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BHP Billiton PLC (BLT)

  Print          Annual reports

Wednesday 17 October, 2018

BHP Billiton PLC

Operational Review Quarter Ended 30 September 2018

RNS Number : 2670E
BHP Billiton PLC
16 October 2018
 

Release Time

IMMEDIATE

Date

17 October 2018

Release Number

19/18

BHP OPERATIONAL REVIEW
FOR THE QUARTER ENDED 30 SEPTEMBER 2018

·    Group copper equivalent production increased by 2% in the September 2018 quarter despite maintenance across a number of operations. Volumes for the 2019 financial year are expected to be broadly in line with last year(1).

·    Full year production guidance remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance reduced by approximately 3% to between 1,620 and 1,705 kt reflecting lower volumes now expected at Spence (electro-winning plant outage) and Olympic Dam (acid plant outage).

·    Unit cost guidance(2) maintained for all major assets for the 2019 financial year.

·    All major projects under development are tracking to plan.

·    In Petroleum, the Victoria-1 and Bongos-2 exploration wells in Trinidad and Tobago, and the
Samurai-2 well in the US Gulf of Mexico, encountered hydrocarbons. A sidetrack of the Samurai-2 well is currently being drilling to further appraise the discovery.

·    Onshore US sale process is on track to be completed by the end of October 2018, with the Fayetteville transaction completed on 29 September 2018. The net proceeds from the sale of our Onshore US assets are expected to be returned to shareholders.

 

Sep Q18

 

 vs Sep Q17

 

Sep Q18 commentary

 

33

(1%)

Higher natural gas volumes at Trinidad and Tobago offset by natural field decline and planned maintenance at Pyrenees.

409

1%

Higher volumes at Escondida supported by the utilisation of the three concentrators, offset by the impact of planned maintenance and a fire at Spence, and an acid plant outage at Olympic Dam.

61

10%

Higher volumes at WAIO supported by record quarterly production at Jimblebar and improved reliability across our rail network and port operations.

10

(2%)

Record stripping and truck performance at BMA offset by the impact of planned maintenance across both port and mine operations.

7

(1%)

Improved stripping fleet performance at New South Wales Energy Coal offset by lower bypass coal and a higher average strip ratio.

BHP Chief Executive Officer, Andrew Mackenzie, said: "We delivered a two per cent increase in copper equivalent production despite maintenance at a number of our operations. We are on track to meet guidance for the 2019 financial year across our commodities, except copper where we have reduced production guidance slightly following outages at Olympic Dam in Australia and Spence in Chile. In petroleum, we have extended our exploration success and encountered hydrocarbons in three wells. The Onshore US sale process is progressing to plan and is expected to be completed by the end of October 2018."

 

1

Summary

Operational performance

Production for the September 2018 quarter and guidance for the 2019 financial year are summarised in the table below.

Production

 

Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Previous FY19
guidance

 

Current FY19
guidance

 


Continuing operations





Petroleum - Conventional (MMboe)

33

(1%)

15%

113 - 118

113 - 118

Unchanged

Copper (kt)

409

1%

(12%)

1,675 - 1,770

1,620 - 1,705

Reduced

 Escondida (kt)

295

10%

(7%)

1,120 - 1,180

1,120 - 1,180

Unchanged

 Other copper(i) (kt)

114

(16%)

(23%)

555 - 590

500 - 525

Olympic Dam now 170 - 180 kt; previously 200 - 220 kt

Spence now 160 - 175 kt; previously 185 - 200 kt

Iron ore (Mt)

61

10%

(3%)

241 - 250

241 - 250

Unchanged

 WAIO (100% basis) (Mt)

69

8%

(4%)

273 - 283

273 - 283

Unchanged

Metallurgical coal (Mt)

10

(2%)

(14%)

43 - 46

43 - 46

Unchanged

Energy coal (Mt)

7

(1%)

(26%)

28 - 29

28 - 29

Unchanged

Discontinued operations







Petroleum - Onshore US (MMboe)

20

16%

(2%)

Refer footnote(ii)


(i)     Other copper comprises Pampa Norte (including Cerro Colorado production for the first half of the 2019 financial year), Olympic Dam and Antamina.

(ii)    Given our announcement to exit Onshore US, no annual guidance for the 2019 financial year for these assets will be provided; however, until sale completion, we expect a production run rate broadly consistent with the second half of the 2018 financial year.

Major development projects

At the end of the September 2018 quarter, BHP had five major projects under development in petroleum, copper, iron ore and potash, with a combined budget of US$10.6 billion over the life of the projects.

Corporate update

On 18 September 2018, BHP released its Economic Contribution Report which shows the Group's direct economic contribution globally in the 2018 financial year was US$33.9 billion. This includes US$7.8 billion in taxes, royalties and other payments to governments. BHP's adjusted effective tax rate in the 2018 financial year was 31.4 per cent. When royalties are included, the rate was 39.9 per cent.

Petroleum

Production




Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Crude oil, condensate and natural gas liquids (MMboe)



14

(7%)

4%

Natural gas (bcf)



112

5%

24%

Total petroleum production (MMboe)



33

(1%)

15%

2

Petroleum - Total Conventional petroleum production was broadly flat at 33 MMboe. Guidance for the 2019 financial year remains unchanged at between 113 and 118 MMboe.

Crude oil, condensate and natural gas liquids production declined by seven per cent to 14 MMboe due to natural field decline across the portfolio and a 70 day planned dry dock maintenance at Pyrenees, which was completed on schedule and budget in September 2018. This decline was partially offset by higher uptimes at our Gulf of Mexico assets.

Natural gas production increased by five per cent to 112 bcf, reflecting increased tax barrels at Trinidad and Tobago in accordance with the terms of our Production Sharing Contract. This was partially offset by natural field decline across the portfolio.

Projects

Project and
ownership

 

Capital expenditure (US$m)

 

Initial production target date

 

Capacity

 

Progress

 

North West Shelf Greater Western Flank-B
(Australia)
16.67% (non-operator)

216

CY19

To maintain LNG plant throughput from the North West Shelf operations.

Ahead of schedule and budget. The overall project is 95% complete.

Mad Dog Phase 2
(US Gulf of Mexico)
23.9% (non-operator)

2,154

CY22

New floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day.

On schedule and budget. The overall project is 31% complete.

Study work continues on the Atlantis Phase 3, Ruby and West Barracouta projects and they remain on track.

Petroleum exploration

Exploration and appraisal wells drilled during the September 2018 quarter are summarised below.

Well

 

Location

 

Target

 

Formation

age

 

BHP equity

 

Spud date

 

Water depth

 

Total well depth

 

Status

 

Samurai-2

US Gulf of Mexico GC432

Oil

Miocene

50%

(Murphy Operator)

16 April 2018

1,088 m

9,777 m

Hydrocarbons encountered; plugged and abandoned

Samurai-2 ST01

US Gulf of Mexico GC476

Oil

Drilling ahead

50%

(Murphy Operator)

25 August 2018

1,088 m

9,178 m

Drilling ahead

Victoria-1

Trinidad & Tobago
Block TTDAA 5

Gas

Pleistocene/

Pliocene

65%

(BHP Operator)

12 June 2018

1,828 m

3,282 m

Hydrocarbons encountered; plugged and abandoned

Bongos-1

Trinidad & Tobago
Block TTDAA 14

Gas

Pliocene/

Miocene

70%

(BHP Operator)

20 July 2018

1,909 m

2,469 m

Plugged and abandoned due to mechanical failure

Bongos-2

Trinidad & Tobago
Block TTDAA 14

Gas

Pliocene/

Miocene

70%

(BHP Operator)

22 July 2018

1,910 m

5,151 m

Hydrocarbons encountered; plugged and abandoned

Concepcion-1

Trinidad & Tobago
Block TTDAA 5

Gas

Drilling ahead

65%

(BHP Operator)

30 September 2018

1,721 m

1,817 m

Drilling ahead

In the US Gulf of Mexico, the Samurai-2 exploration well encountered hydrocarbons in multiple horizons not previously observed by the Wildling-2 exploration well and was plugged and abandoned on 23 August 2018. A sidetrack of the Samurai-2 well commenced on 25 August 2018 to further appraise the discovery and is currently drilling ahead. In the Western US Gulf of Mexico, we commenced the acquisition of an Ocean Bottom Node seismic survey.

3

In Trinidad and Tobago, we continued with Phase 2 of our deepwater exploration drilling campaign. The Victoria-1 exploration well, which further assessed the commercial potential of the Magellan play in our Southern licence area in Trinidad and Tobago, encountered gas and was plugged and abandoned on 18 July 2018. Following the Victoria-1 well, the Bongos-1 exploration well was spud on 20 July 2018 and experienced mechanical difficulty shortly after spud. The Bongos-2 exploration well was spud on 22 July 2018 and encountered hydrocarbons. The Bongos-2 and Bongos-1 wells were plugged and abandoned on 23 September 2018 and 26 September 2018 respectively. Following the Bongos-2 well, the Concepcion-1 well was spud on 30 September 2018 to further test the Magellan play and is currently drilling ahead.

In Mexico, we expect to begin drilling the first appraisal well at Trion in the December 2018 quarter. In Australia, the final processed data of the Exmouth sub-basin 3D seismic data has been received.

A US$750 million exploration and appraisal program is being executed for the 2019 financial year. Petroleum exploration expenditure for the September 2018 quarter was US$133 million, of which US$55 million was expensed.

Onshore US - Discontinued operations

Following BHP's sale of the Onshore US assets, as announced on 27 July 2018, these assets have been presented as discontinued operations. The effective date at which the right to economic profits transfers to the purchasers is 1 July 2018.

Onshore US production for the September 2018 quarter increased by 16 per cent to 20 MMboe as a result of additional wells put online in Haynesville, Permian and Eagle Ford. Drilling and development expenditure for the September 2018 quarter was US$299 million. Our operated rig count remained unchanged at five, with two rigs at Eagle Ford, two rigs at Permian and one at Haynesville. No annual guidance for the 2019 financial year for these assets will be provided; however until sale completion, we expect a production run rate broadly consistent with the second half of the 2018 financial year.

On 29 September 2018, BHP announced the completion of the sale of its Fayetteville Onshore US gas assets to a wholly owned subsidiary of Merit Energy Company. Completion of the sale of BHP's interests in the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets to BP America Production Company, a subsidiary of BP Plc, is expected to occur by the end of October 2018.

Copper

Production




Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Copper (kt)



409

1%

(12%)

Zinc (t)



30,558

5%

(15%)

Uranium oxide concentrate (t)



559

(36%)

(50%)

Copper - Total copper production for the September 2018 quarter was broadly flat at 409 kt. Guidance for the 2019 financial year has been reduced to between 1,620 and 1,705 kt and reflects lower volumes at Spence and Olympic Dam.

Escondida copper production increased by 10 per cent to 295 kt driven by higher copper concentrate output. This is a result of the diversion of ore feed from sulphide leach to the three concentrators to maximise their utilisation, which offset the impact of expected lower copper grades and adverse weather conditions in the quarter. Guidance remains unchanged at between 1,120 and 1,180 kt in the 2019 financial year. During the period, we successfully completed negotiations with Escondida Union N°1 and signed a new collective agreement, effective for 36 months from 1 August 2018.

4

Pampa Norte copper production decreased by 25 per cent to 43 kt as a result of lower volumes from Spence. The decrease reflected a lower stacking rate in May and June 2018 as a result of planned maintenance, and a production outage following a fire at the electro-winning plant in September 2018. Production guidance for Spence has been reduced from between 185 and 200 kt to between 160 and 175 kt, with volumes weighted to the second half as a return to full capacity is expected during the December 2018 quarter. Since the fire, mining and stacking operations at Spence have continued, accumulating copper in the system, which will be recovered over the coming years as tankhouse capacity becomes available. On 19 June 2018, BHP entered into an agreement to sell Cerro Colorado to EMR Capital(3). The transaction is expected to close during the December 2018 quarter, subject to financing and customary closing conditions. During the period, we successfully completed the advanced negotiation with Cerro Colorado Union N°1 (operators and maintenance), with the new agreement effective for 36 months from 1 September 2018.

Olympic Dam copper production decreased by 21 per cent to 33 kt as a result of an unplanned acid plant outage in August 2018. Surface operations remain suspended as remediation works continue on the gas converter, sulphur burner and waste heat boiler in the acid plant. Surface operations are expected to recommence at the end of October 2018 and ramp up to full capacity during November 2018. As a result, production guidance for the 2019 financial year has been reduced from between 200 and 220 kt to between 170 and 180 kt. Underground operations have been unaffected with total development of nine kilometres achieved in the September 2018 quarter and progression into the higher ore grade Southern Mine Area continuing.

Antamina copper production increased by three per cent to 37 kt due to higher head grades. Production guidance for the 2019 financial year remains unchanged at approximately 135 kt for copper and approximately 85 kt for zinc.

Projects

Project and
ownership

 

Capital expenditure (US$m)

 

Initial production target date

 

Capacity

 

Progress

 

Spence Growth Option
(Chile)
100%

 2,460

FY21

New 95 ktpd concentrator is expected to increase Spence's payable 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.

On schedule and budget. The overall project is 23% complete.

Iron Ore

Production




Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Iron ore (kt)



61,391

10%

(3%)

Iron ore - Total iron ore production increased by 10 per cent to 61 Mt or 69 Mt on a 100 per cent basis. Guidance for the 2019 financial year remains unchanged at between 241 and 250 Mt, or between 273 and 283 Mt on a 100 per cent basis.

At WAIO, increased volumes were supported by record production at Jimblebar and improved reliability across our rail network and port operations. As expected, production was lower than the June 2018 quarter as we optimised maintenance schedules across the supply chain and implemented a program of work to further improve port reliability and performance.

5

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

Projects

Project and
ownership

 

Capital expenditure (US$m)

 

Initial production target date

 

Capacity

 

Progress

 

South Flank
(Australia)
85%

 3,061

CY21

Sustaining iron ore mine to replace production from the 80 Mtpa (100 per cent basis) Yandi mine.

On schedule and budget. The overall project is 15% complete.

Coal

Production




Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Metallurgical coal (kt)



10,358

(2%)

(14%)

Energy coal (kt)



6,640

(1%)

(26%)

Metallurgical coal - Metallurgical coal production was down two per cent to 10 Mt. Guidance for the 2019 financial year remains unchanged at between 43 and 46 Mt, with volumes weighted to the second half of the year.

Queensland Coal production reflected planned maintenance across both port and mine operations. This was partially offset by record stripping and truck performance at BMA, utilisation of latent dragline capacity at Caval Ridge and higher wash-plant throughput at Poitrel following the purchase of the Red Mountain processing facility. The maintenance program of work is expected to continue through the December 2018 quarter. A longwall move at Broadmeadow is scheduled for the December 2018 quarter.

The Caval Ridge Southern Circuit project is progressing according to plan with the conveying of first coal expected in October 2018.

Energy coal - Energy coal production decreased by one per cent to 7 Mt. Guidance for the 2019 financial year is unchanged at approximately 28 to 29 Mt.

New South Wales Energy Coal production decreased by six per cent as improved stripping fleet performance was offset by lower bypass coal and a higher average strip ratio, consistent with the mine plan. Cerrejón production increased by six per cent as the prior quarter was impacted by adverse weather conditions.

Other

Nickel production




Sep Q18

 

Sep Q18
vs
Sep Q17

 

Sep Q18
vs
Jun Q18

 

Nickel (kt)



21.4

(8%)

(16%)

Nickel - Nickel West production decreased by eight per cent to 21 kt. On 23 September 2018, operations at the Kalgoorlie smelter were suspended following a fire which caused damage to a localised area in the furnace building. The smelter returned to operation on 1 October 2018 and is expected to ramp up to full capacity from early November 2018. Planned maintenance at the Kwinana refinery was brought forward to align with the smelter outage and, as a result, production guidance for the 2019 financial year remains unchanged and is expected to be broadly in line with the 2018 financial year.

6

Potash project

Project and
ownership

 

Investment
(US$m)

 

Scope

 

Progress

 

Jansen Potash
(Canada)
100%

2,700

Investment to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities.

The project is 81% complete and within the approved budget.

Minerals exploration

Minerals exploration expenditure for the September 2018 quarter was US$40 million, of which US$30 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. Consistent with our exploration focus on copper, in September 2018, BHP acquired an initial 6.1(4) per cent interest in SolGold Plc (SolGold), the majority owner and operator of the Cascabel porphyry copper-gold project in Ecuador. On 15 October 2018, BHP entered into an agreement to acquire an additional 100 million shares in SolGold, which would bring our total interest to approximately 11.2 per cent.

 

 

Variance analysis relates to the relative performance of BHP and/or its operations during the September 2018 quarter compared with the September 2017 quarter, 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 2018 financial year average realised prices.

 

The following footnotes apply to this Operational Review:

(1)   Excludes production from Onshore US and Cerro Colorado.

(2)   2019 financial year unit cost guidance is based on exchange rates of AUD/USD 0.75 and USD/CLP 663.

(3)   On 19 June 2018, BHP announced it has entered into an agreement to sell the Cerro Colorado copper mine in Chile to EMR Capital. The total cash consideration consist of US$230 million to be paid to BHP after the closing of the transaction, plus approximately US$40 million in proceeds from the post-closing sale of certain copper inventory, and a contingent payment of up to US$50 million to be paid in the future, depending upon copper price performance.

(4)   As at 4 September 2018, BHP acquired a 6.1% interest in SolGold, which has been diluted to 6.0% as at 12 October 2018 as a result of the exercise of options by third parties.

 

 

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).

 

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. Notwithstanding that this release may include production and other data from non-operated assets, non-operated assets are not included in the BHP Group.

 

7

Further information on BHP can be found at: bhp.com

 

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8



 

Production summary

 



Quarter ended


Year to date



 


 


BHP interest

Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 

Petroleum (1)










Petroleum










Conventional










Crude oil, condensate and NGL (Mboe)


15,090

14,869

13,960

13,486

14,087


14,087

15,090

Natural gas (bcf)


107.3

96.1

82.9

90.7

112.3


112.3

107.3



 

 

 

 

 


 

 

Total (Mboe)


32,973

30,886

27,777

28,603

32,804


32,804

32,973



 

 

 

 

 


 

 

Onshore US - Discontinued Operations










Crude oil, condensate and NGL (Mboe)


7,079

7,423

6,256

8,266

7,351


7,351

7,079

Natural gas (bcf)


61.4

60.5

64.1

72.5

76.0


76.0

61.4



 

 

 

 

 


 

 

Total (Mboe)


17,312

17,506

16,939

20,349

20,018


20,018

17,312



 

 

 

 

 


 

 

Copper (2)










Copper










Payable metal in concentrate (kt)










Escondida (3)

57.5%

196.3

238.5

244.9

246.1

240.0


240.0

196.3

Antamina

33.8%

35.9

33.8

35.2

34.6

37.0


37.0

35.9



 

 

 

 

 


 

 

Total


232.2

272.3

280.1

280.7

277.0


277.0

232.2



 

 

 

 

 


 

 

Cathode (kt)










Escondida (3)

57.5%

71.9

76.1

69.4

70.1

55.4


55.4

71.9

Pampa Norte (4)

100%

58.0

68.4

66.8

70.6

43.4


43.4

58.0

Olympic Dam

100%

42.0

12.2

40.5

42.0

33.3


33.3

42.0



 

 

 

 

 


 

 

Total


171.9

156.7

176.7

182.7

132.1


132.1

171.9



 

 

 

 

 


 

 













 

 

 

 

 


 

 

Total copper (kt)


404.1

429.0

456.8

463.4

409.1


409.1

404.1



 

 

 

 

 


 

 











Lead










Payable metal in concentrate (t)










Antamina

33.8%

1,415

1,009

464

546

563


563

1,415



 

 

 

 

 


 

 

Total


1,415

1,009

464

546

563


563

1,415



 

 

 

 

 


 

 

Zinc










Payable metal in concentrate (t)










Antamina

33.8%

29,201

29,054

25,562

35,983

30,558


30,558

29,201



 

 

 

 

 


 

 

Total


29,201

29,054

25,562

35,983

30,558


30,558

29,201



 

 

 

 

 


 

 

Gold










Payable metal in concentrate (troy oz)










Escondida (3)

57.5%

50,525

50,279

59,953

68,345

63,578


63,578

50,525

Olympic Dam (refined gold)

100%

13,101

15,969

28,989

33,497

23,471


23,471

13,101



 

 

 

 

 


 

 

Total


63,626

66,248

88,942

101,842

87,049


87,049

63,626



 

 

 

 

 


 

 

Silver










Payable metal in concentrate (troy koz)









Escondida (3)

57.5%

1,737

2,193

2,339

2,527

1,997


1,997

1,737

Antamina

33.8%

1,596

1,331

1,189

1,321

1,309


1,309

1,596

Olympic Dam (refined silver)

100%

131

135

248

278

213


213

131



 

 

 

 

 


 

 

Total


3,464

3,659

3,776

4,126

3,519


3,519

3,464



 

 

 

 

 


 

 

Uranium










Payable metal in concentrate (t)










Olympic Dam

100%

880

243

1,118

1,123

559


559

880



 

 

 

 

 


 

 

Total


880

243

1,118

1,123

559


559

880



 

 

 

 

 


 

 

Molybdenum










Payable metal in concentrate (t)










Antamina

33.8%

402

579

420

261

464


464

402



 

 

 

 

 


 

 

Total


402

579

420

261

464


464

402



 

 

 

 

 


 

 

9

 

Production summary



Quarter ended


Year to date



 


 


BHP interest

Sep
2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 

Iron Ore










Iron Ore










Production (kt) (5)










Newman

85%

13,842

18,317

16,412

18,500

16,378


16,378

13,842

Area C Joint Venture

85%

13,099

13,575

12,802

12,041

11,696


11,696

13,099

Yandi Joint Venture

85%

14,559

16,348

15,802

17,339

16,870


16,870

14,559

Jimblebar (6)

85%

6,283

4,583

4,669

15,092

16,333


16,333

6,283

Wheelarra

85%

7,804

8,734

8,006

614

114


114

7,804

Samarco

50%

-

-

-

-

-


-

-



 

 

 

 

 


 

 

Total


55,587

61,557

57,691

63,586

61,391


61,391

55,587



 

 

 

 

 


 

 

Coal










Metallurgical coal










Production (kt) (7)










BMA

50%

8,296

7,394

7,983

9,220

7,744


7,744

8,296

BHP Mitsui Coal (8)

80%

2,271

2,291

2,396

2,789

2,614


2,614

2,271



 

 

 

 

 


 

 

Total


10,567

9,685

10,379

12,009

10,358


10,358

10,567



 

 

 

 

 


 

 

Energy coal










Production (kt)










Australia

100%

4,235

4,383

3,662

6,261

3,982


3,982

4,235

Colombia

33.3%

2,497

2,914

2,444

2,762

2,658


2,658

2,497



 

 

 

 

 


 

 

Total


6,732

7,297

6,106

9,023

6,640


6,640

6,732



 

 

 

 

 


 

 

Other










Nickel










Saleable production (kt)










Nickel West (9)

100%

23.3

23.1

21.1

25.6

21.4


21.4

23.3



 

 

 

 

 


 

 

Total


23.3

23.1

21.1

25.6

21.4


21.4

23.3



 

 

 

 

 


 

 

Cobalt










Saleable production (t)










Nickel West

100%

280

263

240

277

249


249

280



 

 

 

 

 


 

 

Total


280

263

240

277

249


249

280



 

 

 

 

 


 

 

 

(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)   Production restated to include other nickel by-products.

 

Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.

10

Production and sales report

 



Quarter ended


Year to date



 


 



Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 

Petroleum - Conventional (1)




















Bass Strait










Crude oil and condensate

(Mboe)

1,815

1,513

1,126

1,361

 1,653


 1,653

1,815

NGL

(Mboe)

1,950

1,584

1,170

1,428

 1,840


 1,840

1,950

Natural gas

(bcf)

42.6

32.9

20.5

29.9

 35.1


 35.1

42.6



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

10.9

8.6

5.7

7.8

9.3


9.3

10.9



 

 

 

 

 


 

 











North West Shelf










Crude oil and condensate

(Mboe)

1,474

1,442

1,377

1,267

 1,514


 1,514

1,474

NGL

(Mboe)

 227

 200

 210

 186

242


242

 227

Natural gas

(bcf)

36.2

36.2

35.8

34.2

 36.6


 36.6

36.2



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

7.7

7.7

7.6

7.2

7.9


7.9

7.7



 

 

 

 

 


 

 

Pyrenees










Crude oil and condensate

(Mboe)

1,510

1,210

1,250

1,168

282


282

1,510



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

1.5

1.2

1.3

1.2

0.3


0.3

1.5



 

 

 

 

 


 

 

Other Australia (2)










Crude oil and condensate

(Mboe)

9

8

8

7

 7


 7

9

Natural gas

(bcf)

16.1

13.3

13.4

13.9

 13.8


 13.8

16.1



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

2.7

2.2

2.2

2.3

2.3


2.3

2.7



 

 

 

 

 


 

 

Atlantis (3)










Crude oil and condensate

(Mboe)

3,022

3,377

3,459

3,471

 3,190


 3,190

3,022

NGL

(Mboe)

 218

 195

 248

 217

215


215

 218

Natural gas

(bcf)

1.6

1.8

1.8

1.5

1.5


1.5

1.6



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

3.5

3.9

4.0

3.9

3.7


3.7

3.5



 

 

 

 

 


 

 

Mad Dog (3)










Crude oil and condensate

(Mboe)

1,020

1,231

1,140

 581

 1,270


 1,270

1,020

NGL

(Mboe)

44

72

55

27

 61


 61

44

Natural gas

(bcf)

0.1

0.2

0.2

0.1

0.2


0.2

0.1



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

1.1

1.3

1.2

0.6

1.4


1.4

1.1



 

 

 

 

 


 

 

Shenzi (3)










Crude oil and condensate

(Mboe)

2,291

2,513

2,323

2,110

 2,016


 2,016

2,291

NGL

(Mboe)

 141

 184

 140

 151

122


122

 141

Natural gas

(bcf)

0.4

0.5

0.4

0.4

0.4


0.4

0.4



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

2.5

2.8

2.5

2.3

2.2


2.2

2.5



 

 

 

 

 


 

 

Trinidad/Tobago










Crude oil and condensate

(Mboe)

 118

 135

 232

 233

447


447

 118

Natural gas

(bcf)

9.7

10.5

10.0

9.8

 24.0


 24.0

9.7



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

1.7

1.9

1.9

1.9

4.4


4.4

1.7



 

 

 

 

 


 

 

Other Americas (3) (4)










Crude oil and condensate

(Mboe)

 229

 207

 189

 313

207


207

 229

NGL

(Mboe)

5

3

3

22

 3


 3

5

Natural gas

(bcf)

0.1

0.1

 -

0.3

-


-

0.1



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

0.3

0.2

0.2

0.4

0.2


0.2

0.3



 

 

 

 

 


 

 

UK










Crude oil and condensate

(Mboe)

40

22

43

38

 36


 36

40

NGL

(Mboe)

39

13

18

18

 21


 21

39

Natural gas

(bcf)

0.5

0.6

0.8

0.6

0.7


0.7

0.5



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

0.2

0.1

0.2

0.2

0.2


0.2

0.2



 

 

 

 

 


 

 

Algeria










Crude oil and condensate

(Mboe)

 938

 960

 969

 888

961


961

 938



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

0.9

1.0

1.0

0.9

1.0


1.0

0.9



 

 

 

 

 


 

 

11

 

Production and sales report

 



Quarter ended


Year to date



 


 



Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 











Petroleum - Onshore US - Discontinued Operations (1)(5)


















Eagle Ford










Crude oil and condensate

(Mboe)

3,457

3,720

2,838

3,826

 3,256


 3,256

3,457

NGL

(Mboe)

1,856

2,100

1,555

1,767

 1,919


 1,919

1,856

Natural gas

(bcf)

13.8

14.4

12.6

13.9

 13.8


 13.8

13.8



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

7.6

8.2

6.5

7.9

7.5


7.5

7.6



 

 

 

 

 


 

 

Permian










Crude oil and condensate

(Mboe)

1,179

1,142

1,398

1,903

 1,478


 1,478

1,179

NGL

(Mboe)

 587

 460

 465

 770

687


687

 587

Natural gas

(bcf)

4.5

3.6

4.1

6.4

4.8


4.8

4.5



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

2.5

2.2

2.5

3.7

3.0


3.0

2.5



 

 

 

 

 


 

 

Haynesville










Crude oil and condensate

(Mboe)

 -

1

 -

 -

 11


 11

 -

Natural gas

(bcf)

21.5

22.0

28.7

33.1

 39.0


 39.0

21.5



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

3.6

3.7

4.8

5.5

6.5


6.5

3.6



 

 

 

 

 


 

 

Fayetteville










Natural gas

(bcf)

21.6

20.5

18.7

19.1

 18.4


 18.4

21.6



 

 

 

 

 


 

 

Total petroleum products

(MMboe)

3.6

3.4

3.1

3.2

3.1


3.1

3.6



 

 

 

 

 


 

 





















Petroleum - Total (1)










Conventional










Crude oil and condensate

(Mboe)

12,466

12,618

12,116

11,437

 11,583


 11,583

12,466

NGL

(Mboe)

2,624

2,251

1,844

2,049

 2,504


 2,504

2,624

Natural gas

(bcf)

107.3

96.1

82.9

90.7

 112.3


 112.3

107.3



 

 

 

 

 


 

 

Total

(Mboe)

32,973

30,886

27,777

28,603

 32,804


 32,804

32,973



 

 

 

 

 


 

 

Onshore US - Discontinued Operations (5)









Crude oil and condensate

(Mboe)

4,636

4,863

4,236

5,729

 4,745


 4,745

4,636

NGL

(Mboe)

2,443

2,560

2,020

2,537

 2,606


 2,606

2,443

Natural gas

(bcf)

61.4

60.5

64.1

72.5

 76.0


 76.0

61.4



 

 

 

 

 


 

 

Total

(Mboe)

17,312

17,506

16,939

20,349

 20,018


 20,018

17,312



 

 

 

 

 


 

 

 

(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)   Other Americas includes Neptune, Genesis and Overriding Royalty Interest.

(5)   Onshore US volumes are net of mineral holder royalties.

 

 

 

 

 

 

 

 

 

 

12

 

Production and sales report

 




Year to date



 


 



Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 

Copper










Metals production is payable metal unless otherwise stated.

















Escondida, Chile (1)










Material mined

(kt)

104,867

101,371

103,385

106,788

107,260


107,260

104,867

Sulphide ore milled

(kt)

24,080

30,260

32,203

31,732

 30,513


 30,513

24,080

Average concentrator head grade

(%)

1.06%

0.98%

0.96%

0.96%

0.94%


0.94%

1.06%

Production ex mill

(kt)

204.2

245.7

252.6

253.6

 241.9


 241.9

204.2











Production










Payable copper

(kt)

196.3

238.5

244.9

246.1

 240.0


 240.0

196.3

Copper cathode (EW)

(kt)

71.9

76.1

69.4

70.1

 55.4


 55.4

71.9

 - Oxide leach

(kt)

22.4

27.4

24.5

27.1

 19.5


 19.5

22.4

 - Sulphide leach

(kt)

49.5

48.7

44.9

43.0

 35.8


 35.8

49.5



 

 

 

 

 


 

 

Total copper

(kt)

268.2

314.6

314.3

316.2

 295.4


 295.4

268.2



 

 

 

 

 


 

 

Payable gold concentrate

(troy oz)

50,525

50,279

59,953

68,345

 63,578


 63,578

50,525

Payable silver concentrate

(troy koz)

1,737

2,193

2,339

2,527

 1,997


 1,997

1,737











Sales










Payable copper

(kt)

195.1

236.7

228.3

260.3

 216.5


 216.5

195.1

Copper cathode (EW)

(kt)

61.6

84.1

61.7

80.9

 53.2


 53.2

61.6

Payable gold concentrate

(troy oz)

50,525

50,279

59,953

68,345

 63,578


 63,578

50,525

Payable silver concentrate

(troy koz)

1,737

2,193

2,339

2,527

 1,997


 1,997

1,737

 

(1)   Shown on a 100% basis. BHP interest in saleable production is 57.5%.

 

Pampa Norte, Chile










Cerro Colorado










Material mined

(kt)

21,381

20,191

17,766

17,918

 18,488


 18,488

21,381

Ore milled

(kt)

3,951

4,611

4,905

4,833

 4,802


 4,802

3,951

Average copper grade

(%)

0.62%

0.59%

0.58%

0.58%

0.53%


0.53%

0.62%











Production










Copper cathode (EW)

(kt)

13.3

17.4

13.6

19.0

 14.2


 14.2

13.3











Sales










Copper cathode (EW)

(kt)

12.3

17.7

13.7

20.9

 13.8


 13.8

12.3











Spence










Material mined

(kt)

22,314

23,096

21,463

23,103

 23,007


 23,007

22,314

Ore milled

(kt)

5,375

4,919

5,144

4,009

 5,642


 5,642

5,375

Average copper grade

(%)

1.21%

1.18%

1.03%

1.11%

1.15%


1.15%

1.21%











Production










Copper cathode (EW)

(kt)

44.7

51.0

53.2

51.6

 29.2


 29.2

44.7











Sales










Copper cathode (EW)

(kt)

43.0

52.2

49.8

57.1

 29.7


 29.7

43.0

13

Production and sales report

 




Year to date



 


 



Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018


Sep 2018

Sep 2017



 

 

 

 

 


 

 











Copper (continued)










Metals production is payable metal unless otherwise stated.


















Antamina, Peru










Material mined (100%)

(kt)

59,216

59,125

58,085

59,002

 62,470


 62,470

59,216

Sulphide ore milled (100%)

(kt)

12,822

13,098

12,166

12,973

 13,197


 13,197

12,822

Average head grades










 - Copper

(%)

0.94%

0.89%

1.01%

0.91%

0.96%


0.96%

0.94%

 - Zinc

(%)

0.99%

0.93%

1.01%

1.19%

1.10%


1.10%

0.99%











Production










Payable copper

(kt)

35.9

33.8

35.2

34.6

 37.0


 37.0

35.9

Payable zinc

(t)

29,201

29,054

25,562

35,983

 30,558


 30,558

29,201

Payable silver

(troy koz)

1,596

1,331

1,189

1,321

 1,309


 1,309

1,596

Payable lead

(t)

1,415

1,009

 464

 546

563


563

1,415

Payable molybdenum

(t)

 402

 579

 420

 261

464


464

 402











Sales










Payable copper

(kt)

31.9

37.0

32.1

36.6

 33.6


 33.6

31.9

Payable zinc

(t)

25,224

30,340

26,456

33,088

 31,822


 31,822

25,224

Payable silver

(troy koz)

1,475

1,470

1,052

1,311

 1,193


 1,193

1,475

Payable lead

(t)

1,624

 972

 859

 595

612


612

1,624

Payable molybdenum

(t)

 168

 693

 500

 388

208


208

 168











Olympic Dam, Australia










Material mined (1)

(kt)

1,851

1,391

2,056

2,201

 2,044


 2,044

1,851

Ore milled

(kt)

2,302

 554

2,188

2,171

 1,242


 1,242

2,302

Average copper grade

(%)

2.10%

2.22%

2.36%

2.12%

2.05%


2.05%

2.10%

Average uranium grade

(kg/t)

0.55

0.58

0.71

0.69

 0.62


 0.62

0.55











Production










Copper cathode (ER and EW)

(kt)

42.0

12.2

40.5

42.0

 33.3


 33.3

42.0

Uranium oxide concentrate

(t)

 880

 243

1,118

1,123

559


559

 880

Refined gold

(troy oz)

13,101

15,969

28,989

33,497

 23,471


 23,471

13,101

Refined silver

(troy koz)

 131

 135

 248

 278

213


213

 131











Sales










Copper cathode (ER and EW)

(kt)

31.6

24.3

36.8

46.0

 33.9


 33.9

31.6

Uranium oxide concentrate

(t)

 680

 338

 509

1,230

765


765

 680

Refined gold

(troy oz)

22,435

17,999

20,715

35,714

 21,145


 21,145

22,435

Refined silver

(troy koz)

 219

 118

 202

 307

216


216

 219

 

(1)   Material mined refers to run of mine ore mined and hoisted.

14


Production and sales report

 



Quarter ended


Year to date



 


 





Sep

2017

Dec

2017

Mar

2018

Jun

2018

Sep

2018


Sep

2018

Sep

2017
















 

 

 

 

 


 

 

Iron Ore










Iron ore production and sales are reported on a wet tonnes basis.













Pilbara, Australia










Production










Newman

(kt)

13,842

18,317

16,412

18,500

16,378


16,378

13,842

Area C Joint Venture

(kt)

13,099

13,575

12,802

12,041

11,696


11,696

13,099

Yandi Joint Venture

(kt)

14,559

16,348

15,802

17,339

16,870


16,870

14,559

Jimblebar (1)

(kt)

6,283

4,583

4,669

15,092

16,333


16,333

6,283

Wheelarra

(kt)

7,804

8,734

8,006

614

114


114

7,804



 

 

 

 

 


 

 

Total production

(kt)

55,587

61,557

57,691

63,586

61,391


61,391

55,587



 

 

 

 

 


 

 

Total production (100%)

(kt)

64,287

71,611

67,048

72,145

69,342


69,342

64,287



 

 

 

 

 


 

 











Sales










Lump

(kt)

13,896

15,145

13,993

15,173

15,014


15,014

13,896

Fines

(kt)

40,733

45,769

44,332

47,730

46,527


46,527

40,733



 

 

 

 

 


 

 

Total

(kt)

54,629

60,914

58,325

62,903

61,541


61,541

54,629



 

 

 

 

 


 

 

Total sales (100%)

(kt)

63,322

70,733

67,799

71,385

69,421


69,421

63,322



 

 

 

 

 


 

 

 

(1)   Shown on a 100% basis. BHP interest in saleable production is 85%.

 

 

 

Samarco, Brazil(1)










Production

(kt)

-

-

-

-

-


-

-











Sales

(kt)

-

14

25

-

-


-

-

(1)   Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

 

 

 

 

 

 

15



 

Production and sales report

 



Quarter ended


Year to date



 


 





Sep

2017

Dec

2017

Mar

2018

Jun

2018

Sep

2018


Sep

2018

Sep

2017
















 

 

 

 

 


 

 













Coal










Coal production is reported on the basis of saleable product.



















Queensland Coal










Production (1)










BMA










Blackwater

(kt)

1,985

1,470

1,384

1,849

1,704


1,704

1,985

Goonyella

(kt)

1,639

1,369

2,314

2,639

1,989


1,989

1,639

Peak Downs

(kt)

1,602

1,367

1,723

1,658

1,131


1,131

1,602

Saraji

(kt)

1,414

1,198

1,240

1,201

1,111


1,111

1,414

Daunia

(kt)

662

718

547

629

620


620

662

Caval Ridge

(kt)

994

1,272

775

1,244

1,189


1,189

994



 

 

 

 

 


 

 

Total BMA

(kt)

8,296

7,394

7,983

9,220

7,744


7,744

8,296















 

 

 

 

 


 

 

BHP Mitsui Coal (2)










South Walker Creek

(kt)

1,400

1,524

1,490

1,615

1,505


1,505

1,400

Poitrel

(kt)

871

767

906

1,174

1,109


1,109

871



 

 

 

 

 


 

 

Total BHP Mitsui Coal

(kt)

2,271

2,291

2,396

2,789

2,614


2,614

2,271



 

 

 

 

 


 

 

Total Queensland Coal

(kt)

10,567

9,685

10,379

12,009

10,358


10,358

10,567



 

 

 

 

 


 

 













Sales










Coking coal

(kt)

7,934

6,341

7,177

8,489

7,356


7,356

7,934

Weak coking coal

(kt)

3,150

2,816

2,598

2,866

2,813


2,813

3,150

Thermal coal

(kt)

102

173

168

85

141


141

102



 

 

 

 

 


 

 

Total

(kt)

11,186

9,330

9,943

11,440

10,310


10,310

11,186



 

 

 

 

 


 

 













 

(1)   Production figures include some thermal coal.

(2)   Shown on a 100% basis. BHP interest in saleable production is 80%.

 

NSW Energy Coal, Australia










Production

(kt)

4,235

4,383

3,662

6,261

3,982


3,982

4,235













Sales










Export thermal coal

(kt)

3,622

4,048

3,181

5,795

3,549


3,549

3,622

Inland thermal coal

(kt)

405

411

400

160

332


332

405



 

 

 

 

 


 

 

Total

(kt)

4,027

4,459

3,581

5,955

3,881


3,881

4,027



 

 

 

 

 


 

 

 

Cerrejón, Colombia










Production

(kt)

2,497

2,914

2,444

2,762

2,658


2,658

2,497













Sales thermal coal - export

(kt)

2,518

2,619

2,480

2,763

2,589


2,589

2,518

 

 

16

Production and sales report

 



Quarter ended


Year to date



 


 





Sep

2017

Dec

2017

Mar

2018

Jun

2018

Sep

2018


Sep

2018

Sep

2017
















 

 

 

 

 


 

 

Other










Nickel production is reported on the basis of saleable product




















Nickel West, Australia










Mt Keith










Nickel concentrate

(kt)

54.4

49.8

44.9

55.6

50.2


50.2

54.4

Average nickel grade

(%)

20.5

20.3

21.3

18.8

18.9


18.9

20.5













Leinster










Nickel concentrate

(kt)

78.7

87.6

54.7

78.4

78.8


78.8

78.7

Average nickel grade

(%)

9.3

8.8

9.3

9.8

8.4


8.4

9.3













Saleable production










Refined nickel (1) (2)

(kt)

16.0

17.7

19.2

18.5

19.8


19.8

16.0

Intermediates and nickel by-products (1) (3)

(kt)

7.3

5.4

1.9

7.1

1.6


1.6

7.3



 

 

 

 

 


 

 

Total nickel (1)

(kt)

23.3

23.1

21.1

25.6

21.4


21.4

23.3















 

 

 

 

 


 

 

Cobalt

(t)

280

263

240

277

249


249

280











Sales










Refined nickel (1) (2)

(kt)

16.3

17.7

19.5

17.5

19.3


19.3

16.3

Intermediates and nickel by-products (1) (3)

(kt)

5.0

6.9

2.5

6.3

2.2


2.2

5.0



 

 

 

 

 


 

 

Total nickel (1)

(kt)

21.2

24.6

21.9

23.8

21.5


21.5

21.2















 

 

 

 

 


 

 

Cobalt

(t)

280

263

240

277

249


249

280













 

(1)   Production and sales restated to include other nickel by-products.

(2)   High quality refined nickel metal, including briquettes and powder.

(3)   Nickel contained in matte and by-product streams.

 

17

 


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