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BHPBill - completes sale of onshore US assets
BHP has completed the sale of its interests in the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets to BP America Production Company (a subsidiary of BP Plc) (BP) for a gross consideration of USD10.5 billion.
BP paid one-half of the gross consideration at completion (less customary completion adjustments of USD0.2 billion), with the balance (deferred consideration) being payable in six equal instalments over a six month period, the first instalment to be paid one month after completion. Payment of the deferred consideration is not subject to any conditions.
As announced on 28 September 2018, BHP has completed the sale of its Fayetteville Onshore US gas assets for a consideration of USD0.3 billion.
Net proceeds (after tax and post customary transaction costs) of the sale of BHP’s entire interests in the Eagle Ford, Haynesville, Permian and Fayetteville Onshore US assets are USD10.4 billion. BHP is committed to returning these net proceeds to shareholders, and will make a further announcement on 1 November 2018 as to the form and timing of distribution of the proceeds.
As part of the transaction, BHP will provide certain transitional services to BP for up to nine months following completion.
About the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets
The Eagle Ford, Haynesville and Permian fields comprise approximately 512 000 net acres1 where BHP produces oil, gas and natural gas liquids that are sold domestically in the United States via connections to intrastate and interstate pipelines and internationally through the export of processed condensate. In the 2018 financial year, these assets produced 58.8 million barrels of oil equivalent.
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BHPBill - Moody's Review
BHPBill noted the announcement on 31 October 2018, by Moody’s Investors Service that it has upgraded the long-term issuer ratings of BHP Billiton Ltd. and BHPBill from A3 to A2, and the short-term commercial paper ratings from P-2 to P-1. Moody’s outlook for BHP Billiton Ltd. and BHPBill and certain of their subsidiaries is stable.
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BHPBill - 2018 AGM presentation
The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:
- BHP Billiton Plc 2018 AGM Presentation
The document will also shortly be available via BHP’s website: https://www.bhp.com/-/media/documents/investors/shareholder- information/2018/181017_bhpplc2018agmpresentation.pdf?la=en
The meeting will be webcast at: https://edge.media-server.com/m6/p/gesyeeo5
Further information on BHP can be found at bhp.com.
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BHP Bill - 2018 AGM speeches
Addresses to shareholders will be delivered by the Chairman and the Chief Executive Officer at BHP Billiton Plc’s Annual General Meeting today, 17 October 2018, in London.
The meeting will be webcast at https://edge.media-server.com/m6/p/gesyeeo5
As part of the Dual Listed Company structure of the Group, the business to be conducted at the Annual General Meetings will be determined by polls. The poll results will not be known until the conclusion of BHP Billiton Limited’s Annual General Meeting which will be held in Adelaide, Australia on 8 November 2018. The results will then be released to the market.
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BHPBill - operational review
Group copper equivalent production increased by 2% in the September 2018 quarter despite maintenance across a number of operations. Volumes for the 2019 financial year are expected to be broadly in line with last year/(1)/. . Full year production guidance remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance reduced by approximately 3% to between 1,620 and 1,705 kt reflecting lower volumes now expected at Spence (electro-winning plant outage) and Olympic Dam (acid plant outage).
Unit cost guidance/(2)/ maintained for all major assets for the 2019 financial year. . All major projects under development are tracking to plan. . In Petroleum, the Victoria-1 and Bongos-2 exploration wells in Trinidad and Tobago, and theSamurai-2 well in the US Gulf of Mexico, encountered hydrocarbons. A sidetrack of the Samurai-2 well is currently being drilling to further appraise the discovery. Onshore US sale process is on track to be completed by the end of October 2018, with the Fayetteville transaction completed on 29 September 2018. The net proceeds from the sale of our Onshore US assets are expected to be returned to shareholders.
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BHPBill - notice of 2019 interim dividend dates
The proposed dates for the 2019 Interim Dividend of BHP Billiton Limited and BHP Billiton Plc are as follows:
2019 Interim Dividend
- Half Yearly Results Announcement and Dividend Determination 19 February 2019
- Currency conversion into Rand 1 March 2019
- Last day to trade cum dividend on JSE Limited 5 March 2019
- Ex-Dividend Date (Johannesburg stock exchanges) 6 March 2019
- Ex-Dividend Date (Australian, London and New York (2) stock exchanges) 7 March 2019
- Record Date 8 March 2019
- Dividend Reinvestment Election date (including currency conversion and currency election dates for Australian & London stock exchanges) 11 March 2019
- Payment Date 26 March 2019
- Dividend Reinvestment Plan (DRP) Allocation Date (Australian and London stock exchanges) within ten business days after the payment date 9 April 2019
- DRP Allocation Date (JSE Limited), subject to the purchase of shares by the Transfer Secretaries in the open market, CSDP accounts credited/updated on or about (3) 9 April 2019
BHP Billiton Plc shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 6 and 8 March 2019 (inclusive), nor will transfers between the UK register and the South African register be permitted between the dates of 1 and 8 March 2019 (inclusive).
In accordance with the DRP Plan rules, copies of which are available at bhp.com/DRP, the shares to satisfy the DRP elections will be purchased in the period immediately after the Payment Date. Any eligible shareholder who wishes to participate in the DRP, or to vary a participation election should do so in accordance with the timetable set out above, or, in the case of shareholdings on the South African branch register of BHP Billiton Plc, in accordance with the instructions of your CSDP. The DRP Allocation Price will be calculated in each jurisdiction as an average of the price paid for all shares actually purchased to satisfy DRP elections. The Allocation Price applicable to each exchange will made available at bhp.com/DRP.
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BHPBill - copper update
BHP has entered into a share subscription agreement with SolGold Plc (SolGold) under which SolGold will issue 100 million shares to BHP.
SolGold is the majority owner and operator of the Cascabel porphyry copper-gold project in Ecuador.
Following completion of the private placement by SolGold, which is expected to occur on 19 October 2018, BHP’s interest in SolGold would increase from 6.0 (1) per cent to 11.2 per cent.
BHP has agreed to pay GBP45 pence per SolGold share, which represents a 32 per cent premium to the 20 day volume-weighted average London Stock Exchange price of 34 pence per share as determined on 15 October 2018.
Further Information – Share subscription agreement
Under the share subscription agreement, BHP has the right to nominate one director to the SolGold board. BHP also has anti-dilution rights for a two year period to allow it to preserve its shareholding at 10 per cent.
Subject to certain exceptions, BHP has agreed not to acquire further shares in SolGold for a period of two years without SolGold’s consent.
For a period of two years, BHP has agreed to support proposed change of control transactions relating to, and capital raising up to a limit by SolGold, provided these actions have the support of 60 per cent of SolGold’s shareholders. During this period, BHP will also support proposals by the SolGold board to appoint or remove a director.
(1) As at 4 September 2018, BHP held a 6.1 per cent interest in SolGold, which has been diluted to 6.0 per cent as at 12 October 2018 as a result of the exercise of options by third parties.
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BHPBill - Samarco compensation programs
BHPBill noted recent media reports concerning an agreement with the State Prosecutor of Mariana in the State of Minas Gerais in relation to compensation for the impacts of the Samarco dam failure on 5 November 2015.
The agreement outlines the process and principles for the negotiation and implementation by the Renova Foundation of the formal compensation program for impacted people in Mariana, Minas Gerais.
To date, the Renova Foundation has been providing compensation and support to many of the individuals in Mariana who have been impacted by the dam failure.
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