TIDMBHP
RNS Number : 4161W
BHP Group PLC
16 April 2019
Release Time IMMEDIATE
17 April
Date 2019
Release Number 09/19
BHP OPERATIONAL REVIEW
FOR THE NINE MONTHSED 31 MARCH 2019
-- Production guidance for the 2019 financial year remains unchanged for petroleum, copper, metallurgical coal
and energy coal. Iron ore production guidance decreased to between 265 and 270 Mt (100% basis), reflecting
impacts of Tropical Cyclone Veronica.
-- Group copper equivalent production(1) was broadly unchanged over the nine months ended March 2019, with
volumes for the full year also expected to be in line with last year.
-- Full year unit costs for Petroleum, Escondida and Queensland Coal are expected to be in line with
guidance(2). Unit costs for Western Australia Iron Ore are now expected to be below US$15 per tonne(2),
reflecting impacts of Tropical Cyclone Veronica. Unit costs for New South Wales Energy Coal are now expected to
be approximately US$51 per tonne(2) following changes to the mine plan.
-- All major projects under development are tracking to plan.
-- In Petroleum, the Atlantis Phase 3 project in the US Gulf of Mexico was approved and the Bélé-1
exploration well in Trinidad and Tobago encountered hydrocarbons (drilling still in progress) during the quarter.
Mar YTD19 Mar Q19
(vs Mar (vs Dec
Production YTD18) Q18) Mar Q19 commentary
Petroleum 92 29 Lower seasonal gas sales at Bass Strait
(MMboe) (1) partially offset by higher Trinidad
and Tobago volumes following maintenance
in the previous quarter.
(0%) (-5%)
Copper (kt) 1,245 420 Increased production from Olympic Dam
as surface operations returned to full
capacity following acid plant outage
in August 2018, offset by impact of
expected lower copper grades at Escondida.
(-3%) (+1%)
Iron ore 175 56 Volumes at Western Australia Iron Ore
(Mt) (WAIO) reflected the impact of Tropical
Cyclone Veronica.
(0%) (-3%)
Metallurgical 31 10 A solid underlying operating performance
coal (Mt) at Queensland Coal was offset by the
impacts of wet weather.
(0%) (-4%)
Energy coal 20 7 Increased production at New South Wales
(Mt) Energy Coal (NSWEC) was offset by the
impact of adverse weather at Cerrejón.
(0%) (+1%)
BHP Chief Executive Officer, Andrew Mackenzie, said: "During the
March 2019 quarter, we had a strong operational performance despite
weather impacts across Australia and Chile. We approved Atlantis
Phase 3 and now have five major projects under development. Those
projects, our work on transformation, technology and culture, and
our successful petroleum and copper exploration and appraisal
programs will grow value and returns for years to come."
1
Summary
Operational performance
Production and guidance are summarised below.
Mar Mar
Mar YTD19 Q19 Q19
vs vs vs Previous Current
Mar Mar Mar Mar Dec FY19 FY19
Production YTD19 Q19 YTD18 Q18 Q18 guidance guidance
113 - 113 - Upper end
Petroleum (MMboe) 92 29 0% 3% (5%) 118 118 of range
1,645 1,645
Copper (kt) 1,245 420 (3%) (8%) 1% - 1,740 - 1,740 Unchanged
1,120 1,120 Lower end
Escondida 848 268 (6%) (15%) (6%) - 1,180 - 1,180 of range
Olympic
525 - 525 - Dam: Lower
Other copper(i) 397 152 1% 7% 15% 560 560 end of range
Lowered
due to Tropical
241 - 235 - Cyclone
Iron ore(ii) (Mt) 175 56 0% (3%) (3%) 250 239 Veronica
273 - 265 -
WAIO (100% basis) 198 64 (2%) (5%) (3%) 283 270 As above
Metallurgical
coal (Mt) 31 10 0% (5%) (4%) 43 - 46 43 - 46 Unchanged
Queensland Coal
(100% basis) 54 17 (1%) (5%) (3%) 75 - 81 75 - 81 Unchanged
Energy coal (Mt) 20 7 0% 11% 1% 28 - 29 28 - 29 Unchanged
NSWEC 13 5 5% 24% 6% 18 - 19 18 - 19 Unchanged
Cerrejón 7 2 (8%) (10%) (7%) 10 10 Unchanged
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) Increase in BHP's share of volumes reflects the expiry of
the Wheelarra Joint Venture sublease in March 2018, with control of
the sublease area reverted to the Jimblebar Joint Venture, which is
accounted for on a consolidated basis with minority interest
adjustments.
Major development projects
During the March 2019 quarter, the BHP Board approved US$696
million (BHP share) in capital expenditure for the Atlantis Phase 3
project in the US Gulf of Mexico.
At the end of March 2019, BHP had five major projects under
development in petroleum, copper, iron ore and potash, with a
combined budget of US$11.1 billion over the life of the
projects.
Petroleum
Production
Mar YTD19 Mar Q19 Mar Q19
Mar Mar vs vs vs
YTD19 Q19 Mar YTD18 Mar Q18 Dec Q18
Crude oil, condensate and
natural gas liquids (MMboe) 42 13 (5%) (5%) (9%)
Natural gas (bcf) 299 93 4% 12% (1%)
Total petroleum production
(MMboe) 92 29 0% 3% (5%)
Petroleum - Total petroleum production was flat at 92 MMboe.
Guidance for the 2019 financial year remains unchanged at between
113 and 118 MMboe, with volumes expected to be towards the upper
end of the guidance range.
Crude oil, condensate and natural gas liquids production
decreased by five per cent to 42 MMboe due to natural field decline
across the portfolio and a 70 day planned dry dock maintenance
program at Pyrenees completed during the September 2018 quarter.
This decline was partially offset by higher uptimes at our Gulf of
Mexico assets and stronger field performance in Atlantis.
2
Natural gas production increased by four per cent to 299 bcf,
reflecting increased tax barrels at Trinidad and Tobago in
accordance with the terms of our Production Sharing Contract and
higher uptime at North West Shelf. This was partially offset by
planned maintenance at Trinidad and Tobago in the December 2018
quarter, the impact of Tropical Cyclone Veronica and natural field
decline across the portfolio.
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
Mad Dog Phase 2,154 CY22 New floating production On schedule and budget.
2 facility with the The overall project
(US Gulf of capacity to produce is 46% complete.
Mexico) up to 140,000 gross
23.9% (non-operator) barrels of crude
oil per day.
Atlantis Phase 696 CY20 New subsea production Project approved
3 system that will on 13 February 2019.
(US Gulf of tie back to the existing
Mexico) Atlantis facility,
44% (non-operator) with capacity to
produce up to 38,000
gross barrels of
oil equivalent per
day.
On 13 February 2019, the BHP Board approved the development of
the Atlantis Phase 3 project in the US Gulf of Mexico. The project
includes a subsea tie back of eight new production wells and is
expected to increase production by an estimated 38 Mboe/d (100 per
cent basis) at its peak. This decision follows sanction by BP (the
operator).
The Bass Strait West Barracouta project is tracking to plan and
study work continues on the Ruby project in Trinidad and Tobago
with an investment decision expected during the 2019 calendar
year.
Petroleum exploration
Exploration and appraisal wells drilled during the March 2019
quarter are summarised below.
Total
Formation BHP Water well
Well Location Target age equity Spud date depth depth Status
Hydrocarbons
Mexico 60% encountered;
Block (BHP 15 November 2,379 4,659 Plugged and
Trion-2DEL AE-0093 Oil Eocene Operator) 2018 m m abandoned
Hydrocarbons
Mexico 60% encountered;
Trion-2DEL Block (BHP 4 January 2,379 5,002 Plugged and
ST01 AE-0093 Oil Eocene Operator) 2019 m m abandoned
Hydrocarbons
Trinidad 70% encountered;
& Tobago (BHP 2 March 2,102 3,693 Drilling
Bélé-1 Block 23(a) Gas Pliocene Operator) 2019 m m ahead
In Mexico, we spud the Trion-2DEL appraisal well in November
2018 and encountered oil in line with expectations. This was
followed by a downdip sidetrack which encountered oil and water, as
predicted, further appraising the field and delineating the
resource. Following the recent encouraging results in the Trion
block, an additional appraisal well (3DEL), to further delineate
the scale and characterisation of the resource, has been approved
and is expected to be drilled in the second half of the 2019
calendar year.
The Deepwater Invictus rig mobilised to Trinidad and Tobago for
Phase 3 of our deepwater drilling campaign. This includes three
wells testing three prospects in our Northern licences around the
Bongos discovery. Bélé-1, the first of these wells, was spud on 2
March 2019 and encountered hydrocarbons. Drilling is still in
progress and our assessment is ongoing.
In the US Gulf of Mexico, following the Samurai-2 discovery in
2018, Murphy, the Operator, has commenced pre-FEED activities. In
the Western US Gulf of Mexico, our Ocean Bottom Node(3) seismic
acquisition survey and node recovery has been completed. This will
be incorporated into our ongoing analysis which we will continue to
progress over the next 24 months.
Petroleum exploration expenditure for the nine months ended
March 2019 was US$438 million, of which US$215 million was
expensed. A US$750 million exploration and appraisal program is
being executed for the 2019 financial year.
3
Copper
Production
Mar YTD19 Mar Q19 Mar Q19
Mar Mar vs vs vs
YTD19 Q19 Mar YTD18 Mar Q18 Dec Q18
Copper (kt) 1,245 420 (3%) (8%) 1%
Zinc (t) 75,643 20,848 (10%) (18%) (14%)
Uranium (t) 2,590 1,106 16% (1%) 19%
Copper - Total copper production decreased by three per cent to
1,245 kt. Guidance for the 2019 financial year remains unchanged at
between 1,645 and 1,740 kt.
Escondida copper production decreased by six per cent to 848 kt
as expected lower copper grades were partly offset by record
concentrator throughput. Production guidance remains unchanged at
between 1,120 and 1,180 kt for the 2019 financial year, with
volumes expected to be towards the lower end of the range.
Pampa Norte copper production decreased by 11 per cent to 172 kt
and reflects planned maintenance and a production outage at Spence
following a fire at the electro-winning plant in September 2018,
and the impact of heavy rainfall in northern Chile in February 2019
at both Spence and Cerro Colorado. This was partially offset by
record ore milled at both operations after implementing maintenance
improvement initiatives. Production guidance at Spence and Cerro
Colorado remains unchanged for the 2019 financial year, at between
160 and 175 kt and 60 and 70 kt respectively.
Olympic Dam copper production increased by 22 per cent to 115 kt
as a result of the major smelter maintenance campaign in the prior
period, which was partially offset by an unplanned acid plant
outage in August 2018. Following completion of the acid plant
remediation works, surface operations ramped up between October
2018 and February 2019. Production guidance remains unchanged at
between 170 and 180 kt for the 2019 financial year, with volumes
expected to be towards the lower end of the guidance range.
Antamina copper production increased by five per cent to 110 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
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
Spence Growth 2,460 FY21 New 95 ktpd concentrator On schedule and
Option is expected to increase budget. The overall
Spence's payable project is 47% 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%
Iron Ore
Production
Mar YTD19 Mar Q19 Mar Q19
Mar Mar vs vs vs
YTD19 Q19 Mar YTD18 Mar Q18 Dec Q18
Iron ore (kt) 175,343 56,117 0% (3%) (3%)
Iron ore - Total iron ore production was broadly unchanged at
175 Mt (198 Mt on a 100 per cent basis). Production guidance for
the 2019 financial year has been reduced to between 235 and 239 Mt,
or 265 and 270 Mt on a 100 per cent basis, reflecting a 6 to 8 Mt
impact from Tropical Cyclone Veronica. As a result, full year unit
costs are now expected to be below US$15 per tonne, an increase
from previous guidance of less than US$14 per tonne, due to the
lower volumes, direct costs of remediation, increased demurrage,
rehandle to manage stockyards and opportune maintenance at the
mines during port downtime. In addition, private royalties are also
expected to be higher as a function of higher iron ore prices.
4
At WAIO, volumes reflected record production at Jimblebar and
the impact from the Mt Whaleback fire in the prior period. This was
offset by the impacts of planned maintenance in the September 2018
quarter, a train derailment on 5 November 2018 and Tropical Cyclone
Veronica in March 2019. While our facilities did not sustain major
damage as a result of the cyclone, the port ramp up was slowed by
localised flooding, processing wet material and equipment
assessments.
Mining and processing operations at Samarco remain suspended
following the failure of the Fundão tailings dam and Santarém water
dam on 5 November 2015.
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
South Flank 3,061 CY21 Sustaining iron ore On schedule and budget.
mine to replace production The overall project
from the 80 Mtpa is 29% complete.
(100 per cent basis)
Yandi mine.
(Australia)
85%
Coal
Production
Mar YTD19 Mar Q19 Mar Q19
Mar Mar vs vs vs
YTD19 Q19 Mar YTD18 Mar Q18 Dec Q18
Metallurgical coal (kt) 30,507 9,877 0% (5%) (4%)
Energy coal (kt) 20,058 6,751 0% 11% 1%
Metallurgical coal - Metallurgical coal production was broadly
flat at 31 Mt (54 Mt on a 100 per cent basis). Guidance for the
2019 financial year remains unchanged at between 43 and 46 Mt (75
and 81 Mt on a 100 per cent basis).
At Queensland Coal, increased yields at South Walker Creek and
higher wash-plant throughput at Poitrel following the purchase of
the Red Mountain processing facility supported record production at
BMC. Despite record stripping, BMA's production decreased slightly
due to the scheduled longwall move at Broadmeadow in the December
2018 quarter and unfavourable weather impacts in the March 2019
quarter.
On 27 March 2019, BMA completed the sale of the Gregory Crinum
Mine to Sojitz Corporation.
Energy coal - Energy coal production was broadly flat at 20 Mt.
Guidance for the 2019 financial year remains unchanged at
approximately 28 to 29 Mt.
New South Wales Energy Coal production increased five per cent
supported by record stripping performance. Production guidance
remains unchanged at between 18 and 19 Mt for the 2019 financial
year. However, following optimisation of the mine plan through the
construction of Multiple Elevated Roadways (MERs) which will reduce
future cycle times, the focus on higher quality products and
challenges with labour hire attraction and retention, unit costs
for New South Wales Energy Coal are now expected to be
approximately US$51 per tonne, an increase from previous guidance
of between US$43 and US$48 per tonne. Ongoing labour hire
challenges are being addressed, including through the initial
deployment of BHP Operations Services in the June 2019 quarter.
Cerrejón production decreased by eight per cent due to adverse
weather and its impacts on mine sequencing. Production guidance
remains unchanged at approximately 10 Mt for the 2019 financial
year.
5
Other
Nickel production
Mar YTD19 Mar Q19 Mar Q19
Mar Mar vs vs vs
YTD19 Q19 Mar YTD18 Mar Q18 Dec Q18
Nickel (kt) 58.7 19.2 (13%) (9%) 6%
Nickel - Nickel West production decreased by 13 per cent to 59
kt as operations were suspended following a fire at the Kalgoorlie
smelter in September 2018. The smelter returned to operation on 1
October 2018, with final repairs and ramp up completed in the March
2019 quarter. Production guidance for the 2019 financial year
remains unchanged and is expected to be broadly in line with the
2018 financial year.
Potash project
Project and Investment
ownership US$M Scope Progress
Jansen Potash 2,700 Investment to finish the The project is 83% complete
excavation and lining and within the approved
of the production and budget. The main activity
service shafts, and to for the quarter remained
continue the installation centred on removing the
of essential surface infrastructure boring equipment from
and utilities. both shafts.
(Canada)
100%
Minerals exploration
Minerals exploration expenditure for the nine months ended March
2019 was US$122 million, of which US$84 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.
During March 2019, BHP signed a non-binding letter of intent
with Luminex for an earn-in and joint venture agreement on
Luminex's Tarqui 1 and 2 mining concessions in Ecuador.
Negotiations to complete a binding agreement will be undertaken
over the next two months.
On 15 April 2019, BHP secured a five per cent interest in
Midland Exploration Inc., which has copper exploration tenements in
Canada.
Following identification in November 2018 of a potential iron
oxide, copper and gold (IOCG) mineralised system at Oak Dam, 65
kilometres to the south east of Olympic Dam, BHP has commenced a
further drilling program to define the extent of
mineralisation.
Variance analysis relates to the relative performance of BHP
and/or its operations during the nine months ended March 2019
compared with the nine months ended March 2018, 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. Numbers presented may not add up precisely to
the totals provided due to rounding. 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.
(2) 2019 financial year unit cost guidance: Petroleum
<US$11/boe, Escondida <US$1.15/lb, WAIO <US$15/t,
Queensland Coal US$68-72/t and NSWEC US$51/t; based on exchange
rates of AUD/USD 0.75 and USD/CLP 663.
(3) WGOM OBN 2018 Seismic Permit is OCS Permit T18-010.
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 barrels
of oil equivalent per day (Mboe/d); 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 Group Limited,
BHP Group plc and, except where the context otherwise requires,
their respective subsidiaries as defined in note 27 'Subsidiaries'
in section 5.1 of BHP's 30 June 2018 Annual Report and Form 20-F,
unless stated otherwise. Notwithstanding that this release may
include production, financial and other information from
non-operated assets, non-operated assets are not included in the
BHP Group and, as a result, statements regarding our operations,
assets and values apply only to our operated assets unless stated
otherwise.
6
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7
Production summary
Quarter ended Year to date
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2018 2018 2018 2018 2019 2019 2018
Petroleum (1)
Petroleum
Conventional
Crude oil, condensate and
NGL (Mboe) 13,960 13,486 14,087 14,497 13,236 41,820 43,919
Natural gas (bcf) 82.9 90.7 112.3 93.9 92.9 299.1 286.3
Total (Mboe) 27,777 28,603 32,804 30,147 28,719 91,670 91,636
Copper (2)
Copper
Payable metal in concentrate
(kt)
Escondida (3) 57.5% 244.9 246.1 240.0 212.6 205.4 658.0 679.7
Antamina 33.8% 35.2 34.6 37.0 38.3 34.5 109.8 104.9
Total 280.1 280.7 277.0 250.9 239.9 767.8 784.6
Cathode (kt)
Escondida (3) 57.5% 69.4 70.1 55.4 71.9 62.4 189.7 217.4
Pampa Norte (4) 100% 66.8 70.6 43.4 61.8 67.2 172.4 193.2
Olympic Dam 100% 40.5 42.0 33.3 31.6 50.2 115.1 94.7
Total 176.7 182.7 132.1 165.3 179.8 477.2 505.3
Total copper (kt) 456.8 463.4 409.1 416.2 419.7 1,245.0 1,289.9
Lead
Payable metal in concentrate
(t)
Antamina 33.8% 464 546 563 600 456 1,619 2,888
Total 464 546 563 600 456 1,619 2,888
Zinc
Payable metal in concentrate
(t)
Antamina 33.8% 25,562 35,983 30,558 24,237 20,848 75,643 83,817
Total 25,562 35,983 30,558 24,237 20,848 75,643 83,817
Gold
Payable metal in concentrate
(troy oz)
Escondida (3) 57.5% 59,953 68,345 63,578 73,726 73,998 211,302 160,757
Olympic Dam (refined gold) 100% 28,989 33,497 23,471 17,856 28,609 69,936 58,059
Total 88,942 101,842 87,049 91,582 102,607 281,238 218,816
8
Quarter ended Year to date
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2018 2018 2018 2018 2019 2019 2018
Silver
Payable metal in concentrate
(troy koz)
Escondida (3) 57.5% 2,339 2,527 1,997 2,570 2,189 6,756 6,269
Antamina 33.8% 1,189 1,321 1,309 1,178 1,062 3,549 4,116
Olympic Dam (refined silver) 100% 248 278 213 212 230 655 514
Total 3,776 4,126 3,519 3,960 3,481 10,960 10,899
Uranium
Payable metal in concentrate
(t)
Olympic Dam 100% 1,118 1,123 555 929 1,106 2,590 2,241
Total 1,118 1,123 555 929 1,106 2,590 2,241
Molybdenum
Payable metal in concentrate
(t)
Antamina 33.8% 420 261 464 417 82 963 1,401
Total 420 261 464 417 82 963 1,401
9
Production summary
Quarter ended Year to date
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2018 2018 2018 2018 2019 2019 2018
Iron Ore
Iron Ore
Production (kt) (5)
Newman 85% 16,412 18,500 16,378 17,578 15,608 49,564 48,571
Area C Joint Venture 85% 12,802 12,041 11,696 10,280 11,627 33,603 39,476
Yandi Joint Venture 85% 15,802 17,339 16,870 15,627 15,214 47,711 46,709
Jimblebar (6) 85% 4,669 15,092 16,333 14,320 13,658 44,311 15,535
Wheelarra 85% 8,006 614 114 30 10 154 24,544
Samarco 50% - - - - - - -
Total 57,691 63,586 61,391 57,835 56,117 175,343 174,835
Coal
Metallurgical coal
Production (kt) (7)
BMA 50% 7,983 9,220 7,744 7,694 7,608 23,046 23,673
BHP Mitsui Coal (8) 80% 2,396 2,789 2,614 2,578 2,269 7,461 6,958
Total 10,379 12,009 10,358 10,272 9,877 30,507 30,631
Energy coal
Production (kt)
Australia 100% 3,662 6,261 3,982 4,311 4,552 12,845 12,280
Colombia 33.3% 2,444 2,762 2,658 2,356 2,199 7,213 7,855
Total 6,106 9,023 6,640 6,667 6,751 20,058 20,135
Other
Nickel
Saleable production
(kt)
Nickel West (9) 100% 21.1 25.6 21.4 18.1 19.2 58.7 67.4
Total 21.1 25.6 21.4 18.1 19.2 58.7 67.4
Cobalt
Saleable production
(t)
Nickel West 100% 240 277 249 154 194 597 783
Total 240 277 249 154 194 597 783
(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
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Petroleum - Conventional
(1)
Bass Strait
Crude oil and condensate (Mboe) 1,126 1,361 1,653 1,401 893 3,947 4,454
NGL (Mboe) 1,170 1,428 1,840 1,447 849 4,136 4,704
Natural gas (bcf) 20.5 29.9 35.1 25.2 21.0 81.3 96.0
Total petroleum products (MMboe) 5.7 7.8 9.3 7.0 5.2 21.6 25.2
North West Shelf
Crude oil and condensate (Mboe) 1,377 1,267 1,514 1,520 1,431 4,465 4,293
NGL (Mboe) 210 186 242 206 193 641 637
Natural gas (bcf) 35.8 34.2 36.6 37.5 36.6 110.7 108.2
Total petroleum products (MMboe) 7.6 7.2 7.9 8.0 7.7 23.6 23.0
Pyrenees
Crude oil and condensate (Mboe) 1,250 1,168 282 1,101 940 2,323 3,970
Total petroleum products (MMboe) 1.3 1.2 0.3 1.1 0.9 2.3 4.0
Other Australia (2)
Crude oil and condensate (Mboe) 8 7 7 8 6 21 25
Natural gas (bcf) 13.4 13.9 13.8 13.9 13.0 40.7 42.8
Total petroleum products (MMboe) 2.2 2.3 2.3 2.3 2.2 6.8 7.2
Atlantis (3)
Crude oil and condensate (Mboe) 3,459 3,471 3,190 3,802 3,888 10,880 9,858
NGL (Mboe) 248 217 215 268 275 758 661
Natural gas (bcf) 1.8 1.5 1.5 1.9 2.0 5.4 5.2
Total petroleum products (MMboe) 4.0 3.9 3.7 4.4 4.5 12.5 11.4
Mad Dog (3)
Crude oil and condensate (Mboe) 1,140 581 1,270 1,158 1,258 3,686 3,391
NGL (Mboe) 55 27 61 54 58 173 171
Natural gas (bcf) 0.2 0.1 0.2 0.2 0.2 0.6 0.5
Total petroleum products (MMboe) 1.2 0.6 1.4 1.2 1.3 4.0 3.6
Shenzi (3)
Crude oil and condensate (Mboe) 2,323 2,110 2,016 2,024 1,881 5,921 7,127
NGL (Mboe) 140 151 122 121 112 355 465
Natural gas (bcf) 0.4 0.4 0.4 0.4 0.4 1.2 1.3
Total petroleum products (MMboe) 2.5 2.3 2.2 2.2 2.1 6.5 7.8
11
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Petroleum - Conventional
(1)
(continued)
Trinidad/Tobago
Crude oil and condensate (Mboe) 232 233 447 200 284 931 485
Natural gas (bcf) 10.0 9.8 24.0 14.0 19.5 57.5 30.2
Total petroleum products (MMboe) 1.9 1.9 4.4 2.5 3.5 10.5 5.5
Other Americas (3)
(4)
Crude oil and condensate (Mboe) 189 313 207 218 284 709 625
NGL (Mboe) 3 22 3 4 18 25 11
Natural gas (bcf) - 0.3 - 0.1 0.2 0.3 0.2
Total petroleum products (MMboe) 0.2 0.4 0.2 0.2 0.3 0.8 0.7
UK (5)
Crude oil and condensate (Mboe) 43 38 36 36 - 72 105
NGL (Mboe) 18 18 21 21 - 42 70
Natural gas (bcf) 0.8 0.6 0.7 0.7 - 1.4 1.9
Total petroleum products (MMboe) 0.2 0.2 0.2 0.2 - 0.3 0.5
Algeria
Crude oil and condensate (Mboe) 969 888 961 908 866 2,735 2,867
Total petroleum products (MMboe) 1.0 0.9 1.0 0.9 0.9 2.7 2.9
Petroleum - Total
(1)
Conventional
Crude oil and condensate (Mboe) 12,116 11,437 11,583 12,376 11,731 35,690 37,200
NGL (Mboe) 1,844 2,049 2,504 2,121 1,505 6,130 6,719
Natural gas (bcf) 82.9 90.7 112.3 93.9 92.9 299.1 286.3
Total (Mboe) 27,777 28,603 32,804 30,147 28,719 91,670 91,636
(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) BHP completed the sale of its interest in the Bruce and
Keith oil and gas fields on 30 November 2018. The sale has an
effective date of 1 January 2018.
12
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile
(1)
Material mined (kt) 103,385 106,788 107,260 105,580 103,936 316,776 309,623
Sulphide ore milled (kt) 32,203 31,732 30,513 30,507 32,027 93,047 86,543
Average concentrator
head grade (%) 0.96% 0.96% 0.94% 0.87% 0.82% 0.88% 0.99%
Production ex mill (kt) 252.6 253.6 241.9 219.9 216.9 678.7 702.5
Production
Payable copper (kt) 244.9 246.1 240.0 212.6 205.4 658.0 679.7
Copper cathode (EW) (kt) 69.4 70.1 55.4 71.9 62.4 189.7 217.4
* Oxide leach (kt) 24.5 27.1 19.5 23.4 20.9 63.8 74.3
* Sulphide leach (kt) 44.9 43.0 35.8 48.5 41.5 125.8 143.1
Total copper (kt) 314.3 316.2 295.4 284.5 267.8 847.7 897.1
(troy
Payable gold concentrate oz) 59,953 68,345 63,578 73,726 73,998 211,302 160,757
(troy
Payable silver concentrate koz) 2,339 2,527 1,997 2,570 2,189 6,756 6,269
Sales
Payable copper (kt) 228.3 260.3 216.5 229.2 212.0 657.7 660.1
Copper cathode (EW) (kt) 61.7 80.9 53.2 72.3 56.6 182.1 207.4
(troy
Payable gold concentrate oz) 59,953 68,345 63,578 73,726 73,999 211,303 160,757
(troy
Payable silver concentrate koz) 2,339 2,527 1,997 2,570 2,189 6,756 6,269
(1) Shown on a 100% basis. BHP interest in saleable production
is 57.5%.
Pampa Norte, Chile
Cerro Colorado
Material mined (kt) 17,766 17,918 18,488 19,875 15,561 53,924 59,338
Ore milled (kt) 4,905 4,833 4,802 5,069 4,277 14,148 13,467
Average copper grade (%) 0.58% 0.58% 0.53% 0.62% 0.63% 0.59% 0.60%
Production
Copper cathode (EW) (kt) 13.6 19.0 14.2 19.4 18.2 51.8 44.3
Sales
Copper cathode (EW) (kt) 13.7 20.9 13.8 19.0 15.5 48.3 43.7
Spence
Material mined (kt) 21,463 23,103 23,007 21,661 18,632 63,300 66,873
Ore milled (kt) 5,144 4,009 5,642 5,428 4,376 15,446 15,438
Average copper grade (%) 1.03% 1.11% 1.21% 1.10% 1.03% 1.12% 1.14%
Production
Copper cathode (EW) (kt) 53.2 51.6 29.2 42.4 49.0 120.6 148.9
Sales
Copper cathode (EW) (kt) 49.8 57.1 29.7 39.1 46.1 114.9 145.0
13
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Copper (continued)
Metals production is payable metal unless otherwise stated.
Antamina, Peru
Material mined (100%) (kt) 58,085 59,002 62,470 62,850 57,900 183,220 176,426
Sulphide ore milled
(100%) (kt) 12,166 12,973 13,197 12,912 11,466 37,575 38,086
Average head grades
* Copper (%) 1.01% 0.91% 0.96% 1.02% 1.04% 1.01% 0.95%
* Zinc (%) 1.01% 1.19% 1.10% 0.85% 0.87% 0.94% 0.98%
Production
Payable copper (kt) 35.2 34.6 37.0 38.3 34.5 109.8 104.9
Payable zinc (t) 25,562 35,983 30,558 24,237 20,848 75,643 83,817
(troy
Payable silver koz) 1,189 1,321 1,309 1,178 1,062 3,549 4,116
Payable lead (t) 464 546 563 600 456 1,619 2,888
Payable molybdenum (t) 420 261 464 417 82 963 1,401
Sales
Payable copper (kt) 32.1 36.6 33.6 40.7 33.3 107.6 101.0
Payable zinc (t) 26,456 33,088 31,822 26,072 20,595 78,489 82,020
(troy
Payable silver koz) 1,052 1,311 1,193 1,236 1,027 3,456 3,997
Payable lead (t) 859 595 612 649 749 2,010 3,455
Payable molybdenum (t) 500 388 208 535 256 999 1,361
Olympic Dam, Australia
Material mined (1) (kt) 2,056 2,201 2,044 2,434 2,191 6,669 5,298
Ore milled (kt) 2,188 2,171 1,242 2,157 2,371 5,770 5,044
Average copper grade (%) 2.36% 2.12% 2.05% 2.10% 2.22% 2.14% 2.23%
Average uranium grade (kg/t) 0.71 0.69 0.62 0.62 0.65 0.63 0.62
Production
Copper cathode (ER
and EW) (kt) 40.5 42.0 33.3 31.6 50.2 115.1 94.7
Payable uranium (t) 1,118 1,123 555 929 1,106 2,590 2,241
(troy
Refined gold oz) 28,989 33,497 23,471 17,856 28,609 69,936 58,059
(troy
Refined silver koz) 248 278 213 212 230 655 514
Sales
Copper cathode (ER
and EW) (kt) 36.8 46.0 33.9 26.6 47.4 107.9 92.7
Payable uranium (t) 509 1,230 765 828 375 1,968 1,527
(troy
Refined gold oz) 20,715 35,714 21,145 17,812 27,574 66,531 61,149
(troy
Refined silver koz) 202 307 216 177 241 634 539
(1) Material mined refers to run of mine ore mined and
hoisted.
14
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.
Pilbara, Australia
Production
Newman (kt) 16,412 18,500 16,378 17,578 15,608 49,564 48,571
Area C Joint Venture (kt) 12,802 12,041 11,696 10,280 11,627 33,603 39,476
Yandi Joint Venture (kt) 15,802 17,339 16,870 15,627 15,214 47,711 46,709
Jimblebar (1) (kt) 4,669 15,092 16,333 14,320 13,658 44,311 15,535
Wheelarra (kt) 8,006 614 114 30 10 154 24,544
Total production (kt) 57,691 63,586 61,391 57,835 56,117 175,343 174,835
Total production
(100%) (kt) 67,048 72,145 69,342 65,515 63,609 198,466 202,946
Sales
Lump (kt) 13,993 15,173 15,014 14,020 13,603 42,637 43,034
Fines (kt) 44,332 47,730 46,527 44,059 41,981 132,567 130,834
Total (kt) 58,325 62,903 61,541 58,079 55,584 175,204 173,868
Total sales (100%) (kt) 67,799 71,385 69,421 65,758 62,853 198,032 201,854
(1) Shown on a 100% basis. BHP interest in saleable production
is 85%.
Samarco, Brazil (1)
Production (kt) - -- - - - -
Sales (kt) 25 --10 -10 39
(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
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Coal
Coal production is reported on the basis of saleable product.
Queensland Coal
Production (1)
BMA
Blackwater (kt) 1,384 1,849 1,704 1,680 1,484 4,868 4,839
Goonyella (kt) 2,314 2,639 1,989 1,813 2,141 5,943 5,322
Peak Downs (kt) 1,723 1,658 1,131 1,685 1,468 4,284 4,692
Saraji (kt) 1,240 1,201 1,111 1,288 1,250 3,649 3,852
Daunia (kt) 547 629 620 419 470 1,509 1,927
Caval Ridge (kt) 775 1,244 1,189 809 795 2,793 3,041
Total BMA (kt) 7,983 9,220 7,744 7,694 7,608 23,046 23,673
Total BMA (100%) (kt) 15,966 18,440 15,488 15,388 15,216 46,092 47,346
BHP Mitsui Coal (2)
South Walker Creek (kt) 1,490 1,615 1,505 1,636 1,429 4,570 4,414
Poitrel (kt) 906 1,174 1,109 942 840 2,891 2,544
Total BHP Mitsui
Coal (kt) 2,396 2,789 2,614 2,578 2,269 7,461 6,958
Total Queensland
Coal (kt) 10,379 12,009 10,358 10,272 9,877 30,507 30,631
Total Queensland
Coal (100%) (kt) 18,362 21,229 18,102 17,966 17,485 53,553 54,304
Sales
Coking coal (kt) 7,177 8,489 7,356 7,514 7,221 22,091 21,452
Weak coking coal (kt) 2,598 2,866 2,813 3,058 3,282 9,153 8,564
Thermal coal (kt) 168 85 141 157 379 677 443
Total (kt) 9,943 11,440 10,310 10,729 10,882 31,921 30,459
Total (100%) (kt) 17,658 20,162 18,102 18,818 19,176 56,096 53,921
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production
is 80%.
16
NSW Energy Coal,
Australia
Production (kt) 3,662 6,261 3,982 4,311 4,552 12,845 12,280
Sales
Export thermal coal (kt) 3,181 5,795 3,549 4,809 3,529 11,887 10,851
Inland thermal coal (kt) 400 160 332 393 302 1,027 1,216
Total (kt) 3,581 5,955 3,881 5,202 3,831 12,914 12,067
Cerrejón, Colombia
Production (kt) 2,444 2,762 2,658 2,356 2,199 7,213 7,855
Sales thermal coal
- export (kt) 2,480 2,763 2,589 2,297 2,200 7,086 7,617
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Other
Nickel production is reported on the basis of saleable product
Nickel West, Australia
Mt Keith
Nickel concentrate (kt) 44.9 55.6 50.2 44.9 52.5 147.6 149.1
Average nickel grade (%) 21.3 18.8 18.9 19.8 19.2 57.9 62.1
Leinster
Nickel concentrate (kt) 54.7 78.4 78.8 65.3 51.8 195.9 221.0
Average nickel grade (%) 9.3 9.8 8.4 8.4 9.3 26.1 27.4
Saleable production
Refined nickel (1)
(2) (kt) 19.2 18.5 19.8 16.3 17.6 53.7 52.9
Intermediates and
nickel by-products
(1) (3) (kt) 1.9 7.1 1.6 1.8 1.6 5.0 14.5
Total nickel (1) (kt) 21.1 25.6 21.4 18.1 19.2 58.7 67.4
Cobalt by-products (t) 240 277 249 154 194 597 783
Sales - -
Refined nickel (1)
(2) (kt) 19.5 17.5 19.3 17.3 17.9 54.5 53.5
Intermediates and
nickel by-products
(1) (3) (kt) 2.5 6.3 2.2 2.1 0.1 4.4 14.3
Total nickel (1) (kt) 21.9 23.8 21.5 19.4 18.0 58.9 67.8
Cobalt by-products (t) 240 277 249 154 194 597 783
(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
Production and sales report
Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Mar
2018 2018 2018 2018 2019 2019 2018
Onshore US - Discontinued operations (1)(2)
Eagle Ford (3)
Crude oil and condensate (Mboe) 2,838 3,826 3,256 1,035 - 4,291 10,015
NGL (Mboe) 1,555 1,767 1,919 614 - 2,533 5,511
Natural gas (bcf) 12.6 13.9 13.8 4.3 - 18.1 40.8
Total petroleum products (MMboe) 6.5 7.9 7.5 2.4 - 9.8 22.3
Permian (3)
Crude oil and condensate (Mboe) 1,398 1,903 1,478 631 - 2,109 3,719
NGL (Mboe) 465 770 687 284 - 971 1,512
Natural gas (bcf) 4.1 6.4 4.8 1.9 - 6.7 12.2
Total petroleum products (MMboe) 2.5 3.7 3.0 1.2 - 4.2 7.3
Haynesville (3)
Crude oil and condensate (Mboe) - - 11 - - 11 1
NGL (Mboe) - - - - - - -
Natural gas (bcf) 28.7 33.1 39.0 13.9 - 52.9 72.2
Total petroleum products (MMboe) 4.8 5.5 6.5 2.3 - 8.8 12.0
Fayetteville (4)
Natural gas (bcf) 18.7 19.1 18.6 - - 18.6 60.8
Total petroleum products (MMboe) 3.1 3.2 3.1 - - 3.1 10.1
Onshore US
Crude oil and condensate (Mboe) 4,236 5,729 4,745 1,666 - 6,411 13,735
NGL (Mboe) 2,020 2,537 2,606 898 - 3,504 7,023
Natural gas (bcf) 64.1 72.5 76.2 20.1 - 96.3 186.0
Total (Mboe) 16,939 20,349 20,051 5,914 - 25,965 51,758
(1) Total boe conversions are based on 6 bcf of natural gas
equals 1 MMboe. Negative production figures represent finalisation
adjustments.
(2) Volumes are net of mineral holder royalties.
(3) BHP completed the sale of its interests in the Eagle Ford,
Haynesville and Permian assets on 31 October 2018.
(4) BHP completed the sale of its Fayetteville assets on 28 September 2018.
18
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END
UPDSFDEEMFUSEFL
(END) Dow Jones Newswires
April 17, 2019 02:00 ET (06:00 GMT)
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