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BHPBill -- restatement of prior financials
BHPBill republished financial and supplementary information for the year ended 30 June 2013 and half year ended 31 December 2012 to restate for the effects of new accounting standards and interpretations, and other changes in accounting policy, which came into effect from 1 July 2013. BHPBill's financial results for the half year ended 31 December 2013 will be reported on 18 February 2014.
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BHPBill -- half-year operational review
Highlights for the half-year ended 31 December 2013:
- Strong operating performance in the December 2013 half year with production records achieved across 10 operations and three commodities. Full year production guidance maintained for our Petroleum, Copper, Iron Ore and Coal businesses.
- Western Australia Iron Ore achieved record production of 108 million tonnes (100% basis) for the December 2013 half year as the operation benefited from the early delivery of first production from the Jimblebar mine.
- Queensland Coal achieved record production for the December 2013 half year as several productivity initiatives increased annualised production to 68 million tonnes (100% basis) in the December 2013 quarter.
- Petroleum liquids production increased by 9% to 50 million barrels of oil equivalent in the December 2013 half year, underpinned by a 72% increase at Onshore US.
- Another two major projects delivered first production in the December 2013 quarter and all remaining projects are on schedule and budget.
- BHPBill's share of capital and exploration expenditure for the 2014 financial year is expected to be USD16.1 billion (i), as planned.
Summary
BHPBill maintained strong momentum in the December 2013 half year as production increased by 10 per cent (ii). Full year production guidance is retained for our Petroleum, Copper, Iron Ore and Coal businesses. The Cerrejon P40 (Colombia) and Western Australia Iron Ore (WAIO) Port Blending and Rail Yard Facilities projects achieved first production during the December 2013 quarter, as planned. These projects will not be reported in future Operational Reviews. Our 10 remaining major projects are on schedule and budget.
During the December 2013 quarter, BHPBill approved an investment of USD301 million (BHPBill share) to replace two shiploaders at WAIO's Nelson Point operations in Port Hedland. The two new shiploaders will increase the reliability of our inner harbour port facilities and create additional port capacity that will be utilised as a series of debottlenecking initiatives increase the capacity of our supply chain to approximately 260 million tonnes per annum (mtpa) to 270 mtpa (100 per cent basis), at a low capital cost. Commissioning of the two replacement shiploaders is scheduled for the second half of the 2014 calendar year.
BHPBill's active program of portfolio simplification delivered proceeds of USD2.2 billion in the December 2013 half year following the completion of the Jimblebar (Australia) and Pinto Valley (US) transactions. The sale of the Navajo mine (US) was also completed during the period. On 2 January 2014, the Group also announced the redemption of Petrohawk Energy Corporation's 10.5% Senior Notes due 2014 and 7.875% Senior Notes due 2015. The total aggregate principal value of the notes to be redeemed is approximately USD1.4 billion and the redemption will be completed on 3 February 2014.
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BHPBill appoints new president corporate affairs
BHPBill announced the appointment of Mr Tony Cudmore as President, Corporate Affairs. Tony will join the Group Management Committee (GMC) and commence in his role on 3 March 2014. He will report to the Chief Executive Officer Andrew Mackenzie and will be based at the Company's headquarters in Melbourne, Australia. Tony joins BHPBill from Exxon Mobil Corporation where he most recently led International Corporate Brand Communications and Asia Pacific Government Relations. He joined ExxonMobil in 2001 and has held various senior public and government affairs roles.
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BHPBill-redemption of Petrohawk Energy Corporation
Petrohawk Energy Corporation has issued a formal notice of redemption to noteholders of its 10.5% Senior Notes due 2014 and 7.875% Senior Notes due 2015. All outstanding Senior Notes due 2014 and 2015 will be redeemed on 3 February 2014 at the applicable call prices. The total aggregate principal value of the notes to be redeemed is approximately USD1.4 billion.
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