large liquids resource potential in the offshore Orphan Basin in Eastern Canada --------------------- ---------------------- ------------ ----------- --------------------- --------------------- Significant remaining project potential with unrisked NPV of up to US$14 billion(4) ======================================================================================================================
1. Based on an exchange rate of AUD/USD 0.70. Unit costs are in nominal terms.
2. Potential first production data is an estimate and does not constitute guidance.
3. Based on information provided by operator. Represents BHP's current equity position as 25% in WA-1-R and 50% in
WA-62-R.
4. Exploration unrisked value at BHP prices.
Further information on BHP can be found at: bhp.com
Media Relations Investor Relations Email: media.relations@bhp.com Email: investor.relations@bhp.com Australia and Asia Australia and Asia Gabrielle Notley Tara Dines Tel: +61 3 9609 3830 Mobile: Tel: +61 3 9609 2222 Mobile: +61 411 071 715 + 61 499 249 005 Europe, Middle East and Africa Europe, Middle East and Africa Neil Burrows Elisa Morniroli Tel: +44 20 7802 7484 Mobile: Tel: +44 20 7802 7611 Mobile: +44 7786 661 683 +44 7825 926 646 Americas Americas Judy Dane Cristian Coloma Tel: +1 713 961 8283 Mobile: Tel: +1 713 235 8902 Mobile: +1 713 299 5342 +1 346 234 8483 BHP Group Limited ABN 49 004 BHP Group plc Registration 028 077 number 3196209 LEI WZE1WSENV6JSZFK0JC28 LEI 549300C116EOWV835768 Registered in Australia Registered in England and Wales Registered Office: Level 18, Registered Office: Nova South, 171 Collins Street 160 Victoria Street Melbourne Victoria 3000 Australia London SW1E 5LB United Kingdom Tel +61 1300 55 4757 Fax +61 Tel +44 20 7802 4000 Fax +44 3 9609 3015 20 7802 4111 Members of the BHP Group which is headquartered in Australia Follow us on social media
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCURRURKUAAAUA
(END) Dow Jones Newswires
November 11, 2019 02:00 ET (07:00 GMT)
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