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BIL 201601200001A
Operational Review for the Half Year Ended 31 December 2015
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
NEWS RELEASE
Release Time IMMEDIATE
Date 20 January 2016
Number 2/16
BHP BILLITON OPERATIONAL REVIEW
FOR THE HALF YEAR ENDED 31 DECEMBER 2015
• Further productivity improvements supported the robust production performance across our
operated assets during the period.
• Full year production guidance maintained for Petroleum, Copper and Coal.
• Guidance at Western Australia Iron Ore (WAIO) maintained at 270 Mt (100% basis) as
continued productivity is expected to offset one-off operational issues from the December
quarter. Total iron ore guidance reduced by 10 Mt to 237 Mt due to the suspension of
production at Samarco.
• Four major projects under development are tracking to plan. The North West Shelf Greater
Western Flank-A petroleum project was completed under budget and ahead of schedule. The
Greater Western Flank-B project was approved during the period.
• Underlying attributable profit(1) in the December 2015 half year is expected to include
additional charges in a range of approximately US$300 million to US$450 million (detail
presented on page 2).
Production Dec H15 vs Dec H14
Petroleum (MMboe) 125 (5%) Lower gas volumes reflect deferral of development
activity in Onshore US and natural field decline in our
Conventional assets.
Copper (kt) 762 (6%) Increased throughput enabled by the ramp up of the
Escondida Organic Growth Project 1 and strong operating
performance across the business partially offset expected
lower grades at Escondida.
Iron ore (Mt) 118 4% Record WAIO volumes for the half year as the Jimblebar
mining hub operated at full capacity following ramp-up in
the prior year.
Metallurgical coal (Mt) 21 (3%) Record production at four Queensland Coal mines
partially offset a convergence event at Broadmeadow and
planned closure of Crinum.
Energy coal (Mt) 19 (3%) Unfavourable weather conditions at NSWEC and
Cerrejón.
BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: “Our operated assets continued to
perform well over the last six months. The strong performance of our conventional petroleum assets has
offset lower shale volumes following a reduction in investment to preserve the value of our acreage in
current market conditions. Increased throughput at Escondida helped mitigate the impact of expected
grade decline and better productivity supported production at Queensland Coal. These efforts have
allowed us to maintain production guidance for Petroleum, Copper, Coal and Western Australia Iron Ore.
“Commodity prices fell substantially in the first half of the 2016 financial year putting pressure on the
whole resources sector. We continue to cut costs and remain focused on safely improving our
operational performance to enhance the resilience of our business. In this environment, we are also
committed to protecting our strong balance sheet so we have the financial flexibility to manage further
volatility and take advantage of the expected recovery in copper and oil over the medium term.”
Summary
Operational performance
Production for the December 2015 half year and quarter and guidance for the 2016 financial year are
summarised in the table below.
Dec Dec Dec H15 Dec Q15 Dec Q15 Previous Current
2015 2015 vs vs vs FY16 FY16
Production Half Qtr Dec H14 Dec Q14 Sep Q15 guidance guidance
Petroleum (MMboe) 124.7 60.2 (5%) (5%) (7%) 237 237
Onshore US (MMboe) 58.4 28.5 (5%) (9%) (4%) 112 109
Copper (Mt) 0.8 0.4 (6%) (9%) 2% 1.5 1.5
Escondida (kt) 452 221 (18%) (22%) (4%) 940 940
Iron ore (Mt) 118 57 4% 1% (7%) 247 237
WAIO (100% basis) 131 64 6% 5% (4%) 270 270
(Mt)
Metallurgical coal (Mt) 21 10 (3%) (6%) 0% 40 40
Energy coal (Mt)(2) 19 10 (3%) (6%) (3%) 40 40
Major development projects
During the December 2015 quarter, BHP Billiton approved an investment of US$314 million (BHP Billiton
share) for the North West Shelf Greater Western Flank-B petroleum project. This follows the delivery of
first production from the North West Shelf Greater Western Flank-A project during the December 2015
quarter, which was completed under budget and ahead of schedule. The Flank-A project will not be
reported in future Operational Reviews.
At the end of the December 2015 quarter, BHP Billiton had four major projects under development in
Petroleum, Copper and Potash, with a combined budget of US$6.9 billion over the life of the projects.
Corporate update
BHP Billiton expects Underlying attributable profit in the December 2015 half year to include additional
charges in a range of approximately US$300 million to US$450 million related to: (1) redundancies
largely associated with the simplification of our business, rig terminations in Onshore US and closure of
the Crinum coal mine;(2) inventory write-downs reflecting significantly weaker commodity prices; and (3)
global royalty and taxation matters.
Additional charges to be recognised in the December 2015 half year Underlying Underlying
(US$ million) EBIT (1) attributable
profit (1)
Redundancies and closure(i): across all businesses 200 to 250 125 to 175
Inventory write-downs: across all minerals businesses 100 to 150 50 to 100
Global royalty and taxation matters 125 to 175 125 to 175
Total charges 425 to 575 300 to 450
(i) Includes rig termination charges in Onshore US
In addition, the Group expects to record a number of exceptional items in the December 2015 half year.
On 15 January 2016, BHP Billiton announced that it expects to recognise an impairment charge of
approximately US$4.9 billion post-tax (or approximately US$7.2 billion pre-tax) against the carrying value
of its Onshore US assets. The impairment reflects changes to price assumptions, discount rates and
development plans. This follows significant volatility and much weaker prices experienced in the oil and
gas industry which have more than offset our substantial productivity improvements. This impairment will
be reported as an exceptional item in the interim financial results to be released in February 2016.
‘Global taxation matters’ includes potential litigation and tax-related amounts.
Exceptional items to be recognised in the December 2015
half year (US$ billion) Attributable profit
Impairment of Onshore US assets ~4.9
Global taxation matters 0.25 to 0.45
On 5 November 2015, the Samarco Mineração S.A (Samarco) iron ore operation in Minas Gerais, Brazil,
experienced a breach of the Fundão tailings dam and Santarém water dam. Samarco is continuing to
work on quantifying the estimated costs related to the tragedy and, therefore, it is too early to provide an
estimate of the financial impact on BHP Billiton. We are continuing to work closely with Samarco and will
provide an estimate as soon as we are in a position to do so. BHP Billiton’s 50 per cent interest in
Samarco is recorded as an equity accounted investment as one line on the balance sheet. Any charges
related to the event are expected to be classified as an exceptional item.
The Group’s adjusted effective tax rate (3) is expected to remain in the range of 33 per cent to 37 per
cent in the December 2015 half year.
The above guidance will be updated should material information or events arise as the Group finalises its
financial statements.
Marketing update
The average realised prices achieved for our major commodities are summarised in the table below. Iron
ore shipments, on average, were linked to the index price for the month of shipment, with price
differentials reflecting product quality. The majority of metallurgical coal and energy coal exports were
linked to the index price for the month of shipment or sold on the spot market, with price differentials
reflecting product quality.
Dec Dec June Dec H15 Dec H15 Dec H15
Average realised 2015 2014 2015 vs vs vs
prices(i) Half Half Half FY15 Dec H14 Jun H15 FY15
Oil (crude and 42 85 52 68 (51%) (19%) (38%)
condensate) (US$/bbl)
Natural gas 2.91 4.21 3.29 3.77 (31%) (12%) (23%)
(US$/Mscf)(ii)
US natural gas 2.35 3.89 2.59 3.27 (40%) (9%) (28%)
(US$/Mscf)
LNG (US$/Mscf) 8.24 13.76 9.40 11.65 (40%) (12%) (29%)
Copper (US$/lb) 2.12 2.98 2.61 2.78 (29%) (19%) (24%)
Iron ore (US$/wmt, FOB) 43 70 53 61 (39%) (19%) (30%)
Hard coking coal (US$/t) 82 110 99 105 (25%) (17%) (22%)
Weak coking coal (US$/t) 67 92 85 88 (27%) (21%) (24%)
Thermal coal (US$/t)(iii) 49 61 56 58 (20%) (13%) (16%)
Nickel metal (US$/t) 9,926 16,905 13,688 15,301 (41%) (27%) (35%)
(i) Based on provisional, unaudited estimates. Prices exclude third party product and internal sales, and represent the weighted average
of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted.
(ii) Includes internal sales.
(iii) Export sales only; excludes Cerrejón. Includes thermal coal sales from metallurgical coal mines.
At 31 December 2015, the Group had 268 kt of outstanding copper sales that were revalued at a
weighted average price of US$2.14 per pound. The final price of these sales will be determined over the
remainder of the 2016 financial year. In addition, 363 kt of copper sales from the 2015 financial year
were subject to a finalisation adjustment in the current period. The provisional pricing and finalisation
adjustments will decrease earnings before interest and tax by US$336 million in the December 2015 half
year.
Petroleum
Production
Dec Dec Dec H15 Dec Q15 Dec Q15
2015 2015 vs vs vs
Half Qtr Dec H14 Dec Q14 Sep Q15
Crude oil, condensate and natural gas liquids 60.5 29.8 (3%) (4%) (3%)
(MMboe)
Natural gas (bcf) 385.6 182.8 (7%) (6%) (10%)
Total petroleum production (MMboe) 124.7 60.2 (5%) (5%) (7%)
Total petroleum production – Total petroleum production for the December 2015 half year decreased
by five per cent to 124.7 MMboe. Guidance for the 2016 financial year remains unchanged at 237
MMboe, as the strong performance by our Conventional business offset lower volumes following a
further reduction in Onshore US activity, a third party gas plant outage in the Permian and the successful
divestment of our gas business in Pakistan.
Crude oil, condensate and natural gas liquids – Crude oil, condensate and natural gas liquids
production for the December 2015 half year decreased by three per cent to 60.5 MMboe.
Onshore US liquids volumes for the December 2015 half year rose by eight per cent to 26.3 MMboe,
underpinned by an increase in liquids production from the Black Hawk and Permian of nine per cent and
78 per cent, respectively. However, a reduction in capital spend of approximately 25 per cent contributed
to a three per cent decline in liquids production from the Black Hawk and Permian, relative to the
September 2015 quarter. Given a further reduction in development activity, annual liquids volumes from
these liquids-rich fields are now expected to show a modest decline year on year.
In our Conventional business, a nine per cent decrease in liquids production reflects the impact of
industrial action at Bass Strait and natural field decline across the portfolio.
Natural gas – Natural gas production for the December 2015 half year declined by seven per cent to
386 bcf.
The decline primarily reflects lower Onshore US gas volumes as a result of the decision to defer
development activity for longer-term value. This was partially offset by higher seasonal demand at Bass
Strait.
Projects
Capital Initial
Project and expenditure production
ownership (US$m) target date Capacity Progress
North West Shelf 400 CY16 To maintain LNG plant First production achieved in Q4
Greater Western throughput from the North CY15. Project completed ahead
Flank-A West Shelf operations. of schedule and under budget.
(Australia)
16.67%
(non-operator)
Bass Strait 520 CY16 Designed to process On schedule and budget. The
Longford Gas approximately 400 MMcf/d of overall project is 76% complete.
Conditioning high-CO2 gas.
Plant
(Australia)
50% (non-
operator)
North West Shelf 314 CY19 To maintain LNG plant Project approved by all joint
Greater Western throughput from the North venture partners in December
Flank-B West Shelf operations. 2015.
(Australia)
16.67% (non-
operator)
Conventional capital expenditure of US$1.5 billion is expected for the 2016 financial year, and remains
focused on high-return infill drilling opportunities in the Gulf of Mexico and Western Australia, as well as
life extension projects at Bass Strait and North West Shelf.
Onshore US development activity
Onshore US drilling and development expenditure for the December 2015 half year was approximately
US$850 million, less than half the December 2014 half year. Our operated rig count remained at seven
in the December 2015 quarter, however, we plan a reduction of two additional rigs from the Black Hawk
in the March 2016 quarter as we continue to improve drilling efficiency and defer development activity to
preserve value. An update to the drilling and development expenditure budget for the 2016 financial year
will be provided with the release of our interim results in February 2016.
December 2015 half year Liquids focused areas Gas focused areas
(December 2014 half year) Eagle Ford Permian Haynesville Fayetteville Total
Capital expenditure(i) US$ billion 0.6 (1.2) 0.2 (0.4) 0.0 (0.2) 0.0 (0.1) 0.8 (1.9)
Rig allocation At period end 5 (18) 2 (5) 0 (3) 0 (0) 7 (26)
Net wells drilled and Period total 74 (85) 19 (18) 4 (13) 10 (8) 107 (124)
completed(ii)
Net productive wells At period end 912 (732) 94 (49) 409 (406) 1,085 (1,021) 2,500 (2,208)
(i) Includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and
pipelines.
(ii) Can vary between periods based on changes in rig activity and the inventory of wells drilled but not yet completed at
period end.
Petroleum exploration
Exploration and appraisal wells drilled during the December 2015 half year are summarised below.
Well Location Target BHP Billiton Spud date Water depth Total well Status
equity depth
Shenzi Gulf of Oil 44% 15 August 2015 1,309 m 9,332 m Hydrocarbons
North-ST2 Mexico (operator) encountered;
GC609 Plugged and
abandoned
Shenzi Gulf of Oil 72% 24 October 2015 1,309 m 9,577 m Hydrocarbons
North-ST3 Mexico (operator) encountered;
GC609 Evaluation ongoing
Our Petroleum exploration is focused in the deepwater Gulf of Mexico, the Caribbean and the Beagle
sub-basin off the coast of Western Australia. We are pursuing high-quality oil plays in these three focus
areas and continue to invest opportunistically in future growth options. Since August 2015, BHP Billiton
has acquired 26 blocks in the Western Gulf of Mexico Lease Sale with a 100 per cent working interest.
Petroleum exploration expenditure for the December 2015 half year was US$321 million, of which
US$126 million was expensed. A US$600 million exploration program remains on plan for the 2016
financial year, largely focused on acreage access, seismic data acquisition across our three key focus
areas and increased activity in our exploration drilling program.
Copper
Production
Dec Dec Dec H15 Dec Q15 Dec Q15
2015 2015 vs vs vs
Half Qtr Dec H14 Dec Q14 Sep Q15
Copper (kt) 762 385 (6%) (9%) 2%
Zinc (t) 37,051 16,454 0% 1% (20%)
Silver (troy koz) 6,056 2,863 36% 37% (10%)
Uranium oxide concentrate (t) 2,547 1,386 31% 29% 19%
Copper – Total copper production for the December 2015 half year decreased by six per cent to 762 kt
as continued strong operating performance across the business was offset by grade decline at
Escondida, as anticipated. Guidance for the 2016 financial year remains unchanged at 1.5 Mt.
Escondida copper production for the December 2015 half year decreased by 18 per cent to 452 kt as
record material mined, underpinned by improvements in truck availability and utilisation, was more than
offset by a 25 per cent decline in grade. Increased ore milled during the period was enabled by a
drawdown of historically high-cost, lower grade ore inventory. Production guidance for Escondida
remains unchanged at approximately 940 kt for the 2016 financial year, as the ramp up of the Organic
Growth Project 1 progresses ahead of plan and is expected to reach full capacity during the year. In the
medium term, completion of the Escondida Water Supply project and the potential life extension of Los
Colorados will enable utilisation of three concentrators to offset grade decline and support a strong
recovery in production(4).
Pampa Norte copper production for the December 2015 half year was broadly unchanged at 126 kt, as
record ore milled and higher grade underpinned record production at Spence and offset lower recoveries
at Cerro Colorado. Copper production at Cerro Colorado increased by 37 per cent in the December 2015
quarter relative to the September 2015 quarter as mining progressed through a zone of higher-grade
ore. The Spence and Cerro Colorado triennial collective bargaining agreements were successfully
concluded in December 2015 and January 2016 respectively. Production at Pampa Norte for the 2016
financial year is now expected to be ahead of the prior year despite a short period of industrial action at
Cerro Colorado. In the short to medium term, the Spence Recovery Optimisation project will enable the
full utilisation of approximately 200 ktpa of tankhouse capacity.
Olympic Dam copper production increased by 37 per cent from the December 2014 half year to a record
112 kt and reflects record ore milled and improved smelter utilisation following planned maintenance in
the prior period. Copper grade increased by 35 per cent in the December 2015 quarter in line with the
mine plan. Olympic Dam copper production is now on track to exceed 200 kt for the 2016 financial year.
Antamina copper production for the December 2015 half year increased by 36 per cent to 72 kt as higher
grades and recoveries were supported by record material mined and milled. Antamina copper production
of 136 kt is forecast for the 2016 financial year.
Project
Capital Initial
expenditure production
Project and ownership (US$m) target date Capacity Progress
Escondida Water 3,430 CY17 New desalination facility to On schedule and budget. The
Supply ensure continued water overall project is 76% complete.
(Chile) supply to Escondida.
57.5%
Iron Ore
Production
Dec Dec Dec H15 Dec Q15 Dec Q15
2015 2015 vs vs vs
Half Qtr Dec H14 Dec Q14 Sep Q15
Iron ore (kt) 118,275 56,960 4% 1% (7%)
Iron ore – Total iron ore production for the December 2015 half year increased by four per cent to 118
Mt. Production for the 2016 financial year is now expected to be 237 Mt, four per cent lower than prior
guidance and reflects the suspension of operations at Samarco.
WAIO production increased by six per cent in the December 2015 half year to a record 131 Mt (100 per
cent basis), underpinned by the Jimblebar mining hub operating at full capacity and improved ore
handling plant utilisation at Newman. This was partially offset by a train derailment and a power outage
at the port which reduced volumes in the December 2015 quarter. WAIO guidance for the 2016 financial
year remains unchanged at 270 Mt (100 per cent basis) subject to a benign wet season, as continued
productivity is expected to offset the one-off operational issues from the December 2015 quarter. The
ramp-up of additional capacity at the Jimblebar mining hub and further improvements in the efficiency of
the integrated supply chain will deliver an increase in system capacity to 290 Mtpa over time.
Samarco production for the December 2015 half year decreased by 25 per cent to 11 Mt (100 per cent
basis). Mining and processing operations at Samarco remain suspended following the breach of the
Fundão tailings dam and Santarém water dam on 5 November 2015. Pellets continued to be shipped
from port stockpiles during the December 2015 quarter with the final shipment of pellets expected in
January 2016.
The sale of BHP Billiton’s 100 per cent interest in its Liberia iron ore project to Cavalla Resources was
completed in October 2015.
Coal
Production
Dec Dec Dec H15 Dec Q15 Dec Q15
2015 2015 vs vs vs
Half Qtr Dec H14 Dec Q14 Sep Q15
Metallurgical coal (kt) 20,934 10,485 (3%) (6%) 0%
Energy coal (kt) 19,384 9,537 (3%) (6%) (3%)
Metallurgical coal – Metallurgical coal production for the December 2015 half year decreased by three
per cent to 21 Mt. Guidance for the 2016 financial year remains unchanged at 40 Mt.
Queensland Coal production declined in the December 2015 half year as record production at the
Blackwater, Daunia, Caval Ridge and South Walker Creek mines was offset by a convergence event at
the Broadmeadow mine, which has since resumed normal operations, and completion of longwall mining
at the Crinum mine. The Crinum mine will transition into care and maintenance in the March 2016
quarter.
Energy coal – Energy coal production for the December 2015 half year decreased by three per cent to
19 Mt. Guidance for the 2016 financial year remains unchanged at 40 Mt(2).
Lower production for the December 2015 half year reflected continued drought conditions at Cerrejón
and the impact of heavy rainfall at New South Wales Energy Coal. A 16 per cent increase in Navajo Coal
volumes due to higher customer demand was offset by lower customer requirements for our San Juan
product.
On 2 July 2015, BHP Billiton announced that the sale agreement for the San Juan Mine to
Westmoreland Coal Company (WCC) had been executed. Regulatory approval has been received and
the transaction is now expected to be completed in the March 2016 quarter, following agreement with
both parties to ensure all closing conditions are met.
Other
Nickel production
Dec Dec Dec H15 Dec Q15 Dec Q15
2015 2015 vs vs vs
Half Qtr Dec H14 Dec Q14 Sep Q15
Nickel (kt) 37.3 15.2 (23%) (36%) (31%)
Nickel – Nickel West production for the December 2015 half year decreased by 23 per cent to 37.3 kt.
Lower volumes reflected planned major outages at the Kalgoorlie smelter and Kwinana refinery during
the December 2015 quarter and a reduction in third party ore delivered to the Kambalda concentrator.
Potash project
Investment
Project and ownership (US$m) Scope Progress
Jansen Potash 2,600 Investment to finish the excavation The project is 54% complete and
(Canada) and lining of the production and within the approved budget. Shaft
100% service shafts, and to continue the excavation is progressing.
installation of essential surface
infrastructure and utilities.
Minerals exploration
Minerals exploration expenditure for the December 2015 half year was US$89 million, of which US$73
million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper
targets within Chile, Peru and the South-West United States.
Variance analysis relates to the relative performance of BHP Billiton and/or its operations during the
December 2015 half year compared with the December 2014 half year, unless otherwise noted.
Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are
reported on a 100 per cent basis; production and sales volumes from equity accounted investments and
other operations are reported on a proportionate consolidation basis.
The following footnotes apply to this Operational Review:
(1) Underlying attributable profit and Underlying EBIT are used to reflect the underlying performance
of BHP Billiton. Underlying attributable profit is Attributable profit excluding any exceptional items.
Underlying EBIT is earnings before net finance costs, taxation and any exceptional items.
(2) Guidance assumes a full year of production from the San Juan mine.
(3) The Group’s adjusted effective tax rate excludes the influence of exchange rate movements and
exceptional items.
(4) Subject to Escondida Owners Council approval.
The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet
(bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on
board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels
of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand ounces
(koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa);
thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
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PRODUCTION SUMMARY
QUARTER ENDED YEAR TO DATE
BHP Billiton DEC MAR JUN SEP DEC DEC DEC
interest 2014 2015 2015 2015 2015 2015 2014
Petroleum (1)
Petroleum
Crude oil, condensate and NGL
(Mboe)
Onshore US 12,905 15,848 15,413 13,453 12,805 26,258 24,365
Conventional 18,258 15,450 15,759 17,259 16,976 34,235 37,743
Total 31,163 31,298 31,172 30,712 29,781 60,493 62,108
Natural gas (bcf)
Onshore US 110.3 99.9 96.4 98.2 94.4 192.6 223.9
Conventional 84.1 81.6 95.4 104.6 88.4 193.0 189.4
Total 194.4 181.5 191.8 202.8 182.8 385.6 413.3
Total petroleum production 63.6 61.5 63.2 64.5 60.2 124.7 131.0
(MMboe)
Copper (2)
Copper
Payable metal in concentrate (kt)
Escondida (3) 57.5% 208.8 260.9 247.0 159.6 131.7 291.3 408.2
Antamina 33.8% 27.3 26.7 28.0 35.1 37.2 72.3 53.0
Total 236.1 287.6 275.0 194.7 168.9 363.6 461.2
Cathode (kt)
Escondida (3) 57.5% 75.0 77.3 88.8 70.9 89.3 160.2 144.3
Pampa Norte (4) 100% 69.6 66.5 57.7 56.8 69.0 125.8 125.4
Olympic Dam 100% 43.0 28.6 13.7 54.9 57.4 112.3 82.2
Total 187.6 172.4 160.2 182.6 215.7 398.3 351.9
Total Copper 423.7 460.0 435.2 377.3 384.6 761.9 813.1
Lead
Payable metal in concentrate (t)
Antamina 33.8% 486 493 448 857 1,024 1,881 1,119
Total 486 493 448 857 1,024 1,881 1,119
Zinc
Payable metal in concentrate (t)
Antamina 33.8% 16,271 13,571 15,857 20,597 16,454 37,051 37,007
Total 16,271 13,571 15,857 20,597 16,454 37,051 37,007
Gold
Payable metal in concentrate (troy oz)
Escondida (3) 57.5% 12,710 21,265 25,554 23,805 17,889 41,694 34,690
Olympic Dam (refined gold) 100% 38,537 26,441 9,438 29,349 39,299 68,648 68,901
Total 51,247 47,706 34,992 53,154 57,188 110,342 103,591
Silver
Payable metal in concentrate (troy koz)
Escondida (3) 57.5% 958 1,355 1,314 1,181 962 2,143 2,117
Antamina 33.8% 885 872 1,115 1,766 1,636 3,402 1,839
Olympic Dam (refined silver) 100% 243 172 55 246 265 511 497
Total 2,086 2,399 2,484 3,193 2,863 6,056 4,453
Uranium
Payable metal in concentrate (t)
Olympic Dam 100% 1,076 607 595 1,161 1,386 2,547 1,942
Total 1,076 607 595 1,161 1,386 2,547 1,942
Molybdenum
Payable metal in concentrate (t)
Antamina 33.8% 75 151 206 92 232 324 115
Total 75 151 206 92 232 324 115
Iron Ore
Iron Ore
Production (kt) (5)
Newman 85% 16,012 14,916 16,062 18,006 17,003 35,009 32,719
Area C Joint Venture 85% 11,314 13,201 12,214 12,163 11,723 23,886 24,579
Yandi Joint Venture 85% 17,694 16,798 17,452 16,886 15,960 32,846 34,301
Jimblebar (6) 85% 2,813 4,513 5,462 3,262 4,852 8,114 6,784
Wheelarra 85% 4,755 5,965 5,159 7,259 5,757 13,016 7,870
Samarco 50% 3,764 3,586 3,737 3,739 1,665 5,404 7,190
Total 56,352 58,979 60,086 61,315 56,960 118,275 113,443
Coal
Metallurgical coal
Production (kt) (7)
BMA 50% 9,009 7,602 9,023 8,087 8,207 16,294 17,237
BHP Billiton Mitsui Coal (8) 80% 2,128 2,057 2,370 2,347 2,191 4,538 4,332
Haju (9) 75% - - - 15 87 102 -
Total 11,137 9,659 11,393 10,449 10,485 20,934 21,569
Energy Coal
Production (kt)
USA 100% 2,512 2,247 2,574 2,676 2,632 5,308 5,202
Australia 100% 4,608 5,252 5,086 4,644 4,277 8,921 9,360
Colombia 33.3% 3,003 2,975 2,944 2,527 2,628 5,155 5,372
Total 10,123 10,474 10,604 9,847 9,537 19,384 19,934
Nickel
Saleable production (kt)
Nickel West 100% 23.7 21.9 19.3 22.1 15.2 37.3 48.7
Total 23.7 21.9 19.3 22.1 15.2 37.3 48.7
(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in
barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(8) Shown on 100% basis. BHP Billiton interest in saleable production is 80%.
(9) Shown on 100% basis. BHP Billiton interest in saleable production is 75%.
PRODUCTION AND SALES REPORT
QUARTER ENDED YEAR TO DATE
DEC MAR JUN SEP DEC DEC DEC
2014 2015 2015 2015 2015 2015 2014
Petroleum (1)
Bass Strait
Crude oil and condensate (Mboe) 2,284 1,156 1,707 1,877 1,390 3,267 5,102
NGL (Mboe) 1,512 961 1,548 2,091 1,307 3,398 3,673
Natural gas (bcf) 18.8 18.3 31.9 38.7 23.9 62.6 52.1
Total petroleum products (MMboe) 6.9 5.2 8.6 10.4 6.7 17.1 17.5
North West Shelf
Crude oil and condensate (Mboe) 1,395 1,355 1,215 1,362 1,423 2,785 2,896
NGL (Mboe) 273 268 198 227 235 462 566
Natural gas (bcf) 33.4 32.8 29.9 33.9 34.9 68.8 70.3
Total petroleum products (MMboe) 7.2 7.1 6.4 7.2 7.5 14.7 15.2
Stybarrow (2)
Crude oil and condensate (Mboe) 248 194 93 (8) - (8) 473
Total petroleum products (MMboe) 0.2 0.2 0.1 (0.0) - (0.0) 0.5
Pyrenees
Crude oil and condensate (Mboe) 1,901 1,709 1,435 2,096 2,331 4,427 4,010
Total petroleum products (MMboe) 1.9 1.7 1.4 2.1 2.3 4.4 4.0
Other Australia (3)
Crude oil and condensate (Mboe) 11 11 13 13 9 22 28
Natural gas (bcf) 13.0 14.1 16.0 16.6 14.4 31.0 29.4
Total petroleum products (MMboe) 2.2 2.4 2.7 2.8 2.4 5.2 4.9
Atlantis (4)
Crude oil and condensate (Mboe) 3,740 3,645 3,110 3,637 4,257 7,894 7,915
NGL (Mboe) 294 245 209 231 278 509 542
Natural gas (bcf) 2.3 1.7 1.7 1.6 2.0 3.6 4.0
Total petroleum products (MMboe) 4.4 4.2 3.6 4.1 4.9 9.0 9.1
Mad Dog (4)
Crude oil and condensate (Mboe) 877 720 651 588 648 1,236 1,267
NGL (Mboe) 42 37 20 23 41 64 63
Natural gas (bcf) 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Total petroleum products (MMboe) 0.9 0.8 0.7 0.6 0.7 1.3 1.4
Shenzi (4)
Crude oil and condensate (Mboe) 3,502 3,283 3,369 3,277 3,185 6,462 7,032
NGL (Mboe) 260 235 174 236 269 505 531
Natural gas (bcf) 0.8 0.7 0.7 0.7 0.8 1.5 1.6
Total petroleum products (MMboe) 3.9 3.6 3.7 3.6 3.6 7.2 7.8
Eagle Ford (5)
Crude oil and condensate (Mboe) 8,098 10,837 9,363 7,700 7,156 14,856 15,158
NGL (Mboe) 3,638 3,868 4,183 3,799 3,806 7,605 7,059
Natural gas (bcf) 26.3 27.7 26.1 25.8 25.4 51.2 54.8
Total petroleum products (MMboe) 16.1 19.3 17.9 15.8 15.2 31.0 31.4
Permian (5)
Crude oil and condensate (Mboe) 807 856 1,447 1,481 1,354 2,835 1,408
NGL (Mboe) 358 287 420 473 488 961 720
Natural gas (bcf) 2.8 2.1 3.0 3.9 3.4 7.3 5.8
Total petroleum products (MMboe) 1.6 1.5 2.4 2.6 2.4 5.0 3.1
Haynesville (5) (6)
Crude oil and condensate (Mboe) 4 - - - 1 1 20
Natural gas (bcf) 43.6 37.8 35.4 36.4 34.7 71.1 89.3
Total petroleum products (MMboe) 7.3 6.3 5.9 6.1 5.8 11.9 14.9
Fayetteville (5)
Natural gas (bcf) 37.6 32.3 31.9 32.1 30.9 63.0 74.0
Total petroleum products (MMboe) 6.3 5.4 5.3 5.4 5.2 10.5 12.3
Trinidad/Tobago
Crude oil and condensate (Mboe) 227 196 562 242 185 427 479
Natural gas (bcf) 7.8 7.2 9.1 7.6 7.4 15.0 16.6
Total petroleum products (MMboe) 1.5 1.4 2.1 1.5 1.4 2.9 3.2
Other Americas (4) (7)
Crude oil and condensate (Mboe) 500 348 348 361 360 721 849
NGL (Mboe) 25 14 11 12 16 28 63
Natural gas (bcf) 0.2 0.2 0.1 0.2 0.2 0.4 0.4
Total petroleum products (MMboe) 0.6 0.4 0.4 0.4 0.4 0.8 1.0
UK
Crude oil and condensate (Mboe) 77 64 76 59 74 133 111
NGL (Mboe) 7 7 83 (4) 27 23 11
Natural gas (bcf) 1.4 1.1 1.0 1.0 1.0 2.0 2.1
Total petroleum products (MMboe) 0.3 0.3 0.3 0.2 0.3 0.5 0.5
Algeria
Crude oil and condensate (Mboe) 1,050 975 912 916 922 1,838 2,061
Total petroleum products (MMboe) 1.1 1.0 0.9 0.9 0.9 1.8 2.1
Pakistan
Crude oil and condensate (Mboe) 33 27 25 23 19 42 71
Natural gas (bcf) 6.3 5.4 4.9 4.2 3.7 7.9 12.7
Total petroleum products (MMboe) 1.1 0.9 0.8 0.7 0.6 1.4 2.2
Total petroleum products
Crude oil and condensate
Onshore US (Mboe) 8,909 11,693 10,810 9,181 8,511 17,692 16,586
Conventional (Mboe) 15,845 13,683 13,516 14,443 14,803 29,246 32,294
Total (Mboe) 24,754 25,376 24,326 23,624 23,314 46,938 48,880
NGL
Onshore US (Mboe) 3,996 4,155 4,603 4,272 4,294 8,566 7,779
Conventional (Mboe) 2,413 1,767 2,243 2,816 2,173 4,989 5,449
Total (Mboe) 6,409 5,922 6,846 7,088 6,467 13,555 13,228
Natural Gas
Onshore US (bcf) 110.3 99.9 96.4 98.2 94.4 192.6 223.9
Conventional (bcf) 84.1 81.6 95.4 104.6 88.4 193.0 189.4
Total (bcf) 194.4 181.5 191.8 202.8 182.8 385.6 413.3
(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures
represent finalisation adjustments.
(2) Stybarrow ceased production on 26 June 2015.
(3) Other Australia includes Minerva and Macedon.
(4) Gulf of Mexico volumes are net of royalties.
(5) Onshore US volumes are net of mineral holder royalties.
(6) Haynesville includes North Louisiana Conventional.
(7) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile (1)
Material mined (kt) 103,750 91,139 96,337 110,067 109,200 219,267 197,224
Sulphide ore milled (kt) 18,354 21,382 22,909 22,820 18,076 40,896 39,005
Average copper grade (%) 1.45% 1.49% 1.32% 1.00% 0.99% 1.00% 1.32%
Production ex mill (kt) 215.5 266.3 249.6 169.7 142.8 312.5 421.0
Production
Payable copper (kt) 208.8 260.9 247.0 159.6 131.7 291.3 408.2
Copper cathode (EW) (kt) 75.0 77.3 88.8 70.9 89.3 160.2 144.3
Payable gold concentrate (troy oz) 12,710 21,265 25,554 23,805 17,889 41,694 34,690
Payable silver
concentrate (troy koz) 958 1,355 1,314 1,181 962 2,143 2,117
Sales
Payable copper (kt) 203.2 269.6 243.0 157.6 123.8 281.4 406.5
Copper cathode (EW) (kt) 79.8 64.9 101.4 63.8 101.1 164.9 143.9
Payable gold concentrate (troy oz) 12,710 21,265 25,554 23,805 17,889 41,694 34,690
Payable silver 958 1,355 1,314 1,181 962 2,143 2,118
concentrate (troy koz)
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.
Pampa Norte, Chile
Cerro Colorado
16,124 15,030 14,211 13,870 14,930 28,800 31,641
Material mined (kt)
Ore milled (kt) 4,446 4,501 4,798 4,703 4,856 9,559 8,635
Average copper grade (%) 0.70% 0.68% 0.70% 0.64% 0.82% 0.73% 0.73%
Production
Copper cathode (EW) (kt) 20.6 21.5 20.4 13.7 18.8 32.5 36.3
Sales
Copper cathode (EW) (kt) 21.0 22.0 20.8 13.0 19.7 32.7 41.0
Spence
Material mined (kt) 23,422 21,429 21,062 22,922 21,593 44,515 47,660
Ore milled (kt) 4,560 3,783 4,082 4,919 5,146 10,065 8,969
Average copper grade (%) 1.20% 1.06% 1.24% 1.41% 1.30% 1.35% 1.26%
Production
Copper cathode (EW) (kt) 49.0 45.0 37.3 43.1 50.2 93.3 89.1
Sales
Copper cathode (EW) (kt) 51.8 45.0 40.6 38.2 56.1 94.3 88.7
Antamina, Peru
Material mined (100%) (kt) 43,793 49,787 56,944 56,793 52,130 108,923 98,468
Sulphide ore milled
(100%) (kt) 13,594 12,880 14,831 14,300 14,184 28,484 25,964
Average head grades
- Copper (%) 0.74% 0.79% 0.74% 0.88% 0.92% 0.90% 0.77%
- Zinc (%) 0.66% 0.69% 0.56% 0.79% 0.55% 0.67% 0.75%
Production
Payable copper (kt) 27.3 26.7 28.0 35.1 37.2 72.3 53.0
Payable zinc (t) 16,271 13,571 15,857 20,597 16,454 37,051 37,007
Payable silver (troy koz) 885 872 1,115 1,766 1,636 3,402 1,839
Payable lead (t) 486 493 448 857 1,024 1,881 1,119
Payable molybdenum (t) 75 151 206 92 232 324 115
Sales
Payable copper (kt) 29.8 26.5 26.3 30.8 42.9 73.7 56.1
Payable zinc (t) 21,459 15,545 13,645 18,747 20,423 39,170 34,371
Payable silver (troy koz) 1,026 915 911 1,522 2,048 3,570 1,922
Payable lead (t) 711 461 624 266 1,056 1,322 1,031
Payable molybdenum (t) 90 163 157 156 138 294 140
Olympic Dam, Australia
Material mined (1) (kt) 2,667 2,186 1,773 2,357 2,372 4,729 5,359
Ore milled (kt) 2,776 1,477 1,469 2,727 2,767 5,494 4,982
Average copper grade (%) 1.70% 1.88% 1.97% 1.64% 2.22% 1.93% 1.82%
Average uranium grade (kg/t) 0.52 0.56 0.62 0.60 0.62 0.61 0.56
Production
Copper cathode (ER and
EW) (kt) 43.0 28.6 13.7 54.9 57.4 112.3 82.2
Uranium oxide 1,076 607 595 1,161 1,386 2,547 1,942
concentrate (t)
Refined gold (troy oz) 38,537 26,441 9,438 29,349 39,299 68,648 68,901
Refined silver (troy koz) 243 172 55 246 265 511 497
Sales
Copper cathode (ER and
EW) (kt) 43.0 30.7 14.5 52.5 57.3 109.8 82.1
Uranium oxide
concentrate (t) 1,125 877 818 677 1,013 1,690 1,973
Refined gold (troy oz) 34,938 31,938 9,064 25,598 39,168 64,766 65,645
Refined silver (troy koz) 238 206 61 213 265 478 465
(1) Material mined refers to run of mine ore mined and hoisted.
Iron Ore
Iron Ore production and sales are reported on a wet tonnes basis.
Pilbara, Australia
Production
Newman (kt) 16,012 14,916 16,062 18,006 17,003 35,009 32,719
Area C Joint Venture (kt) 11,314 13,201 12,214 12,163 11,723 23,886 24,579
Yandi Joint Venture (kt) 17,694 16,798 17,452 16,886 15,960 32,846 34,301
Jimblebar (1) (kt) 2,813 4,513 5,462 3,262 4,852 8,114 6,784
Wheelarra (kt) 4,755 5,965 5,159 7,259 5,757 13,016 7,870
Total production (kt) 52,588 55,393 56,349 57,576 55,295 112,871 106,253
Total production (100%) (kt) 61,371 64,372 65,330 67,161 64,197 131,358 123,807
Sales
Lump (kt) 12,661 12,617 13,234 14,003 13,886 27,889 25,427
Fines (kt) 41,185 42,635 43,430 43,587 40,917 84,504 82,818
Total (kt) 53,846 55,252 56,664 57,590 54,803 112,393 108,245
Total sales (100%) (kt) 62,848 64,201 65,703 67,177 63,625 130,802 126,151
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.
Samarco, Brazil
Production (kt) 3,764 3,586 3,737 3,739 1,665 5,404 7,190
Sales (kt) 4,151 2,876 3,627 3,531 2,425 5,956 7,454
Coal
Coal production is reported on the basis of saleable product.
Queensland Coal
Production (1)
BMA
Blackwater (kt) 1,775 1,569 1,873 1,803 1,861 3,664 3,552
Goonyella (kt) 2,350 1,951 2,065 1,868 1,941 3,809 4,494
Peak Downs (kt) 1,235 1,263 1,469 1,164 1,323 2,487 2,379
Saraji (kt) 1,257 1,033 1,194 1,037 1,000 2,037 2,279
Gregory Joint Venture (kt) 994 607 885 707 609 1,316 1,802
Daunia (kt) 617 489 649 698 616 1,314 1,245
Caval Ridge (kt) 781 690 888 810 857 1,667 1,486
Total BMA (kt) 9,009 7,602 9,023 8,087 8,207 16,294 17,237
BHP Billiton Mitsui Coal (2)
South Walker Creek (kt) 1,236 1,282 1,384 1,511 1,275 2,786 2,627
Poitrel (kt) 892 775 986 836 916 1,752 1,705
Total BHP Billiton Mitsui 2,128 2,057 2,370 2,347 2,191 4,538 4,332
Coal (kt)
Total Queensland Coal (kt) 11,137 9,659 11,393 10,434 10,398 20,832 21,569
Sales
Coking coal (kt) 8,379 7,118 7,616 7,015 7,642 14,657 15,685
Weak coking coal (kt) 2,670 2,720 2,850 3,246 2,695 5,941 5,529
Thermal coal (kt) 171 182 375 86 290 376 214
Total (kt) 11,220 10,020 10,841 10,347 10,627 20,974 21,428
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP Billiton interest in saleable production is 80%.
Haju, Indonesia (1)
Production (kt) - - - 15 87 102 -
(1) Shown on 100% basis. BHP Billiton interest in saleable production is 75%.
New Mexico, USA
Production
Navajo Coal (1) (kt) 1,064 1,156 1,395 1,270 1,403 2,673 2,307
San Juan Coal (kt) 1,448 1,091 1,179 1,406 1,229 2,635 2,895
Total (kt) 2,512 2,247 2,574 2,676 2,632 5,308 5,202
Sales thermal coal - local
utility 2,592 2,177 2,539 2,671 2,661 5,332 5,315
(1) BHP Billiton completed the sale of Navajo Mine on 30 December 2013. As BHP Billiton will retain control of the mine until
full consideration is received, production will continue to be reported by the Group.
NSW Energy Coal, Australia
Production (kt) 4,608 5,252 5,086 4,644 4,277 8,921 9,360
Sales
Export thermal coal (kt) 4,625 4,897 4,550 4,130 5,081 9,211 9,412
Inland thermal coal (kt) 228 337 286 253 229 482 599
Total (kt) 4,853 5,234 4,836 4,383 5,310 9,693 10,011
Cerrejon, Colombia
Production (kt) 3,003 2,975 2,944 2,527 2,628 5,155 5,372
Sales thermal coal -
export (kt) 2,732 3,005 2,766 2,853 2,565 5,418 5,809
Other
Nickel production is reported on the basis of saleable product.
Nickel West, Australia
Production
Nickel contained in
concentrate (kt) 1.7 1.9 1.5 0.7 0.2 0.9 3.9
Nickel contained in finished
matte (kt) 5.5 6.1 3.9 5.0 2.6 7.6 14.6
Nickel metal (kt) 16.5 13.9 13.9 16.4 12.4 28.8 30.2
Total nickel production (kt) 23.7 21.9 19.3 22.1 15.2 37.3 48.7
Sales
Nickel contained in 1.6 2.0 1.6 0.7 0.2 0.9 3.7
concentrate (kt)
Nickel contained in finished 7.4 6.4 4.4 4.2 3.7 7.9 14.0
matte (kt)
Nickel metal (kt) 17.5 13.5 15.7 15.6 12.1 27.7 29.4
Total nickel sales (kt) 26.5 21.9 21.7 20.5 16.0 36.5 47.1
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