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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bhp Billiton | LSE:BLT | London | Ordinary Share | GB0000566504 | ORD $0.50 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,573.00 | 1,571.40 | 1,572.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBLT
RNS Number : 3969L
BHP Billiton PLC
18 April 2018
Release Time IMMEDIATE Date 19 April 2018 Release Number 04/18
BHP OPERATIONAL REVIEW
FOR THE NINE MONTHSED 31 MARCH 2018
-- Full year production guidance remains unchanged for Petroleum, Metallurgical Coal and Energy Coal.
-- Total Copper production guidance narrowed to between 1,700 and 1,785 kt, however guidance for Olympic Dam reduced to approximately 135 kt following a slower than planned ramp-up after the major smelter maintenance campaign.
-- Iron Ore production guidance reduced to between 272 and 274 Mt (100% basis) reflecting car dumper reliability issues.
-- Group copper equivalent production is expected to increase by 6% in the 2018 financial year.
-- The exit process for Onshore US is progressing to plan, with bids expected by June 2018 and transactions potentially being announced in the first half of the 2019 financial year.
-- In Petroleum, we have increased our footprint in the northern extension of the Wildling prospect in the US Gulf of Mexico through the acquisition of 33.33% interest in the Samurai prospect. We have also secured an option to purchase an additional 10% interest in the Scarborough development.
Hot Features
Premium
-- All major projects under development are tracking to plan.
Production Mar vs Mar March quarter commentary
YTD18 YTD17
--------------- ------ ------ ----------------------------------
Natural field decline partially
offset by improved well
performance and positive
Petroleum trial results in Onshore
(MMboe) 143 (8%) US.
Increased volumes at Escondida
supported by the ramp-up
of the Los Colorados Extension
Copper (kt) 1,290 37% project.
Record production at Jimblebar
and Mining Area C partially
offset by impacts from
Cyclone Joyce in January
Iron ore(1) 2018 and unplanned car
(Mt) 175 2% dumper maintenance.
Blackwater operations stabilised
and expected to return
to full capacity next quarter.
Metallurgical Good progress made through
coal(2) (Mt) 31 (2%) the fault zone at Broadmeadow.
Unfavourable weather impacts
and inventory build at
New South Wales Energy
Energy coal(2) Coal, and higher strip
(Mt) 20 (4%) ratios at Cerrejón.
BHP Chief Executive Officer, Andrew Mackenzie, said: "BHP remains on track to achieve six per cent volume growth for the 2018 financial year. Strong performance in copper was underpinned by the Los Colorados Extension project at Escondida and higher utilisation rates at Pampa Norte. This more than offset the slower than expected ramp-up of Olympic Dam during the quarter following planned smelter maintenance. Incremental improvements across our operations from debottlenecking and increased throughput delivered record production in iron ore. Our exit from Onshore US is progressing to plan with bids expected by June 2018."
1
Summary
Operational performance
Production and guidance are summarised in the table below.
Mar Mar Mar
YTD18 Q18 Q18
vs vs vs Previous Current
Mar Mar Mar Mar Dec FY18 FY18
Production YTD18 Q18 YTD17 Q17 Q17 guidance guidance
---------------- ------ ---- ------ ----- ----- --------- ---------
Upper
Petroleum end of
(MMboe) 143 45 (8%) (12%) (8%) 180 -190 180 -190 range
Upper
Onshore US 61 - 61 - end of
(MMboe) 52 17 (14%) (17%) (3%) 67 67 range
Conventional 119 - 119 -
(MMboe) 91 28 (5%) (8%) (10%) 123 123 Unchanged
1,655 1,700 Narrowed
Copper (kt) 1,290 457 37% 101% 6% - 1,790 - 1,785 range
Escondida 1,130 1,180 Narrowed
(kt) 897 314 64% 232% 0% - 1,230 - 1,230 range
Olympic
Dam now
135 kt
Antamina
Other copper(i) 525 - 520 - now
(kt) 393 143 0% 8% 25% 560 555 135 kt
Lowered
due to
Iron ore(ii) 239 - 236 - car dumper
(Mt) 175 58 2% 8% (6%) 243 238 reliability
As above
WAIO (100% 275 - 272 - for iron
basis) (Mt) 203 67 2% 8% (6%) 280 274 ore
Metallurgical
coal(ii) 41 - 41 -
(Mt) 31 10 (2%) 2% 7% 43 43 Unchanged
Energy coal(ii) 29 - 29 -
(Mt) 20 6 (4%) (18%) (16%) 30 30 Unchanged
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.
Major development projects
BHP has four major projects under development in Petroleum, Copper and Potash, with a combined budget of US$7.5 billion over the life of the projects. All projects remain on time and on budget.
Petroleum
Production
Mar Mar Mar
Mar Mar YTD18 Q18 Q18
YTD18 Q18 vs vs vs
Mar Mar Dec
YTD17 Q17 Q17
------ ---- ------ ----- ----
Crude oil, condensate
and natural gas liquids
(MMboe) 65 20 (11%) (19%) (9%)
Natural gas (bcf) 472 147 (6%) (5%) (6%)
Total petroleum production
(MMboe) 143 45 (8%) (12%) (8%)
Petroleum - Total petroleum production for the nine months ended March 2018 decreased by eight per cent to 143 MMboe. Guidance for the 2018 financial year remains unchanged at between 180 and 190 MMboe, comprising Conventional volumes between 119 and 123 MMboe and Onshore US volumes between 61 and 67 MMboe. We expect total petroleum volumes to be towards the upper end of the guidance range, primarily due to enhanced well performance in our Onshore US fields.
2
Production Mar YTD18 vs Mar
breakdown YTD17
Crude oil, condensate and natural gas liquids
(MMboe)
Hurricanes Harvey
and Nate in the Gulf
of Mexico and natural
Conventional 44 (7%) field decline.
Hurricane Harvey and
natural field decline,
which more than offset
improved recoveries
and additional wells
in the Black Hawk
Onshore US 21 (20%) and Permian.
Total 65 (11%)
Natural gas
(bcf)
Maintenance at North
West Shelf and Bass
Conventional 286 (2%) Strait.
Hurricane Harvey and
natural field decline,
partially offset by
additional wells in
the Eagle Ford, Permian
Onshore US 186 (10%) and Haynesville.
Total 472 (6%)
On 12 March 2018, BHP agreed to waive its right of pre-emption and provide consent to the sale by ExxonMobil of its 50 per cent interest in Scarborough to Woodside, resulting in Woodside and BHP holding 75 per cent and 25 per cent interests, respectively. BHP has an option to purchase an additional 10 per cent interest in Scarborough on equivalent consideration and terms to the transaction with ExxonMobil. This option may be exercised at any time prior to the earlier of 31 December 2019 and the date approval is given to commence the front-end engineering and design phase of the development of the Scarborough gas field.
Projects
Initial
Project Capital production
and expenditure target
ownership (US$m) date Capacity Progress
--------------------- ------------ ----------- ---------------- ----------------
North West 314 CY19 To maintain On schedule
Shelf Greater LNG plant and budget.
Western throughput The overall
Flank-B from the North project is
(Australia) West Shelf 80% complete.
16.67% operations.
(non-operator)
Mad Dog 2,154 CY22 New floating On schedule
Phase 2 production and budget.
(US Gulf facility with The overall
of Mexico) the capacity project is
23.9% (non-operator) to produce 16% complete.
up to 140,000
gross barrels
of crude oil
per day.
Petroleum capital expenditure guidance remains unchanged at approximately US$1.9 billion for the 2018 financial year. This includes Conventional capital expenditure of US$0.8 billion, focused on high-return infill drilling opportunities in the Gulf of Mexico, a life extension project at North West Shelf and investment in the Mad Dog Phase 2 project. Onshore US capital expenditure of US$1.1 billion reflects drilling and completion activities tailored to support value in the exit process and meet Hold by Production obligations.
Onshore US development activity
Onshore US drilling and development expenditure for the nine months ended March 2018 was US$648 million. Our operated rig count declined from nine to seven during the March 2018 quarter.
-- In the Permian, we continue to see strong results from larger completions. We expect rig count to remain unchanged through the June 2018 quarter as we focus on meeting Hold by Production obligations and progressing sub-surface trials.
3
-- In the Eagle Ford, early trial results from wells with longer laterals in the Hawkville have exceeded expectations and early results in the Austin Chalk horizon have been positive. During April 2018, we reduced our rig count from three to two and this is expected to remain unchanged during the June 2018 quarter.
-- In the Haynesville, the incorporation of larger choke settings in all new wells has significantly increased volumes, and longer laterals and larger completions have also outperformed expectations. We expect to lower our rig count from two to one during the June 2018 quarter.
-- In the Fayetteville, we continue to assess the potential of the Moorefield horizon based on data from the new non-operated wells.
Liquids Gas focused
March YTD18 focused areas areas
Eagle Permian Haynesville Fayetteville Total
(March YTD17) Ford
Capital US$ billion 0.2 (0.2) 0.3 0.2 0.0 (0.0) 0.6 (0.4)
expenditure(i) (0.2) (0.0)
At period
Rig allocation end 3 (1) 2 (1) 2 (1) 0 (0) 7 (3)
Net wells
drilled Period
and completed(ii) total 14 (44) 13 (17) 2 (2) 0 (2) 29 (65)
Net productive At period 150 387 1,042 2,524
wells end 945 (963) (124) (392) (1,045) (2,524)
(i) Includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and pipelines.
(ii) Can vary between periods based on changes in rig activity and the inventory of wells drilled but not yet completed at period end.
The exit process for our Onshore US assets is progressing to plan and the data rooms for all fields and mid-stream assets are now open. We expect to receive bids by June 2018 and proceed with negotiations to potentially announce one or several transactions in the first half of the 2019 financial year. In parallel, we continue to explore potential asset swap opportunities and exit via demerger or Initial Public Offering.
Petroleum exploration
Exploration and appraisal wells drilled during the March 2018 quarter are summarised below.
Total
Well Location Target BHP Spud date Water well Status
equity depth depth
US Gulf
of Mexico 1 October 1,289 9,386 Plugged
Scimitar GC392 Oil 65% 2017 m m and abandoned
US Gulf
of Mexico 13 February 1,289 8,246 Plugged
Scimitar-ST GC392 Oil 85% 2018 m m and abandoned
As reported in the December 2017 Results Announcement, no commercial hydrocarbons were encountered at Scimitar in the US Gulf of Mexico. The well was plugged and abandoned in February 2018. In the northern extension of the Wildling prospect, we recently increased our footprint through the acquisition of Samson's 33.33 per cent interest in the Samurai prospect in Green Canyon Blocks 432 and 476. Murphy Exploration & Production Co is the operator of Samurai and an exploration well was spud on 16 April 2018. This follows positive drilling results at Wildling in the first half of the 2018 financial year. Evaluation is ongoing to assess the scale of the discovery, with plans to continue drilling in the second half of the 2019 financial year. We were the apparent high bidder on three blocks, EB 914 and EB 699 in the western Gulf of Mexico and GC 823 to the west of the Mad Dog field, which we co-own with BP and Chevron.
Petroleum exploration expenditure for the nine months ended March 2018 was US$521 million, of which US$395 million was expensed. A US$715 million exploration program is being executed for the 2018 financial year. This program comprises the Wildling-2 side track, Scimitar and side track exploration well and the Samurai-2 well in the US Gulf of Mexico, one well in Trinidad and Tobago, with the second and third wells now expected to be drilled at the beginning of the 2019 financial year.
4
Copper
Production
Mar YTD18 Mar Mar Q18
Mar Mar vs Q18 vs
YTD18 Q18 Mar YTD17 vs Dec
Mar Q17
Q17
Copper (kt) 1,290 457 37% 101% 6%
Zinc (t) 83,817 25,562 43% 24% (12%)
Uranium oxide
concentrate (t) 2,241 1,118 (23%) 18% 360%
Copper - Total copper production for the nine months ended March 2018 increased by 37 per cent to 1,290 kt. Guidance for the 2018 financial year narrowed to between 1,700 and 1,785 kt from between 1,655 and 1,790 kt.
Escondida copper production for the nine months ended March 2018 increased by 64 per cent to 897 kt, supported by the start-up of the Los Colorados Extension project on 10 September 2017. Production guidance for the 2018 financial year has been narrowed to between 1,180 and 1,230 kt from between 1,130 and 1,230 kt. The Escondida Water Supply Extension (EWSE) was sanctioned by all joint venture partners in March 2018 and it comprises the expansion of the Escondida Water Supply conveyance system and desalination plant. EWSE is in execution phase and will deliver first water production in the 2020 financial year. EWSE will continue Escondida's sustainable reduction of groundwater usage and maximise concentrator throughput beyond the 2020 financial year. The existing agreement with Union Ndeg1 will expire on 1 August 2018 and early negotiations started in April 2018.
Pampa Norte copper production increased by six per cent to 193 kt due to record production at Spence mainly driven by higher utilisation of the solvent extraction and electrowinning plants. Pampa Norte production guidance for the 2018 financial year remains unchanged and is expected to be higher than the prior year. During the period, we successfully completed the accelerated negotiation with Spence Union Ndeg2 (supervisors and staff) with the new agreement effective from 1 April 2018 for 36 months.
Olympic Dam copper production decreased by 18 per cent to 95 kt as a result of the planned major smelter maintenance campaign in the first half of the financial year. Production guidance for the 2018 financial year has been reduced from 150 kt to approximately 135 kt due to a slower than planned ramp-up during the March 2018 quarter. A return to full capacity is now expected over the course of the June 2018 quarter. Development into the higher-grade Southern Mine Area continues with record underground development metres achieved in March 2018.
Antamina copper production increased by 10 per cent to 105 kt and zinc production increased 43 per cent to 84 kt due to higher head grades as mining continued through a zinc-rich ore zone consistent with the mine plan. Copper production guidance for the 2018 financial year has increased to approximately 135 kt from approximately 125 kt and zinc production guidance to approximately 110 kt from approximately 100 kt.
Projects
Initial
Project Capital production
and expenditure target
ownership (US$m) date Capacity Progress
Spence 2,460 FY21 New 95 ktpd On schedule
Growth concentrator and budget.
Option is expected The overall
to increase project is
Spence's payable 8% complete.
copper in concentrate
production
by approximately
185 ktpa in
the first 10
years of operation
and extend
the mining
operations
by more than
50 years.
(Chile)
100%
5
Iron Ore
Production
Mar Mar Mar
Mar Mar YTD18 Q18 Q18
YTD18 Q18 vs vs vs
Mar Mar Dec
YTD17 Q17 Q17
Iron ore (kt) 174,835 57,691 2% 8% (6%)
Iron ore - Total iron ore production for the nine months ended March 2018 increased by two per cent to a record 175 Mt, or 203 Mt on a 100 per cent basis. Guidance for the 2018 financial year has been reduced to between 236 and 238 Mt, or between 272 and 274 Mt on a 100 per cent basis reflecting car dumper reliability issues as we push to record levels of production.
At WAIO, increased production was supported by record production at Jimblebar and Mining Area C, and improved rail reliability. This was partially offset by the impact of lower opening stockpile levels following the Mt Whaleback fire in June 2017, planned maintenance and port debottlenecking activities in the first half of the financial year. Volumes decreased by six per cent from the December 2017 quarter reflecting impacts from Cyclone Joyce and unplanned car dumper maintenance, despite improved rail reliability and an increase in peak performance in the number of rakes per day. With the system constraint now at the port, a program of work is underway to improve car dumper availability and performance.
On 16 February 2018, BHP received regulatory approval to increase capacity at its Port Hedland operations to 290 Mtpa (100 per cent basis) and expects to reach this run rate by the end of the 2019 financial year.
Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
Coal
Production
Mar YTD18 Mar Q18 Mar Q18
Mar Mar vs vs vs
YTD18 Q18 Mar YTD17 Mar Dec Q17
Q17
Metallurgical
coal (kt) 30,631 10,379 (2%) 2% 7%
Energy coal (kt) 20,135 6,106 (4%) (18%) (16%)
Metallurgical coal - Metallurgical coal production for the nine months ended March 2018 decreased by two per cent to 31 Mt. Guidance for the 2018 financial year remains unchanged at between 41 and 43 Mt.
At Queensland Coal, production was lower due to challenging roof conditions at Broadmeadow and geotechnical issues triggered by wet weather at Blackwater. This was partially offset by record production at four mines, underpinned by improved stripping and truck performance, higher wash-plant throughput from debottlenecking activities and utilisation of latent dragline capacity at Caval Ridge. Mining operations at Blackwater stabilised in the current quarter and are expected to return to full capacity during the June 2018 quarter as inventory levels are rebuilt. At Broadmeadow, progression through the fault zone is expected to be completed during the June 2018 quarter.
In March 2018, we successfully reached agreement with employees on the BMA Enterprise Agreement 2018(2) (covering four producing BMA mines) and it is currently with the Fair Work Commission for approval. The Caval Ridge Southern Circuit project is progressing according to plan, with production expected to ramp-up early in the 2019 financial year.
Energy coal - Energy coal production for the nine months ended March 2018 decreased by four per cent to 20 Mt. Guidance for the 2018 financial year remains unchanged at 29 to 30 Mt.
New South Wales Energy Coal production was down one per cent as higher truck utilisation and additional bypass coal were offset by higher average strip ratios compared to the corresponding period. Volumes decreased by 16 per cent from the December 2017 quarter following unfavourable weather impacts and then a significant build in raw coal inventory late in the quarter. This inventory is expected to support an uplift in volumes in the June 2018 quarter.
6
Cerrejón production declined seven per cent, due to unfavourable weather impacts on mine sequencing, equipment availability and higher strip ratio areas being mined.
Other
Nickel production
Mar YTD18 Mar Q18 Mar Q18
Mar Mar vs vs vs
YTD18 Q18 Mar Mar Q17 Dec Q17
YTD17
Nickel (kt) 65.6 20.4 10% 7% (9%)
Nickel - Nickel West production for the nine months ended March 2018 increased by 10 per cent to 66 kt of nickel primarily due to increased production rates at Mt Keith and Leinster. Nickel production guidance for the 2018 financial year remains unchanged and is expected to be broadly in line with the 2017 financial year.
Potash project
Project
and Investment
ownership (US$m) Scope Progress
Jansen 2,600 Investment to finish The project is
Potash the excavation and 77% complete and
lining of the production within the approved
and service shafts, budget. Shaft
and to continue excavation is
the installation progressing. At
of essential surface the end of March
infrastructure and 2018 both shafts
utilities. reached potash
in the Upper Patience
Lake Member at
a depth of approximately
924m.
(Canada)
100%
Minerals exploration
Minerals exploration expenditure for the nine months ended March 2018 was US$128 million, of which US$92 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Ecuador, Peru, Canada, South Australia and the South-West United States.
Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2018 compared with the nine months ended March 2017, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Copper equivalent production based on 2017 financial year average realised prices.
The following footnotes apply to this Operational Review:
(1) Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.
(2) The BMA Enterprise Agreement 2018 covers four producing mines (Blackwater, Goonyella, Peak Downs and Saraji) as well as three mines in care and maintenance (Crinum, Gregory and Norwich Park).
The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
7
In this release, the terms 'BHP', 'Group', 'BHP Group', 'we', 'us', 'our' and ourselves' are used to refer to BHP Billiton Limited, BHP Billiton Plc and, except where the context otherwise requires, their respective subsidiaries as defined in note 28 'Subsidiaries' in section 5.1 of BHP's 30 June 2017 Annual Report on Form 20-F and in note 13 'Related undertaking of the Group' in section 5.2 of BHP's 30 June 2017 Annual Report on Form 20-F.
8
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9
Production summary
Year to
Quarter ended date
------------------------------------------- -------------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2017 2017 2017 2017 2018 2018 2017
------- ------- ------- ------- ------- --------- --------
Petroleum (1)
Petroleum
Crude oil, condensate
and NGL (Mboe)
Onshore US 9,439 8,501 7,079 7,423 6,256 20,758 25,870
Conventional 15,369 15,612 15,090 14,869 13,960 43,919 47,096
Total 24,808 24,113 22,169 22,292 20,216 64,677 72,966
Natural gas (bcf)
Onshore US 66.1 67.2 61.4 60.5 64.1 186.0 207.8
Conventional 88.4 99.5 107.3 96.1 82.9 286.3 293.3
Total 154.5 166.7 168.7 156.6 147.0 472.3 501.1
Total petroleum
production (MMboe) 50.6 51.9 50.3 48.4 44.7 143.4 156.5
Copper (2)
Copper
Payable metal in
concentrate (kt)
Escondida (3) 57.5% 67.6 162.4 196.3 238.5 244.9 679.7 377.2
Antamina 33.8% 29.2 38.5 35.9 33.8 35.2 104.9 95.3
Total 96.8 200.9 232.2 272.3 280.1 784.6 472.5
Cathode (kt)
Escondida (3) 57.5% 27.2 62.8 71.9 76.1 69.4 217.4 169.2
Pampa Norte (4) 100% 66.1 72.3 58.0 68.4 66.8 193.2 182.0
Olympic Dam 100% 36.8 51.4 42.0 12.2 40.5 94.7 114.9
Total 130.1 186.5 171.9 156.7 176.7 505.3 466.1
Total copper (kt) 226.9 387.4 404.1 429.0 456.8 1,289.9 938.6
Lead
Payable metal in
concentrate (t)
Antamina 33.8% 1,308 1,799 1,415 1,009 464 2,888 3,674
Total 1,308 1,799 1,415 1,009 464 2,888 3,674
Zinc
Payable metal in
concentrate (t)
Antamina 33.8% 20,653 29,076 29,201 29,054 25,562 83,817 58,426
Total 20,653 29,076 29,201 29,054 25,562 83,817 58,426
Gold
Payable metal in
concentrate (troy
oz)
Escondida (3) 57.5% 11,572 33,941 50,525 50,279 59,953 160,757 76,917
Olympic Dam (refined
gold) 100% 21,941 28,188 13,101 15,969 28,989 58,059 75,958
Total 33,513 62,129 63,626 66,248 88,942 218,816 152,875
10
Year to
Quarter ended date
-------------------------------------- ---------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2017 2017 2017 2017 2018 2018 2017
------ ------ ------ ------ ------ ------- ------
Silver
Payable metal in
concentrate (troy
koz)
Escondida (3) 57.5% 540 1,234 1,737 2,193 2,339 6,269 3,092
Antamina 33.8% 1,301 1,691 1,596 1,331 1,189 4,116 4,092
Olympic Dam (refined
silver) 100% 174 243 131 135 248 514 525
Total 2,015 3,168 3,464 3,659 3,776 10,899 7,709
Uranium
Payable metal in
concentrate (t)
Olympic Dam 100% 948 737 880 243 1,118 2,241 2,924
Total 948 737 880 243 1,118 2,241 2,924
Molybdenum
Payable metal in
concentrate (t)
Antamina 33.8% 30 328 402 579 420 1,401 816
Total 30 328 402 579 420 1,401 816
11
Production summary
Year to
Quarter ended date
------------------------------------------- ------------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2017 2017 2017 2017 2018 2018 2017
------- ------- ------- ------- ------- -------- --------
Iron Ore
Iron Ore
Production (kt)
(5)
Newman 85% 16,283 16,241 13,842 18,317 16,412 48,571 52,042
Area C Joint Venture 85% 11,165 13,016 13,099 13,575 12,802 39,476 35,728
Yandi Joint Venture 85% 14,656 17,415 14,559 16,348 15,802 46,709 47,940
Jimblebar (6) 85% 4,824 5,891 6,283 4,583 4,669 15,535 16,059
Wheelarra 85% 6,647 7,578 7,804 8,734 8,006 24,544 19,442
Samarco 50% - - - - - - -
Total 53,575 60,141 55,587 61,557 57,691 174,835 171,211
Coal
Metallurgical coal
Production (kt)
(7)
BMA 50% 7,996 6,394 8,296 7,394 7,983 23,673 25,064
BHP Mitsui Coal
(8) 80% 2,138 2,100 2,271 2,291 2,396 6,958 6,212
Haju (9) 75% - - - - - - 129
Total 10,134 8,494 10,567 9,685 10,379 30,631 31,405
Energy coal
Production (kt)
USA 100% - - - - - - 451
Australia 100% 4,662 5,711 4,235 4,383 3,662 12,280 12,465
Colombia 33.3% 2,756 2,475 2,497 2,914 2,444 7,855 8,484
Total 7,418 8,186 6,732 7,297 6,106 20,135 21,400
Other
Nickel
Saleable production
(kt)
Nickel West 100% 19.0 25.2 22.8 22.4 20.4 65.6 59.9
Total 19.0 25.2 22.8 22.4 20.4 65.6 59.9
(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe.
(2) Metal production is reported on the basis of payable metal. (3) Shown on a 100% basis. BHP interest in saleable production is 57.5%. (4) Includes Cerro Colorado and Spence. (5) Iron ore production is reported on a wet tonnes basis. (6) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%. (9) Shown on a 100% basis. BHP interest in saleable production is 75%.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
12
Production and sales report
Year to
Quarter ended date
--------------------------------------- -----------------
Mar Jun Sep Dec Mar Mar Mar
2017 2017 2017 2017 2018 2018 2017
------ ------ ------ ------ ------- -------- -------
Petroleum (1)
Bass Strait
Crude oil and
condensate (Mboe) 1,355 1,552 1,815 1,513 1,126 4,454 5,047
NGL (Mboe) 1,236 1,661 1,950 1,584 1,170 4,704 4,798
Natural gas (bcf) 28.7 37.4 42.6 32.9 20.5 96.0 101.9
Total petroleum
products (MMboe) 7.4 9.4 10.9 8.6 5.7 25.2 26.8
North West
Shelf
Crude oil and
condensate (Mboe) 1,239 1,314 1,474 1,442 1,377 4,293 4,193
NGL (Mboe) 200 209 227 200 210 637 755
Natural gas (bcf) 32.2 32.5 36.2 36.2 35.8 108.2 107.8
Total petroleum
products (MMboe) 6.8 6.9 7.7 7.7 7.6 23.0 22.9
Pyrenees
Crude oil and
condensate (Mboe) 1,509 1,606 1,510 1,210 1,250 3,970 4,911
Total petroleum
products (MMboe) 1.5 1.6 1.5 1.2 1.3 4.0 4.9
Other Australia
(2)
Crude oil and
condensate (Mboe) 8 9 9 8 8 25 26
Natural gas (bcf) 15.2 16.3 16.1 13.3 13.4 42.8 49.8
Total petroleum
products (MMboe) 2.5 2.7 2.7 2.2 2.2 7.2 8.3
Atlantis (3)
Crude oil and
condensate (Mboe) 3,881 3,637 3,022 3,377 3,459 9,858 10,198
NGL (Mboe) 295 213 218 195 248 661 710
Natural gas (bcf) 2.1 1.9 1.6 1.8 1.8 5.2 5.2
Total petroleum
products (MMboe) 4.5 4.2 3.5 3.9 4.0 11.4 11.8
Mad Dog (3)
Crude oil and
condensate (Mboe) 1,185 1,167 1,020 1,231 1,140 3,391 3,305
NGL (Mboe) 59 68 44 72 55 171 147
Natural gas (bcf) 0.2 0.2 0.1 0.2 0.2 0.5 0.5
Total petroleum
products (MMboe) 1.3 1.3 1.1 1.3 1.2 3.6 3.5
Shenzi (3)
Crude oil and
condensate (Mboe) 2,675 2,588 2,291 2,513 2,323 7,127 7,999
NGL (Mboe) 161 179 141 184 140 465 386
Natural gas (bcf) 0.5 0.6 0.4 0.5 0.4 1.3 1.5
Total petroleum
products (MMboe) 2.9 2.9 2.5 2.8 2.5 7.8 8.6
Eagle Ford
(4)
Crude oil and
condensate (Mboe) 5,451 4,278 3,457 3,720 2,838 10,015 13,330
NGL (Mboe) 2,354 2,240 1,856 2,100 1,555 5,511 6,781
Natural gas (bcf) 17.0 15.1 13.8 14.4 12.6 40.8 48.7
Total petroleum
products (MMboe) 10.6 9.0 7.6 8.2 6.5 22.3 28.2
13
Year to
Quarter ended date
--------------------------------------- ---------------
Mar Jun Sep Dec Mar Mar Mar
2017 2017 2017 2017 2018 2018 2017
------ ------ ------ ------ ------- ------- ------
Permian (4)
Crude oil and
condensate (Mboe) 1,202 1,336 1,179 1,142 1,398 3,719 3,995
NGL (Mboe) 428 646 587 460 465 1,512 1,742
Natural gas (bcf) 4.0 6.2 4.5 3.6 4.1 12.2 12.8
Total petroleum
products (MMboe) 2.3 3.0 2.5 2.2 2.5 7.3 7.9
Haynesville
(4)
Crude oil and
condensate (Mboe) 1 1 - 1 - 1 4
NGL (Mboe) 3 - - - - - 18
Natural gas (bcf) 22.0 21.4 21.5 22.0 28.7 72.2 74.2
Total petroleum
products (MMboe) 3.7 3.6 3.6 3.7 4.8 12.0 12.4
Fayetteville
(4)
Natural gas (bcf) 23.1 24.5 21.6 20.5 18.7 60.8 72.1
Total petroleum
products (MMboe) 3.9 4.1 3.6 3.4 3.1 10.1 12.0
14
Production and sales report
Year to
Quarter ended date
-------------------------------------------- -------------------
Mar Jun Sep Dec Mar Mar Mar
2017 2017 2017 2017 2018 2018 2017
------- ------- ------- ------- -------- --------- --------
Petroleum (1)
(continued)
Trinidad/Tobago
Crude oil and
condensate (Mboe) 127 139 118 135 232 485 423
Natural gas (bcf) 8.4 9.4 9.7 10.5 10.0 30.2 23.2
Total petroleum
products (MMboe) 1.5 1.7 1.7 1.9 1.9 5.5 4.3
Other Americas
(3) (5)
Crude oil and
condensate (Mboe) 257 238 229 207 189 625 801
NGL (Mboe) 6 10 5 3 3 11 12
Natural gas (bcf) 0.1 0.1 0.1 0.1 - 0.2 0.3
Total petroleum
products (MMboe) 0.3 0.3 0.3 0.2 0.2 0.7 0.9
UK
Crude oil and
condensate (Mboe) 72 64 40 22 43 105 204
NGL (Mboe) 32 16 39 13 18 70 103
Natural gas (bcf) 1.0 1.1 0.5 0.6 0.8 1.9 3.1
Total petroleum
products (MMboe) 0.3 0.3 0.2 0.1 0.2 0.5 0.8
Algeria
Crude oil and
condensate (Mboe) 1,072 942 938 960 969 2,867 3,078
Total petroleum
products (MMboe) 1.1 0.9 0.9 1.0 1.0 2.9 3.1
BHP Petroleum
Crude oil and
condensate
Onshore US (Mboe) 6,654 5,615 4,636 4,863 4,236 13,735 17,329
Conventional (Mboe) 13,380 13,256 12,466 12,618 12,116 37,200 40,185
Total (Mboe) 20,034 18,871 17,102 17,481 16,352 50,935 57,514
NGL
Onshore US (Mboe) 2,785 2,886 2,443 2,560 2,020 7,023 8,541
Conventional (Mboe) 1,989 2,356 2,624 2,251 1,844 6,719 6,911
Total (Mboe) 4,774 5,242 5,067 4,811 3,864 13,742 15,452
Natural gas
Onshore US (bcf) 66.1 67.2 61.4 60.5 64.1 186.0 207.8
Conventional (bcf) 88.4 99.5 107.3 96.1 82.9 286.3 293.3
Total (bcf) 154.5 166.7 168.7 156.6 147.0 472.3 501.1
Total petroleum
products
Onshore US (Mboe) 20,456 19,701 17,312 17,506 16,939 51,758 60,503
Conventional (Mboe) 30,102 32,195 32,973 30,886 27,777 91,636 95,979
Total (Mboe) 50,558 51,896 50,286 48,392 44,716 143,394 156,483
(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures represent
finalisation adjustments.
(2) Other Australia includes Minerva and Macedon. (3) Gulf of Mexico volumes are net of royalties. (4) Onshore US volumes are net of mineral holder royalties. (5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
15
Production and sales report
Year to
Quarter ended date
---------------------------------------------- ------------------
Mar Jun Sep Dec Mar Mar Mar
Copper 2017 2017 2017 2017 2018 2018 2017
------- ------- -------- -------- -------- -------- --------
Metals production is payable metal unless otherwise
stated.
Escondida,
Chile (1)
Material mined (kt) 26,045 93,389 104,867 101,371 103,385 309,623 223,412
Sulphide ore
milled (kt) 8,054 18,777 24,080 30,260 32,203 86,543 48,707
Average copper
grade (%) 1.01% 1.07% 1.06% 0.98% 0.96% 0.99% 0.95%
Production
ex mill (kt) 68.7 167.0 204.2 245.7 252.6 702.5 390.5
Production
Payable copper (kt) 67.6 162.4 196.3 238.5 244.9 679.7 377.2
Copper cathode
(EW) (kt) 27.2 62.8 71.9 76.1 69.4 217.4 169.2
- Oxide leach (kt) 8.9 20.3 22.4 27.4 24.5 74.3 60.1
- Sulphide
leach (kt) 18.3 42.5 49.5 48.7 44.9 143.1 109.1
Total copper (kt) 94.8 225.2 268.2 314.6 314.3 897.1 546.4
Payable gold (troy
concentrate oz) 11,572 33,941 50,525 50,279 59,953 160,757 76,917
Payable silver (troy
concentrate koz) 540 1,234 1,737 2,193 2,339 6,269 3,092
Sales
Payable copper (kt) 63.7 163.3 195.1 236.7 228.3 660.1 371.3
Copper cathode
(EW) (kt) 39.4 56.0 61.6 84.1 61.7 207.4 176.8
Payable gold (troy
concentrate oz) 11,572 33,941 50,525 50,279 59,953 160,757 76,917
Payable silver (troy
concentrate koz) 540 1,234 1,737 2,193 2,339 6,269 3,092
(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte,
Chile
Cerro Colorado
Material mined (kt) 15,178 15,760 21,381 20,191 17,766 59,338 42,475
Ore milled (kt) 4,179 4,411 3,951 4,611 4,905 13,467 10,762
Average copper
grade (%) 0.57% 0.53% 0.62% 0.59% 0.58% 0.60% 0.63%
Production
Copper cathode
(EW) (kt) 16.7 18.8 13.3 17.4 13.6 44.3 45.9
Sales
Copper cathode
(EW) (kt) 15.6 19.8 12.3 17.7 13.7 43.7 45.7
Spence
Material mined (kt) 22,939 24,230 22,314 23,096 21,463 66,873 69,212
Ore milled (kt) 5,225 4,968 5,375 4,919 5,144 15,438 15,125
Average copper
grade (%) 1.09% 1.13% 1.21% 1.18% 1.03% 1.14% 1.15%
Production
Copper cathode
(EW) (kt) 49.4 53.5 44.7 51.0 53.2 148.9 136.1
Sales
Copper cathode
(EW) (kt) 49.0 55.7 43.0 52.2 49.8 145.0 131.7
16
Production and sales report
Year to
Quarter ended date
-------------------------------------------- -------------------
Mar Jun Sep Dec Mar Mar Mar
2017 2017 2017 2017 2018 2018 2017
------- ------- ------- ------- -------- --------- --------
Copper (continued)
Metals production is payable
metal unless otherwise stated.
Antamina, Peru
Material mined
(100%) (kt) 55,771 62,254 59,216 59,125 58,085 176,426 182,237
Sulphide ore
milled (100%) (kt) 11,955 13,229 12,822 13,098 12,166 38,086 38,876
Average head
grades
- Copper (%) 0.88% 1.00% 0.94% 0.89% 1.01% 0.95% 0.85%
- Zinc (%) 0.84% 0.95% 0.99% 0.93% 1.01% 0.98% 0.75%
Production
Payable copper (kt) 29.2 38.5 35.9 33.8 35.2 104.9 95.3
Payable zinc (t) 20,653 29,076 29,201 29,054 25,562 83,817 58,426
(troy
Payable silver koz) 1,301 1,691 1,596 1,331 1,189 4,116 4,092
Payable lead (t) 1,308 1,799 1,415 1,009 464 2,888 3,674
Payable molybdenum (t) 30 328 402 579 420 1,401 816
Sales
Payable copper (kt) 30.2 36.9 31.9 37.0 32.1 101.0 96.0
Payable zinc (t) 23,669 27,936 25,224 30,340 26,456 82,020 62,046
(troy
Payable silver koz) 1,304 1,513 1,475 1,470 1,052 3,997 3,969
Payable lead (t) 1,475 1,493 1,624 972 859 3,455 3,342
Payable molybdenum (t) - - 168 693 500 1,361 1,124
Olympic Dam,
Australia
Material mined
(1) (kt) 1,943 1,974 1,851 1,391 2,056 5,298 6,034
Ore milled (kt) 2,112 2,097 2,302 554 2,188 5,044 6,507
Average copper
grade (%) 2.07% 2.30% 2.10% 2.22% 2.36% 2.23% 2.01%
Average uranium
grade (kg/t) 0.61 0.58 0.55 0.58 0.71 0.62 0.63
Production
Copper cathode
(ER and EW) (kt) 36.8 51.4 42.0 12.2 40.5 94.7 114.9
Uranium oxide
concentrate (t) 948 737 880 243 1,118 2,241 2,924
(troy
Refined gold oz) 21,941 28,188 13,101 15,969 28,989 58,059 75,958
(troy
Refined silver koz) 174 243 131 135 248 514 525
Sales
Copper cathode
(ER and EW) (kt) 33.5 51.5 31.6 24.3 36.8 92.7 112.2
Uranium oxide
concentrate (t) 839 1,298 680 338 509 1,527 2,807
(troy
Refined gold oz) 22,333 24,726 22,435 17,999 20,715 61,149 72,468
(troy
Refined silver koz) 108 251 219 118 202 539 495
(1) Material mined refers to run
of mine ore mined and hoisted.
17
Production and sales report
Year to
Quarter ended date
-------------------------------------------- ------------------
Mar Jun Sep Dec Mar Mar Mar
Iron Ore 2017 2017 2017 2017 2018 2018 2017
------- ------- ------- ------- -------- -------- --------
Iron ore production and sales
are reported on a wet tonnes
basis.
Pilbara, Australia
Production
Newman (kt) 16,283 16,241 13,842 18,317 16,412 48,571 52,042
Area C Joint
Venture (kt) 11,165 13,016 13,099 13,575 12,802 39,476 35,728
Yandi Joint
Venture (kt) 14,656 17,415 14,559 16,348 15,802 46,709 47,940
Jimblebar (1) (kt) 4,824 5,891 6,283 4,583 4,669 15,535 16,059
Wheelarra (kt) 6,647 7,578 7,804 8,734 8,006 24,544 19,442
Total production (kt) 53,575 60,141 55,587 61,557 57,691 174,835 171,211
Total production
(100%) (kt) 62,177 69,714 64,287 71,611 67,048 202,946 198,588
Sales
Lump (kt) 12,804 15,104 13,896 15,145 13,993 43,034 41,087
Fines (kt) 41,043 46,249 40,733 45,769 44,332 130,834 128,768
Total (kt) 53,847 61,353 54,629 60,914 58,325 173,868 169,855
Total sales
(100%) (kt) 62,513 71,149 63,322 70,733 67,799 201,854 197,077
(1) Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil (1) Production (kt) - - - - - - - Sales (kt) 35 - - 14 25 39 47
(1) Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
18
Production and sales report
Year to
Quarter ended date
------------------------------------------ -----------------
Mar Jun Sep Dec Mar Mar Mar
2017 2017 2017 2017 2018 2018 2017
------- ------ ------- ------ -------- -------- -------
Coal
Coal production is reported
on the basis of saleable
product.
Queensland
Coal
Production
(1)
BMA
Blackwater (kt) 1,694 1,766 1,985 1,470 1,384 4,839 5,530
Goonyella (kt) 1,871 1,157 1,639 1,369 2,314 5,322 6,198
Peak Downs (kt) 1,582 1,238 1,602 1,367 1,723 4,692 4,817
Saraji (kt) 1,276 913 1,414 1,198 1,240 3,852 3,821
Daunia (kt) 674 560 662 718 547 1,927 2,000
Caval Ridge (kt) 899 760 994 1,272 775 3,041 2,698
Total BMA (kt) 7,996 6,394 8,296 7,394 7,983 23,673 25,064
BHP Mitsui
Coal (2)
South Walker
Creek (kt) 1,354 1,348 1,400 1,524 1,490 4,414 3,775
Poitrel (kt) 784 752 871 767 906 2,544 2,437
Total BHP Mitsui
Coal (kt) 2,138 2,100 2,271 2,291 2,396 6,958 6,212
Total Queensland
Coal (kt) 10,134 8,494 10,567 9,685 10,379 30,631 31,276
Sales
Coking coal (kt) 7,133 5,496 7,934 6,341 7,177 21,452 22,031
Weak coking
coal (kt) 2,761 2,502 3,150 2,816 2,598 8,564 8,219
Thermal coal (kt) 96 142 102 173 168 443 456
Total (kt) 9,990 8,140 11,186 9,330 9,943 30,459 30,706
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
Haju, Indonesia (1) Production (kt) - - - - - - 129 Sales - export (kt) - - - - - - 117
(1) Shown on 100% basis. BHP interest in saleable production is 75%. BHP completed the sale of IndoMet Coal on 14 October 2016.
New Mexico, USA Production Navajo Coal (1) (kt) - - - - - - 451 Total (kt) - - - - - - 451 Sales thermal coal - local utility - - - - - - 105
(1) The divestment of Navajo Coal was completed on 29 July 2016, with no further production reported by BHP.
Management of Navajo Coal was transferred to Navajo Transitional Energy Company on 31 December 2016.
19
NSW Energy Coal,
Australia
Production (kt) 4,662 5,711 4,235 4,383 3,662 12,280 12,465
Sales
Export thermal
coal (kt) 4,407 4,913 3,622 4,048 3,181 10,851 11,586
Inland thermal
coal (kt) 431 327 405 411 400 1,216 1,073
Total (kt) 4,838 5,240 4,027 4,459 3,581 12,067 12,659
Cerrejón,
Colombia
Production (kt) 2,756 2,475 2,497 2,914 2,444 7,855 8,484
Sales thermal
coal - export (kt) 2,613 2,803 2,518 2,619 2,480 7,617 8,240
Year to
Quarter ended date
Mar Jun Sep Dec Mar Mar Mar
Other 2017 2017 2017 2017 2018 2018 2017
Nickel production is reported
on the basis of saleable product
Nickel West,
Australia
Production
Nickel contained
in concentrate (kt) 0.2 - - - - - 0.7
Nickel contained
in finished matte (kt) 2.3 5.3 6.8 4.6 1.2 12.6 8.2
Nickel metal (kt) 16.5 19.9 16.0 17.8 19.2 53.0 51.0
Total nickel
production (kt) 19.0 25.2 22.8 22.4 20.4 65.6 59.9
Sales
Nickel contained
in concentrate (kt) 0.2 - - - - - 0.7
Nickel contained
in finished matte (kt) 2.2 4.9 4.6 6.4 2.1 13.1 8.1
Nickel metal (kt) 17.1 18.1 16.6 17.9 19.7 54.2 51.2
Total nickel
sales (kt) 19.5 23.0 21.2 24.3 21.8 67.3 60.0
20
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLDDGDSDDBBGII
(END) Dow Jones Newswires
April 19, 2018 02:00 ET (06:00 GMT)
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