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BHPBill republished financial information
BHPBill republished financial information for the year ended 30 June 2014, the year ended 30 June 2013 and half year ended 31 December 2014 to restate previously published information for the effect of the application of IFRS 5/AASB 5 ‘Non-current Assets Held for Sale and Discontinued Operations’ following the demerger of South32. Supplementary financial information has been republished for the year ended 30 June 2014 and half year ended 31 December 2014.
BHPBill’s financial results for the year ended 30 June 2015 will be reported on 25 August 2015. Further information on BHPBill can be found at: www.bhpbilliton.com.
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BHPBill operational review for year end
BHPBill released an operational review for the year ended 30 June 2015.
Highlights include:
- Group production increased by 9% for the 2015 financial year. Over the past two years, production from our core portfolio grew by 27%.
- Petroleum production increased by 4% to a record 256 MMboe, supported by a 67% increase in Onshore US liquids volumes to 56 MMboe.
- Copper production was unchanged at 1.7 Mt as strong operating performance at Escondida offset the impact of a mill outage at Olympic Dam.
- Western Australia Iron Ore production increased by 13% to a record 254 Mt (100% basis), underpinned by productivity gains across the integrated supply chain.
- Metallurgical coal production increased by 13% to a record 43 Mt.
- Three major projects achieved first production during the 2015 financial year, including the Escondida Organic Growth Project 1 which was completed in the June 2015 quarter.
- The demerger of South32 from BHPBill was successfully completed during the June 2015 quarter.
- Underlying attributable profit in the June 2015 half year is expected to include additional charges in a range of approximately USD350 million to USD650 million.
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BHPBill -- Onshore US Asset Review
BHPBill expects to recognise an impairment charge of approximately USD2 billion post- tax (or approximately USD2.8 billion pre-tax) against the carrying value of its Onshore US assets as an exceptional item in the 2015 financial year results.
The gas focused Hawkville field accounts for the substantial majority of this charge reflecting its geological complexity, product mix, acreage relinquishments and amended development plans. The remainder relates to the impairment of goodwill associated with the Petrohawk acquisition.
Following this impairment, the Group’s Onshore US business will have net operating assets of approximately USD24 billion(1). The value of this business is supported by ongoing cost reductions and improving well performance which help offset increased commodity price volatility and lower near term capital expenditure. Consistently positive results from the appraisal and development of the Permian have also unlocked significant value and we now see the ultimate potential of this field at over 150 kboe/d (up from our previous estimate of 100 kboe/d.
BHPBill plans to invest USD1.5 billion in the Onshore US in the 2016 financial year, which will support a development program of 10 operated rigs. At an oil price of USD60 per barrel (West Texas Intermediate) and a gas price of USD3.00 per Mscf (Henry Hub), the Group expects its Onshore US business to be free cash flow positive in the 2016 financial year. Associated production guidance will be provided in the June 2015 Operational Review to be released on 22 July 2015.
The broader carrying value assessment of the Group’s assets will be finalised in conjunction with the preliminary financial results to be released on 25 August 2015.
- This excludes approximately USD4 billion deferred tax liability.
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BHPBill -- Sir John Buchanan
It is with profound sadness that the Board of BHPBill advises of the passing of Sir John Buchanan on 13 July 2015. Sir John served as a Non-Executive Director of BHPBill from 2003 up until the time of his death, and was the Senior Independent Director of BHPBill.
The Directors extend their deepest sympathy to the family of Sir John.
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BHPBill -- South32 sale facility complete
BHPBill advised that following completion of the demerger of South32, the sale of the South32 Shares attributable to Selling Shareholders (being Small Shareholders who elected to participate in the Sale Facility) and Ineligible Overseas Shareholders, as detailed in section 7.12 of the Shareholder Circular dated 16 March 2015, has been completed.
Goldman Sachs Australia (Pty) Ltd. was engaged as the Sale Agent.
The volume-weighted average price (VWAP) of the South32 Shares sold was AUD2.07358452.
The following table details the currency exchange rates applicable to the remittance of proceeds from the sale of the South32 Shares:
Exchange rate - Price of South32 Share sold in local currency
- US cents: 0.7705 - 159.769687
- British pence: 0.4895 - 101.501962
- New Zealand cents: 1.1335 - 235.040805
- South African cents: 9.3500 - 1938.801526
Proceeds will be distributed to participating Small Shareholders and Ineligible Overseas Shareholders on 10 July 2015 in the currency elected in the Selling Shareholder’s or Ineligible Overseas Shareholder’s standing dividend currency election, or if an election was not made before the relevant Record Date, in the currency in which the Selling Shareholder is paid their BHPBill dividend.
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