dai oldenrich
- 20 Apr 2006 09:29
Company is the worlds largest diversified resources group. It has seven divisions: Petroleum, Aluminium, Base Metals, Carbon Steel materials, Diamonds and speciality products, Energy coal and Stainless steel materials.

Red = 25 day moving average. Green = 200 day moving average.
SALES PER ACTIVITY (Data as of 30/06/2006)
Carbon steel: 28%
Oil: 18%
Aluminum: 15%
Basic metals: 15%
Coal: 9%
Stainless steel: 9%
: 3%
Diamonds,
minerals, etc: 3%
hangon
- 22 Jun 2016 17:17
- 117 of 137
Tailings Dam - surely this was a design agreed with the local government AND National Government - were their Inspectors asleep on the job - OR - was there a geo-fault that went un-noticed?
Still, I guess If BHP-Billiton wants to remain operational there - then they have to bend to ..... whatever is thrown at them.
The Legal Costs/Fines are probably "Bad enough" - but when it comes to repairing the Dam the construction cost is likely to be much greater, allowing for more-detailed investigations + Safety provisions, etc.
+ Strikes me that this will be Damn costly . . . . .
HARRYCAT
- 07 Jul 2016 14:35
- 118 of 137
Jefferies International today reaffirms its hold investment rating on BHP Billiton PLC (LON:BLT) and raised its price target to 900p (from 800p).
HARRYCAT
- 18 Jul 2016 09:44
- 119 of 137
Credit Suisse today reaffirms its outperform investment rating on BHP Billiton PLC (LON:BLT) and raised its price target to 1150p (from 1050p).
HARRYCAT
- 16 Aug 2016 08:45
- 120 of 137
StockMarketWire.com
BHP Billiton posts losses from operations of $6.2bn for the year to the end of June compared with a profit of $8.7bn in 2015.
The company said it had been a challenging 12 months for the company and the industry.
It said response efforts at Samarco continue with good progress being made on community resettlement, community health and environment restoration.
The company said there were no fatalities at its operated sites in the 2016 financial year.
It reports underlying EBITDA of US$12.3 billion (down from $11.9bn) and an underlying EBITDA margin of 41%, despite weaker commodity prices which had a negative impact of US$10.7 billion.
Productivity gains of US$437 million were achieved for the period and the company says it remains on track for US$2.2 billion of gains over the two years to the end of the 2017 financial year.
Conventional petroleum, grade-adjusted Escondida, Western Australia Iron Ore and Queensland Coal unit cash costs(4) declined by 30%, 22%, 19% and 15% respectively.
Other highlights:
- Capital and exploration expenditure declined by 42% to US$6.4 billion and is expected to decrease further to US$5.0 billion in the 2017 financial year (BHP Billiton share). On a cash basis, capital and exploration expenditure was US$7.7 billion and is forecast to decline to US$5.4 billion in the 2017 financial year.
- Reduction in operating costs, it says the "flexibility in our investment programme and a targeted reduction of working capital supported free cash flow of US$3.4 billion".
- Balance sheet remains strong, with net debt of US$26.1 billion broadly unchanged from December 2015.
- The Board has determined to pay a final dividend of 14 US cents per share, which is covered by free cash flow generated in the current period. In accordance with the Group's dividend policy, this comprises the minimum payout of 8 US cents per share and an additional amount of 6 US cents per share, reflecting continued balance sheet strength and strong free cash flow during the period.
Chief Executive Officer, Andrew Mackenzie, said: "The last 12 months have been challenging for both BHP Billiton and the resources industry. Nevertheless, our results demonstrate the resilience of our portfolio and the diverse ways in which we can create value for shareholders despite low commodity prices. Unit cash costs across the Group declined 16 per cent and with increased capital efficiency, supported free cash flow generation of US$3.4 billion despite weaker commodity prices.
"Next year, we expect another US$1.8 billion of productivity gains as our new Operating Model helps sustain momentum, delivering more than US$7 billion of free cash flow based on current spot prices and a forecast reduction in net debt.
"The strength of our cash flow generation and balance sheet is reflected in the final dividend of 14 US cents per share, which comprises the minimum implied by our payout ratio and a top up from excess cash in line with the capital allocation framework. We continue to pursue capital-efficient latent capacity opportunities which will support volume growth of up to four per cent next year, excluding our Onshore US assets where we continue to defer activity to maximise value. In addition, we have progressed high-return growth projects, with investment decisions on the Mad Dog 2 and Spence Growth Option projects expected by the end of next calendar year.
"Over the past five years we have actively reshaped our portfolio, and we are confident we have the right mix of commodities, assets and opportunities to create substantial value over time. While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper."
In relation to Samarco, he added: "All of us at BHP Billiton remain deeply saddened by the Samarco tragedy. The Company is fully committed to the Framework Agreement and its programs to remediate and compensate for the impacts of the Samarco dam failure. Good progress is being made on community resettlement, community health and environment restoration."
skinny
- 16 Aug 2016 09:40
- 121 of 137
skinny
- 16 Aug 2016 09:45
- 122 of 137
Liberum Capital Sell 1,071.00 665.00 665.00 Reiterates
HARRYCAT
- 23 Aug 2016 10:11
- 123 of 137
Jefferies International today upgrades its investment rating on BHP Billiton PLC (LON:BLT) to buy (from hold) and raised its price target to 1250p (from 1100p).
HARRYCAT
- 19 Oct 2016 07:59
- 124 of 137
StockMarketWire.com
BHP Billiton says all production and unit cost guidance remains unchanged for the 2017 financial year.
But guidance for Olympic Dam is under review following a state-wide power outage in South Australia.
An operation review says good progress continues on the group's capital-efficient latent capacity options with the ramp-up of the Spence Recovery Optimisation project and additional capacity at Jimblebar during the period, and first production from the Los Colorados Extension project anticipated late in the 2017 financial year.
Other key points:
- All four major projects under development are tracking to plan.
- In Petroleum, positive drilling results were reported following the discovery of oil in multiple horizons at the Caicos exploration well in the Gulf of Mexico.
- The group continues to optimise its portfolio of high-quality assets with the announced sale of 50 per cent of its interest in the undeveloped Scarborough area gas fields and completion of the IndoMet Coal and Navajo Coal divestments. It also entered into an agreement with the New South Wales Government to cease progression of the Caroona Coal project.
Chief executive Andrew Mackenzie, said: "Full year production and unit cost guidance remains unchanged. Safety and productivity continue to improve with our new operating model helping us identify and replicate best practice more quickly.
"We have seen early signs of markets rebalancing. Fundamentals suggest both oil and gas markets will improve over the next 12 to 18 months.
"Iron ore and metallurgical coal prices have been stronger than expected, although we continue to expect supply to grow more quickly than demand in the near term. Together, the combination of steadier markets, continued capital discipline, improved productivity and increased volumes in copper, iron ore and metallurgical coal should further support strong free cash flow generation this financial year."
HARRYCAT
- 01 Dec 2016 13:17
- 125 of 137
Exane BNP Paribas today reaffirms its neutral investment rating on BHP Billiton PLC (LON:BLT) and set its price target at 1268p
HARRYCAT
- 06 Dec 2016 09:44
- 126 of 137
StockMarketWire.com
BHP Billiton submitted the winning bid to acquire a 60% participating interest in and operatorship of blocks AE-0092 and AE-0093 containing the Trion discovery located offshore Mexico.
PEMEX Exploration & Production Mexico will retain a 40% interest in the blocks.
Pemex estimates the gross recoverable resource to be 485 MMboe. Subject to satisfaction of conditions (including the obtaining of government approvals), it is anticipated that the relevant agreements would be finalised and signed within 90 days.
BHP Billiton's bid for Trion includes an upfront cash payment of US$62.4 million and a commitment to a minimum work programme (estimated to be up to a maximum of US$320m).
If BHP Billiton and Pemex agree to progress the project beyond the minimum work programme, BHP Billiton would be required to invest the remainder of the US$570m minimum work contribution (which includes the minimum work programme spend) and a US$624m cash contribution (which comprises the upfront cash payment of US$62.4m already paid and the balance of US$561.6 million as a future carry for Pemex).
BHP Billiton's bid also includes a commitment to an additional royalty of 4%.
BHP Billiton president operations petroleum, Steve Pastor, said "We see attractive potential in Trion and the Perdido trend, and we are pleased to have the opportunity to further appraise and potentially develop this prospective frontier area of the deepwater Gulf of Mexico.
"This opportunity aligns with our strategy of owning and operating Tier-1 assets and provides an opportunity for BHP Billiton to leverage its industry leading deep-water drilling, development and operational expertise to create value in Mexico."
HARRYCAT
- 20 Dec 2016 09:13
- 127 of 137
Jefferies International today reaffirms its buy investment rating on BHP Billiton PLC (LON:BLT) and raised its price target to 1750p (from 1700p).
Barclays Capital today (09/01/17) reaffirms its equal weight investment rating on BHP Billiton PLC (LON:BLT) and raised its price target to 1385p (from 1175p).
HARRYCAT
- 25 Jan 2017 10:16
- 128 of 137
StockMarketWire.com
BHP Billiton has maintained full year production guidance for petroleum, iron ore and coal and said record production for the half year was achieved at Western Australia Iron Ore.
But production guidance for copper has been reduced to approximately 1.62 Mt, 2% below prior guidance, reflecting lower volumes now expected at Olympic Dam.
The group said all major projects under development were tracking to plan.
The Bass Strait Longford Gas Conditioning Plant project achieved initial gas sales in the December 2016 quarter and mechanical completion was achieved at the Escondida Water Supply project with first water expected in the March 2017 quarter.
Chief executive Andrew Mackenzie said: "We have performed well during a period of higher prices, with record iron ore volumes achieved at WAIO.
"Our simpler organisational structure has freed our assets to focus on what matters most and to deliver safer and more productive operations.
"Our consistent delivery of operating and capital productivity, and strict adherence to our capital allocation framework have positioned us to maximise shareholder value.
"In Petroleum, we will accelerate our counter-cyclical oil exploration efforts this year.
"Our successful Trion bid leaves us in a leading position to develop the newly opened Mexican acreage in the Gulf of Mexico, where we can leverage our core expertise.
"We are encouraged by recent positive drilling results at the LeClerc well in Trinidad and Tobago and the Caicos well in the Gulf of Mexico.
"After the first successful rig, our Onshore US gas hedging programme will also be expanded to secure attractive returns."
HARRYCAT
- 09 Feb 2017 11:09
- 129 of 137
StockMarketWire.com
BHP Billiton's board has approved expenditure of US$2.2bn for its share of the development of the Mad Dog phase 2 project in the Gulf of Mexico.
BHP Billiton holds a 23.9% participating interest in the Mad Dog field. BP, the operator, holds a 60.5% participating interest, and Union Oil Company of California, an affiliate of Chevron USA Inc., holds the remaining 15.6% participating interest.
During the fourth quarter of 2016, BP sanctioned the Mad Dog Phase 2 project.
Mad Dog Phase 2, located in the Green Canyon area in the Deepwater Gulf of Mexico, is a southern and southwestern extension of the existing Mad Dog field.
The project includes a new floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day from up to 14 production wells.
Production is expected to begin in the 2022 financial year.
Haitong Securities today reaffirms its sell investment rating on BHP Billiton PLC (LON:BLT) and raised its price target to 1110p (from 1050p).
HARRYCAT
- 21 Feb 2017 09:36
- 130 of 137
StockMarketWire.com
BHP Billiton's underlying earnings before interest, tax, depreciation and amortisation rose by 65% to US$9.9bn in the six months to the end of December.
The group posts a profit from operations of $6,057m against a loss of $7,030m last time and an attributable profit of $3,204m against a loss of $5,669m in 2015.
The interim dividend of 40 US cents per share is is up from 16.0 cents in 2015.
Chief executive Andrew Mackenzie said: "This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model.
"Our steadfast commitment to this plan has positioned us to take full advantage in a period of higher prices with Underlying EBITDA up 65 per cent to US$9.9 billion.
"The demerger of South32 and over US$7 billion of asset sales have shaped a portfolio that is now true to its strategy.
"Our assets are large, long-life and low-cost and provide exposure to a diverse mix of commodities with an attractive outlook.
"Our new operating model has sharpened the focus of our operations on the things that matter most: safety, volume and cost.
"A decline in unit costs at our major assets supported US$1.2 billion of productivity gains in the half, which follows the US$11 billion of annualised gains embedded over the last four years.
"Greater productivity and increased capital efficiency supported strong free cash flow generation of US$5.8 billion. Strict adherence to our capital allocation framework has maximised the use of this cash.
"We have strengthened our balance sheet, with net debt falling sharply to close the period at US$20.1 billion.
"As we further strengthen the balance sheet our ability to invest counter-cyclically will only be enhanced. Our minimum 50 per cent dividend payout policy equates to 30 US cents per share.
"In recognition of the importance of shareholder returns and confidence in the Company's performance, the Board has determined to pay an additional amount of 10 US cents per share, taking the overall interim dividend to 40 US cents per share.
"We are confident in the long-term outlook for our commodities, particularly oil, with markets expected to rebalance in the near-term, and copper where we expect a deficit to emerge in the early 2020s.
"We have the right settings in place to substantially grow shareholder value.
"The health and safety of our people and the communities in which we operate always come first.
"Health and safety are core to our values and we are committed to providing a safe workplace. BHP Billiton reported a record low Total Recordable Injury Frequency of 3.9 per million hours worked in the December 2016 half year.
"Despite the improvement in safety performance indicators, tragically one of our colleagues died at Escondida in October 2016."
BHP Billiton also announced today that the board has approved a bond repurchase plan of up to US$2.5 billion.
The plan will target 2018, 2019, 2021, 2022 and 2023 US dollar denominated notes and be funded by BHP Billiton's strong US$14 billion cash position.
Early repayment of these bonds will extend the Group's average debt maturity profile and enhance BHP Billiton's capital structure.
HARRYCAT
- 28 Mar 2017 10:07
- 131 of 137
Macquarie today reaffirms its outperform investment rating on BHP Billiton PLC (LON:BLT) and set its price target at 1590p.
HARRYCAT
- 12 Apr 2017 10:13
- 132 of 137
StockMarketWire.com
BHP Billiton has warned that all shareholders would lose if it replaced its dual listed company structure with a single UK incorporated company as proposed by Elliott Associates and Elliott International.
The company said the board and management regularly reviewed the DLC structure and its portfolio of assets so as to optimise long-term value for all shareholders and the company had simplified its business in recent years.
Chief executive Andrew Mackenzie said: "BHP Billiton is now a stronger, simpler company, well-positioned for future economic conditions.
"We are confident we have everything in place to increase returns and significantly grow shareholder value."
BHP Billiton said Elliott's proposals were not new to the group and it had assessed in detail many times over the past years options to unify the DLC structure and enhancements to its portfolio, including divestment of Petroleum.
A statement said: "Consistent with our capital allocation framework, we regularly consider buybacks as an alternative use for our excess cash.
"Management has been engaged in discussions with Elliott over many months on its proposals and is familiar with the views expressed by Elliott.
"The elements of Elliott's proposal have also been considered by the board.
"Against the background of the ongoing assessment by the board and management of our DLC, our portfolio of assets and the capital allocation framework, we have provided detailed feedback to Elliott on the challenges inherent in their proposals.
"The board and management have concluded that the costs and associated disadvantages of each element of Elliott's proposal would significantly outweigh the potential benefits.
"We believe that Elliott materially overstates the potential value that could be created by its proposals."
It said that unifying the DLC structure in the manner proposed by Elliott could destroy at least US$1.3 billion in value to save less than US$2.5 million a year - for no identifiable material or strategic benefit.
It also said that petroleum remained core to the group's strategy and had the potential to create significant long term value at high returns.
It added: "With our strong business plan, our view is that the Petroleum business as a part of the BHP Billiton portfolio currently offers more value to shareholders than if it were a separate entity."
It continued: "Share buybacks are a core element of our capital allocation framework.
"We have returned to shareholders approximately US$23 billion in buybacks, and approximately US$56 billion in dividends since the formation of the DLC.
"Decisions on buybacks need to consider the cyclical nature of the resources industry and returns available from other uses of cash."
HARRYCAT
- 26 Apr 2017 09:50
- 133 of 137
StockMarketWire.com
BHP Billiton achieved record production at Western Australia Iron Ore and five Queensland Coal mines for the nine months to the end of March but it has lowered copper guidance.
The group said that following 44 days of industrial action at Escondida, copper production guidance had been reduced to between 1.33 and 1.36 Mt.
It said the commissioning of the Escondida Water Supply project and the planned ramp-up of the Los Colorados Extension project were now expected in the September 2017 quarter.
And it said that as a result of damage to third party rail infrastructure caused by Cyclone Debbie, metallurgical coal production guidance had been reduced to between 39 and 41 Mt.
Other highlights:
- Full year production guidance maintained for petroleum and energy coal. WAIO production guidance narrowed to between 268 and 272 Mt (100% basis).
- At Queensland Coal, the high-return Caval Ridge Southern Circuit latent capacity project was approved and would enable full utilisation of the 10 Mtpa wash-plant with ramp-up early in the 2019 financial year.
- In Onshore US, development activity was increasing with the approval of two additional rigs in the Haynesville, with gas prices hedged to deliver attractive rates of return.
- Divestment of non-core Onshore US acreage was progressing, with the sales process well advanced for up to 50,000 acres of the southern Hawkville. The Fayetteville field was currently under review and the group was considering all options including divestment.
- The Mad Dog Phase 2 Conventional oil development project was approved and a contract was executed with PEMEX Exploration and Production Mexico (Pemex) following the winning bid to acquire a 60% participating interest in, and operatorship of, Trion in Mexico.
- Commercial evaluation of the LeClerc gas discovery in Trinidad and Tobago was ongoing. Drilling of the Wildling appraisal well in the Gulf of Mexico was continuing, which would assist with establishing the scale of the Caicos oil discovery.
Chief executive Andrew Mackenzie said: "Everything we do at BHP Billiton is designed to create value for all of our shareholders, today and for the long term.
"We have fundamentally restructured BHP Billiton to increase returns.
"The demerger of South32 and US$7 billion of divestments has reduced the number of assets in the portfolio by over a third and our new organisational structure has removed layers of management.
"Our more focused portfolio has enabled us to lower unit costs by over 40%. And we have improved our approach to capital management which has strengthened the balance sheet and increased the discipline with which we invest and return cash to our shareholders.
But we have more to do and we are not standing still.
"A simpler portfolio allows us to improve safety and operational performance more quickly with maintenance, project and geoscience centres of excellence spreading petroleum and minerals expertise across the group.
"We have significantly reduced the capital intensity of our growth options and changed our approach in shale to improve returns and lower risks on new investments.
"Our more focused approach in exploration is delivering results with three discoveries over the last 12 months and our new technology function will unlock further value.
"This quarter we have added value to the portfolio across each of our six focus areas.
"We continued our targeted high-return investment in shale with the approval of two more rigs in the Haynesville supported by our hedging strategy.
"Plans to monetise a portion of our non-core acreage for value, such as parts of the southern Hawkville, are under way.
"In the Eagle Ford, we are increasing recoveries by testing staggered wells and larger frac jobs.
"In the Permian, we are exploring opportunities to consolidate and optimise our acreage position so that we can drill longer lateral wells to lower costs.
"We have approved the Mad Dog Phase 2 project and investment in Caval Ridge to enable full utilisation of its 10 Mtpa wash-plant."
HARRYCAT
- 27 Apr 2017 09:39
- 134 of 137
Deutsche Bank today reaffirms its hold investment rating on BHP Billiton PLC (LON:BLT) and cut its price target to 1450p (from 1460p).
HARRYCAT
- 22 Aug 2017 09:54
- 135 of 137
StockMarketWire.com
BHP Billiton swung into the black in the year to the end of June with an attributable profit of $5.9bn against a loss of $6.4bn last time and announced plans to sell its onshore US assets.
Underlying EBITDA rose by 64% to $20.3bn with an underlying return on capital employed of 10% (after tax) for the 2017 financial year.
Other highlights:
- Productivity gains(iv) of US$1.3 billion achieved for the period, with more than US$12 billion accumulated over the last five years. The group said it expected to deliver a further US$2 billion by the end of the 2019 financial year, with gains weighted to the second year.
- Net operating cash flow of US$16.8 billion and free cash flow of US$12.6 billion were underpinned by higher commodity prices, strong operating performance and improved capital productivity.
-Capital and exploration expenditure reduced by 32% to $5.2 billion, as it focused on capital efficient latent capacity projects and exercised flexibility in our Onshore US plans. It said capital and exploration expenditure was expected to increase to US$6.9 billion in the 2018 financial year as it focus on its suite of low-risk, high-return latent capacity projects, progress Mad Dog Phase 2 and the Spence Growth Option and ramp-up drilling activity in Onshore US.
- Capital and exploration expenditure expected to remain below US$8 billion per annum for the 2019 and 2020 financial years.
- Strengthened our balance sheet, with net debt of US$16.3 billion reflecting strong free cash flow generation and a favourable non-cash movement in net debt of US$0.6 billion.
- The Board has determined to pay a final dividend of 43 US cents per share which is covered by free cash flow generated in the current period. Total dividends of US$4.4 billion determined for the 2017 financial year include US$1.1 billion in additional amounts over and above the 50% minimum payout policy.
Chairman, Jac Nasser said: "Over the last five years, we have laid the foundations to significantly improve our return on capital and grow long-term shareholder value.
"We have reduced unit costs by over 40 per cent and achieved over US$12 billion in productivity gains. Our capital allocation framework provides flexibility at the bottom of the cycle and discipline at the top.
"We have shifted our focus to low-cost, high-return latent capacity projects which has allowed us to reduce capital expenditure by over 70 per cent.
"We strengthened our balance sheet and changed our dividend policy to make sure we have stability and flexibility to create value and reward shareholders in a more volatile environment.
"And we have reshaped our portfolio so that we focus on large, long-life, low-cost assets that will support shareholder returns for decades to come.
"At the end of this month, I leave my role as Chairman knowing these strong foundations, proven strategy and core values position BHP well for the future."
HARRYCAT
- 18 Oct 2017 10:20
- 136 of 137
StockMarketWire.com
BHP Billiton has maintained all production and unit cost guidance for the 2018 financial year.
It said good progress had been made on its latent capacity projects, with first production from the Los Colorados extension project and the Olympic Dam southern mining area achieved in the September quarter and the Caval Ridge southern circuit project progressing to plan.
It said all major projects under development were tracking to plan.
An operation review for the quarter said: 'In Onshore US, our operated rig count increased from five to nine during the September 2017 quarter.
'Divestment of a small portion of the Hawkville acreage was completed during the quarter, with work underway to exit our remaining Onshore US assets for value.
'In Petroleum exploration, evaluation of the positive drilling results from Wildling-2 is continuing, with a sidetrack also encountering oil in multiple horizons which will assist with establishing the scale of the discovery.'