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BHPBill -- dividend and AGM
Salient dates for final dividend:
- Preliminary results announcement and dividend declaration -- 24 August 2011
- Last day to trade on JSE Ltd and currency conversion into rand -- 2 September 2011
- Ex-dividend Date (Australian & Johannesburg stock exchanges) -- 5 September 2011
- Ex-dividend date (London & New York stock exchanges) -- 7 September 2011
- Record date (including currency conversion and currency election dates for Australian & London stock exchanges) -- 9 September 2011
- Payment date -- 29 September 2011
The 2011 AGM of BHPBill will be held in London on Thursday, 20 October 2011 at 11.00am.
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BHPBill production update
BHPBill release a production update, with highlights including:
- Annual production records were achieved across four commodities and ten operations as a result of our strategy to invest throughout the economic cycle.
- Eleventh consecutive annual production record achieved in Iron Ore while Western Australia Iron Ore shipments rose to an annualised rate of 155 million tonnes per annum in the June 2011 quarter (100% basis).
- Annual production and sales records for Hunter Valley Energy Coal (Australia) following the commissioning and ramp up of the MAC20 project and utilisation of our Newcastle Coal Infrastructure Group (NCIG) port capacity.
- The successful integration of the Fayetteville Shale (USA), combined with strong underlying performance from existing assets, delivered an increase in annual petroleum production, despite the ongoing impact of permitting delays in the Gulf of Mexico (USA). Annual production records were achieved for natural gas and at North West Shelf (Australia).
- Copper production increased during the 2011 financial year as Olympic Dam (Australia) reported annual material mined and milling records. Strong operating performance was similarly reported at Pampa Norte (Chile) and Antamina (Peru), where record annual milling rates were recorded.
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BHPBill -- exploration and development report
This report covers the group's exploration and development activities for the June 2011 quarter. Unless otherwise stated, BHPBill's interest in the projects referred to in this report is 100% and references to project schedules are based on calendar years.
During the 2011 financial year, BHPBill approved 11 major projects with a total investment value of USD12.9 billion (BHPBill share). The progression of these projects into execution forms a meaningful component of the company's anticipated organic growth program that is expected to exceed USD80 billion over the five years to the end of the 2015 financial year. Importantly, three major projects delivered first production in the twelve month period.
The 11 approved projects spanned the major ferrous, non-ferrous and energy product groups and included: Macedon (natural gas); WAIO Jimblebar Mine Expansion, WAIO Port Hedland Inner Harbour Expansion, WAIO Port Blending and Rail Yard Facilities and the Samarco Fourth Pellet Plant (all iron ore); Queensland Coal Daunia mine development, Queensland Coal Broadmeadow Life Extension and Queensland Coal Hay Point Stage Three Expansion (all metallurgical coal); Escondida Ore Access (copper); Hunter Valley Energy Coal (HVEC) RX1 Project; and the Ekati Misery Open Pit Project (diamonds). The three completed projects were the South Africa Coal Douglas-Middelburg Optimisation Project, the HVEC MAC20 Project (both energy coal) and Angostura Gas Phase II (natural gas).
Angostura Gas Phase II was completed in the recent quarter and delivered first gas on schedule and below budget. This project will no longer be reported in future Exploration and Development Reports. Following the progression of the Jansen Potash Project into feasibility during the March 2011 quarter, BHPBill announced an additional USD488 million pre-commitment to support development of the project in Saskatchewan, Canada.
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BHPBill may spend on mine expansion
Business Day reported that mining giant BHPBill may spend about USD180 billion on building and expanding its mines, plants and oilfields by 2020. The estimate was revised after BHP last week agreed to buy Petrohawk Energy, where the mine operator expects to spend as much as USD70 billion. The USD12.1 billion Petrohawk deal marks CEO Marius Kloppers's second foray in shale gas, forecast to make up half of US gas output by 2030, after the USD4.75 billion purchase of Chesapeake Energy assets in March.
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BHPBill makes offer for US's Petrohawk
BHPBill and Petrohawk Energy Corporation ("Petrohawk") announced that the companies have entered into a definitive agreement for BHPBill to acquire Petrohawk for USD38.75 per share by means of an all-cash tender offer for all of the issued and outstanding shares of Petrohawk, representing a total equity value of approximately USD12.1 billion and a total enterprise value of approximately USD15.1 billion, including the assumption of net debt. The Petrohawk board of directors has unanimously recommended to Petrohawk shareholders that they accept the offer.
The transaction would provide BHP Billiton with operated positions in the three world class resource plays of the Eagle Ford and Haynesville shales, and the Permian Basin. Petrohawk's assets cover approximately 1 000 000 net acres in Texas and Louisiana, with estimated 2011 net production of approximately 950 million cubic feet equivalent per day (MMcfe/d), or 158 thousand barrels of oil equivalent per day (Mboe/d). At year-end 2010, Petrohawk reported proved reserves of 3.4 trillion cubic feet of natural gas equivalent (Tcfe). The company has a current non-proved resources base of 32 Tcfe for a total risked resource base of 35 Tcfe. Petrohawk reported gross assets of USD8.2 billion as at 31 March 2011 and USD390 million of profit before tax for the year ended 31 December 2010.
The tender offer is expected to commence by 25 July 2011. The acquisition is subject to the terms and conditions set forth in the merger agreement, including a condition that at least a majority of the outstanding Petrohawk shares are tendered, that the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired or been terminated and that clearance is obtained from the Committee on Foreign Investment in the United States, and other customary conditions. If the tender offer is completed, un-tendered shares of Petrohawk will be converted into the right to receive the same USD38.75 per share price paid in the tender offer. The transaction is to be financed from existing cash resources and a new credit facility and is not subject to any financing contingency. The transaction is expected to close in the third quarter of 2011.
Conference Call
BHPBill will hold an analyst and investor briefing via teleconference and webcast at 6:30pm, 14 July, US Central Daylight Time, 9:30am, 15 July, Australian Eastern Standard Time. The webcast can be accessed via the company's website www.bhpbilliton.com and or US Toll Free 1-877-270-2148.
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