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BHPBill completes off-market share buy-back
BHPBill announced on 23 November 04 that it successfully completed the first phase of its USD2bn capital management programme through an off-market share buy back of 180.72 million BHPBill shares.
Due to strong demand, the total amount of capital repurchased by BHPBill under the buy-back was increased to AUD2.272bn (USD1.780bn), representing 2.9% of the issued share capital of BHP Billiton Group (4.8% of BHP Billiton Ltd). The final price for the buy-back has been set at AUD1257cps, representing a discount of 12% to the volume weighted average price of BHP Billiton Ltd shares over the 5 days up to and including the closing date of the buy-back(1). This is significantly in excess of the commitment to a minimum 5% discount.
Chris Lynch, BHPBill chief financial officer said, `The off-market share buy-back is the first phase of our USD2bn capital management programme. The remainder of USD220m will be returned to shareholders within the next twelve months via further share buy-backs in either BHP Billiton Plc or BHP Billiton Ltd and/or enhanced dividends. At all times, we remain focused on maximising economic value across our entire shareholder base.`
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BHPBill may increase coal prices
Analysts say that BHPBill will possibly increase contract prices of coking coal by 79% in 2005. Glyn Lawcock, analyst at UBS, said that for every USD1 increase in the price of coking coal BHP profits increase by USD25m.
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BHPBill -adjustment of tax for off-market buy-back
BHPBill announced on 16 November 04 that following discussions with the Australian Taxation Office, it has been agreed to vary the methodology for calculating the tax value for the purpose of its off-market share buy-back. The tax value is relevant to Australian resident shareholders participating in the transaction as it has an impact on the deemed disposal price for Australian tax purposes of shares sold into the buy-back. The change in methodology ought to result in a lower tax value for participating shareholders.
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BHPBill sells interests in Laminaria and Corallina
BHPBill announced on 15 November 04 that it agreed to sell its interests in the Laminaria and Corallina oil fields to Paladin Oil & Gas (Australia) Pty Ltd, a fully owned subsidiary of Paladin Resources plc, an independent oil and gas company listed on the London Stock Exchange. The purchase price is USD150m effective as at 1 July 04, and is subject to adjustments for working capital and cash flow movements between 1 July 04 and completion. Following a review, BHPBill`s interests in the fields were identified as being non-core to BHPBill`s future petroleum strategy. The sale to Paladin is subject to the pre-emptive rights of joint venture participants, and formal government approvals. The transaction is expected to be completed in early 2005.
BHPBill has a 32.6% interest in Laminaria and a 25% interest in Corallina.
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BHPBill confirms commercial hydrocarbon discovery
BHPBill announced on 15 November 04 the results of its second appraisal well on the Shenzi discovery in the deepwater Gulf of Mexico. Shenzi-3 began drilling in May 04 with the BHPBill operated drillship CR Luigs on Green Canyon Block 653. Shenzi-3 successfully encountered hydrocarbons in lower Miocene-aged reservoirs with approximately 100 metres of net oil pay in a 125-metre gross hydrocarbon column. An updip sidetrack well subsequently drilled from the initial wellbore confirmed the presence of a hydrocarbon column. Drilling is currently underway on another sidetrack well to collect additional reservoir data and further corroborate the information found from the first two penetrations at Shenzi-3. Philip Aiken, President of BHPBill`s energy group, said on 15 November 04, `This is further evidence of the Gulf of Mexico becoming the third core business for our Petroleum Customer Sector Group. We`ve been very pleased with the results we have thus far from drilling at Shenzi-3, and the indications are that we could have a commercial field with a multi-hundred million barrel hydrocarbon resource. We are planning further appraisal drilling to more fully delineate the reservoir.`
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