Edgar Filing: BHP BILLITON LTD

BHP Billiton Limited and BHP Billiton Plc

Date: April 19, 2018

/s/ Rachel Agnew

Rachel Agnew

Company Secretary

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

April 19, 2018

BHP BILLITON LIMITED

(ABN 49 004 028 077)

BHP BILLITON PLC

(REG. NO. 3196209)

(Exact name of Registrant as specified in its charter)


VICTORIA, AUSTRALIA		ENGLAND AND WALES
(Jurisdiction of incorporation or organisation)		(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA (Address of principal executive offices)		NOVA SOUTH, 160 VICTORIA STREET LONDON, SW1E 5LB UNITED KINGDOM (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a


NEWS RELEASE


Release Time		IMMEDIATE

Date		19 April 2018

Release Number		04/18

BHP OPERATIONAL REVIEW

FOR THE NINE MONTHS ENDED 31 MARCH 2018

•

Full year production guidance remains unchanged for Petroleum, Metallurgical Coal and Energy Coal.

•

Total Copper production guidance narrowed to between 1,700 and 1,785 kt, however guidance for Olympic Dam reduced to approximately 135 kt following a slower than planned ramp-up after the major smelter maintenance campaign.

•

Iron Ore production guidance reduced to between 272 and 274 Mt (100% basis) reflecting car dumper reliability issues.

•

Group copper equivalent production is expected to increase by 6% in the 2018 financial year.

•

The exit process for Onshore US is progressing to plan, with bids expected by June 2018 and transactions potentially being announced in the first half of the 2019 financial year.

•

In Petroleum, we have increased our footprint in the northern extension of the Wildling prospect in the US Gulf of Mexico through the acquisition of 33.33% interest in the Samurai prospect. We have also secured an option to purchase an additional 10% interest in the Scarborough development.

•

All major projects under development are tracking to plan.


Production	Mar YTD18		vs Mar YTD17			March quarter commentary
Petroleum (MMboe)		143		(8	%)	Natural field decline partially offset by improved well performance and positive trial results in Onshore US.
Copper (kt)		1,290		37	%	Increased volumes at Escondida supported by the ramp-up of the Los Colorados Extension project.
Iron ore⁽¹⁾ (Mt)		175		2	%	Record production at Jimblebar and Mining Area C partially offset by impacts from Cyclone Joyce in January 2018 and unplanned car dumper maintenance.
Metallurgical coal⁽¹⁾ (Mt)		31		(2	%)	Blackwater operations stabilised and expected to return to full capacity next quarter. Good progress made through the fault zone at Broadmeadow.
Energy coal⁽¹⁾ (Mt)		20		(4	%)	Unfavourable weather impacts and inventory build at New South Wales Energy Coal, and higher strip ratios at Cerrejón.

BHP Chief Executive Officer, Andrew Mackenzie, said: “BHP remains on track to achieve six per cent volume growth for the 2018 financial year. Strong performance in copper was underpinned by the Los Colorados Extension project at Escondida and higher utilisation rates at Pampa Norte. This more than offset the slower than expected ramp-up of Olympic Dam during the quarter following planned smelter maintenance. Incremental improvements across our operations from debottlenecking and increased throughput delivered record production in iron ore. Our exit from Onshore US is progressing to plan with bids expected by June 2018.”


BHP Operational Review for the nine months ended 31 March 2018		1

Summary

Operational performance

Production and guidance are summarised in the table below.


Production	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17			Previous FY18 guidance		Current FY18 guidance
Petroleum (MMboe)		143		45		(8	%)		(12	%)		(8	%)		180 - 190		180 - 190	Upper end of range
Onshore US (MMboe)		52		17		(14	%)		(17	%)		(3	%)		61 - 67		61 - 67	Upper end of range
Conventional (MMboe)		91		28		(5	%)		(8	%)		(10	%)		119 - 123		119 - 123	Unchanged
Copper (kt)		1,290		457		37	%		101	%		6	%		1,655 -1,790		1,700 -1,785	Narrowed range
Escondida (kt)		897		314		64	%		232	%		0	%		1,130 - 1,230		1,180 -1,230	Narrowed range
Other copper⁽ⁱ⁾ (kt)		393		143		0	%		8	%		25	%		525 - 560		520 - 555	Olympic Dam now ~135 kt Antamina now ~135 kt
Iron ore⁽ⁱⁱ⁾ (Mt)		175		58		2	%		8	%		(6	%)		239 - 243		236 - 238	Lowered due to car dumper reliability
WAIO (100% basis) (Mt)		203		67		2	%		8	%		(6	%)		275 - 280		272 - 274	As above for iron ore
Metallurgical coal⁽ⁱⁱ⁾ (Mt)		31		10		(2	%)		2	%		7	%		41 - 43		41 - 43	Unchanged
Energy coal⁽ⁱⁱ⁾ (Mt)		20		6		(4	%)		(18	%)		(16	%)		29 - 30		29 - 30	Unchanged

(i)	Other copper comprises Pampa Norte, Olympic Dam and Antamina.

(ii)	Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.

Major development projects

BHP has four major projects under development in Petroleum, Copper and Potash, with a combined budget of US$7.5 billion over the life of the projects. All projects remain on time and on budget.

Petroleum

Production


	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17
Crude oil, condensate and natural gas liquids (MMboe)		65		20		(11	%)		(19	%)		(9	%)
Natural gas (bcf)		472		147		(6	%)		(5	%)		(6	%)

Total petroleum production (MMboe)		143		45		(8	%)		(12	%)		(8	%)

Petroleum – Total petroleum production for the nine months ended March 2018 decreased by eight per cent to 143 MMboe. Guidance for the 2018 financial year remains unchanged at between 180 and 190 MMboe, comprising Conventional volumes between 119 and 123 MMboe and Onshore US volumes between 61 and 67 MMboe. We expect total petroleum volumes to be towards the upper end of the guidance range, primarily due to enhanced well performance in our Onshore US fields.


Production breakdown	Mar YTD18		vs	Mar YTD17
Crude oil, condensate and natural gas liquids (MMboe)
Conventional		44			(7	%)	Hurricanes Harvey and Nate in the Gulf of Mexico and natural field decline.
Onshore US		21			(20	%)	Hurricane Harvey and natural field decline, which more than offset improved recoveries and additional wells in the Black Hawk and Permian.
Total		65			(11	%)
Natural gas (bcf)
Conventional		286			(2	%)	Maintenance at North West Shelf and Bass Strait.
Onshore US		186			(10	%)	Hurricane Harvey and natural field decline, partially offset by additional wells in the Eagle Ford, Permian and Haynesville.

Total		472			(6	%)


BHP Operational Review for the nine months ended 31 March 2018		2

On 12 March 2018, BHP agreed to waive its right of pre-emption and provide consent to the sale by ExxonMobil of its 50 per cent interest in Scarborough to Woodside, resulting in Woodside and BHP holding 75 per cent and 25 per cent interests, respectively. BHP has an option to purchase an additional 10 per cent interest in Scarborough on equivalent consideration and terms to the transaction with ExxonMobil. This option may be exercised at any time prior to the earlier of 31 December 2019 and the date approval is given to commence the front-end engineering and design phase of the development of the Scarborough gas field.

Projects

Project and ownership

Capital
expenditure
(US$m)

Initial
production
target date

Capacity

Progress

North West Shelf Greater Western Flank-B

(Australia)

16.67% (non-operator)

314

CY19

To maintain LNG plant throughput from the North West Shelf operations.

On schedule and budget. The overall project is 80% complete.

Mad Dog Phase 2

(US Gulf of Mexico)

23.9% (non-operator)

2,154

CY22

New floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day.

On schedule and budget. The overall project is 16% complete.

Petroleum capital expenditure guidance remains unchanged at approximately US$1.9 billion for the 2018 financial year. This includes Conventional capital expenditure of US$0.8 billion, focused on high-return infill drilling opportunities in the Gulf of Mexico, a life extension project at North West Shelf and investment in the Mad Dog Phase 2 project. Onshore US capital expenditure of US$1.1 billion reflects drilling and completion activities tailored to support value in the exit process and meet Hold by Production obligations.

Onshore US development activity

Onshore US drilling and development expenditure for the nine months ended March 2018 was US$648 million. Our operated rig count declined from nine to seven during the March 2018 quarter.

•

In the Permian, we continue to see strong results from larger completions. We expect rig count to remain unchanged through the June 2018 quarter as we focus on meeting Hold by Production obligations and progressing sub-surface trials.

•

In the Eagle Ford, early trial results from wells with longer laterals in the Hawkville have exceeded expectations and early results in the Austin Chalk horizon have been positive. During April 2018, we reduced our rig count from three to two and this is expected to remain unchanged during the June 2018 quarter.

•

In the Haynesville, the incorporation of larger choke settings in all new wells has significantly increased volumes, and longer laterals and larger completions have also outperformed expectations. We expect to lower our rig count from two to one during the June 2018 quarter.

•

In the Fayetteville, we continue to assess the potential of the Moorefield horizon based on data from the new non-operated wells.


March YTD18 (March YTD17)		Liquids focused areas				Gas focused areas
March YTD18 (March YTD17)		Eagle Ford		Permian		Haynesville		Fayetteville		Total
Capital expenditure⁽ⁱ⁾	US$ billion		0.2 (0.2)		0.3 (0.2)		0.2 (0.0)		0.0 (0.0)		0.6 (0.4)
Rig allocation	At period end		3 (1)		2 (1)		2 (1)		0 (0)		7 (3)
Net wells drilled and completed⁽ⁱⁱ⁾	Period total		14 (44)		13 (17)		2 (2)		0 (2)		29 (65)
Net productive wells	At period end		945 (963)		150 (124)		387 (392)		1,042 (1,045)		2,524 (2,524)

(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.

The exit process for our Onshore US assets is progressing to plan and the data rooms for all fields and mid-stream assets are now open. We expect to receive bids by June 2018 and proceed with negotiations to potentially announce one or several transactions in the first half of the 2019 financial year. In parallel, we continue to explore potential asset swap opportunities and exit via demerger or Initial Public Offering.


BHP Operational Review for the nine months ended 31 March 2018		3

Petroleum exploration

Exploration and appraisal wells drilled during the March 2018 quarter are summarised below.

Well

Location

Target

BHP equity

Spud date

Water depth

Total well
depth

Status

Scimitar

US Gulf of Mexico GC392

Oil

65%

1 October 2017

1,289 m

9,386 m

Plugged and abandoned

Scimitar-ST

US Gulf of Mexico GC392

Oil

85%

13 February 2018

1,289 m

8,246 m

Plugged and abandoned

As reported in the December 2017 Results Announcement, no commercial hydrocarbons were encountered at Scimitar in the US Gulf of Mexico. The well was plugged and abandoned in February 2018. In the northern extension of the Wildling prospect, we recently increased our footprint through the acquisition of Samson’s 33.33 per cent interest in the Samurai prospect in Green Canyon Blocks 432 and 476. Murphy Exploration & Production Co is the operator of Samurai and an exploration well was spud on 16 April 2018. This follows positive drilling results at Wildling in the first half of the 2018 financial year. Evaluation is ongoing to assess the scale of the discovery, with plans to continue drilling in the second half of the 2019 financial year. We were the apparent high bidder on three blocks, EB 914 and EB 699 in the western Gulf of Mexico and GC 823 to the west of the Mad Dog field, which we co-own with BP and Chevron.

Petroleum exploration expenditure for the nine months ended March 2018 was US$521 million, of which US$395 million was expensed. A US$715 million exploration program is being executed for the 2018 financial year. This program comprises the Wildling-2 side track, Scimitar and side track exploration well and the Samurai-2 well in the US Gulf of Mexico, one well in Trinidad and Tobago, with the second and third wells now expected to be drilled at the beginning of the 2019 financial year.


BHP Operational Review for the nine months ended 31 March 2018		4

Copper

Production


	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17
Copper (kt)		1,290		457		37	%		101	%		6	%
Zinc (t)		83,817		25,562		43	%		24	%		(12	%)
Uranium oxide concentrate (t)		2,241		1,118		(23	%)		18	%		360	%

Copper – Total copper production for the nine months ended March 2018 increased by 37 per cent to 1,290 kt. Guidance for the 2018 financial year narrowed to between 1,700 and 1,785 kt from between 1,655 and 1,790 kt.

Escondida copper production for the nine months ended March 2018 increased by 64 per cent to 897 kt, supported by the start-up of the Los Colorados Extension project on 10 September 2017. Production guidance for the 2018 financial year has been narrowed to between 1,180 and 1,230 kt from between 1,130 and 1,230 kt. The Escondida Water Supply Extension (EWSE) was sanctioned by all joint venture partners in March 2018 and it comprises the expansion of the Escondida Water Supply conveyance system and desalination plant. EWSE is in execution phase and will deliver first water production in the 2020 financial year. EWSE will continue Escondida’s sustainable reduction of groundwater usage and maximise concentrator throughput beyond the 2020 financial year. The existing agreement with Union N°1 will expire on 1 August 2018 and early negotiations started in April 2018.

Pampa Norte copper production increased by six per cent to 193 kt due to record production at Spence mainly driven by higher utilisation of the solvent extraction and electrowinning plants. Pampa Norte production guidance for the 2018 financial year remains unchanged and is expected to be higher than the prior year. During the period, we successfully completed the accelerated negotiation with Spence Union N°2 (supervisors and staff) with the new agreement effective from 1 April 2018 for 36 months.

Olympic Dam copper production decreased by 18 per cent to 95 kt as a result of the planned major smelter maintenance campaign in the first half of the financial year. Production guidance for the 2018 financial year has been reduced from 150 kt to approximately 135 kt due to a slower than planned ramp-up during the March 2018 quarter. A return to full capacity is now expected over the course of the June 2018 quarter. Development into the higher-grade Southern Mine Area continues with record underground development metres achieved in March 2018.

Antamina copper production increased by 10 per cent to 105 kt and zinc production increased 43 per cent to 84 kt due to higher head grades as mining continued through a zinc-rich ore zone consistent with the mine plan. Copper production guidance for the 2018 financial year has increased to approximately 135 kt from approximately 125 kt and zinc production guidance to approximately 110 kt from approximately 100 kt.

Projects

Project and ownership

Capital
expenditure
(US$m)

Initial
production
target date

Capacity

Progress

Spence Growth Option

(Chile)

100%

2,460

FY21

New 95 ktpd concentrator is expected to increase Spence’s payable copper in concentrate production by approximately 185 ktpa in the first 10 years of operation and extend the mining operations by more than 50 years.

On schedule and budget. The overall project is 8% complete.


BHP Operational Review for the nine months ended 31 March 2018		5

Iron Ore

Production


	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17
Iron ore (kt)		174,835		57,691		2	%		8	%		(6	%)

Iron ore – Total iron ore production for the nine months ended March 2018 increased by two per cent to a record 175 Mt, or 203 Mt on a 100 per cent basis. Guidance for the 2018 financial year has been reduced to between 236 and 238 Mt, or between 272 and 274 Mt on a 100 per cent basis reflecting car dumper reliability issues as we push to record levels of production.

At WAIO, increased production was supported by record production at Jimblebar and Mining Area C, and improved rail reliability. This was partially offset by the impact of lower opening stockpile levels following the Mt Whaleback fire in June 2017, planned maintenance and port debottlenecking activities in the first half of the financial year. Volumes decreased by six per cent from the December 2017 quarter reflecting impacts from Cyclone Joyce and unplanned car dumper maintenance, despite improved rail reliability and an increase in peak performance in the number of rakes per day. With the system constraint now at the port, a program of work is underway to improve car dumper availability and performance. On 16 February 2018, BHP received regulatory approval to increase capacity at its Port Hedland operations to 290 Mtpa (100 per cent basis) and expects to reach this run rate by the end of the 2019 financial year.

Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

Coal

Production


	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17
Metallurgical coal (kt)		30,631		10,379		(2	%)		2	%		7	%
Energy coal (kt)		20,135		6,106		(4	%)		(18	%)		(16	%)

Metallurgical coal – Metallurgical coal production for the nine months ended March 2018 decreased by two per cent to 31 Mt. Guidance for the 2018 financial year remains unchanged at between 41 and 43 Mt.

At Queensland Coal, production was lower due to challenging roof conditions at Broadmeadow and geotechnical issues triggered by wet weather at Blackwater. This was partially offset by record production at four mines, underpinned by improved stripping and truck performance, higher wash-plant throughput from debottlenecking activities and utilisation of latent dragline capacity at Caval Ridge. Mining operations at Blackwater stabilised in the current quarter and are expected to return to full capacity during the June 2018 quarter as inventory levels are rebuilt. At Broadmeadow, progression through the fault zone is expected to be completed during the June 2018 quarter. In March 2018, we successfully reached agreement with employees on the BMA Enterprise Agreement 2018(2) (covering four producing BMA mines) and it is currently with the Fair Work Commission for approval. The Caval Ridge Southern Circuit project is progressing according to plan, with production expected to ramp-up early in the 2019 financial year.

Energy coal – Energy coal production for the nine months ended March 2018 decreased by four per cent to 20 Mt. Guidance for the 2018 financial year remains unchanged at 29 to 30 Mt.

New South Wales Energy Coal production was down one per cent as higher truck utilisation and additional bypass coal were offset by higher average strip ratios compared to the corresponding period. Volumes decreased by 16 per cent from the December 2017 quarter following unfavourable weather impacts and then a significant build in raw coal inventory late in the quarter. This inventory is expected to support an uplift in volumes in the June 2018 quarter.

Cerrejón production declined seven per cent, due to unfavourable weather impacts on mine sequencing, equipment availability and higher strip ratio areas being mined.


BHP Operational Review for the nine months ended 31 March 2018		6

Other

Nickel production


	Mar YTD18		Mar Q18		Mar YTD18 vs Mar YTD17			Mar Q18 vs Mar Q17			Mar Q18 vs Dec Q17
Nickel (kt)		65.6		20.4		10	%		7	%		(9	%)

Nickel – Nickel West production for the nine months ended March 2018 increased by 10 per cent to 66 kt of nickel primarily due to increased production rates at Mt Keith and Leinster. Nickel production guidance for the 2018 financial year remains unchanged and is expected to be broadly in line with the 2017 financial year.

Potash project

Project and ownership

Investment
(US$m)

Scope

Progress

Jansen Potash

(Canada)

100%

2,600

Investment to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities.

The project is 77% complete and within the approved budget. Shaft excavation is progressing. At the end of March 2018 both shafts reached potash in the Upper Patience Lake Member at a depth of approximately 924m.

Minerals exploration

Minerals exploration expenditure for the nine months ended March 2018 was US$128 million, of which US$92 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Ecuador, Peru, Canada, South Australia and the South-West United States.

Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2018 compared with the nine months ended March 2017, 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. Copper equivalent production based on 2017 financial year average realised prices.

The following footnotes apply to this Operational Review:

(1)	Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.

(2)	The BMA Enterprise Agreement 2018 covers four producing mines (Blackwater, Goonyella, Peak Downs and Saraji) as well as three mines in care and maintenance (Crinum, Gregory and Norwich Park).

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).

In this release, the terms ‘BHP’, ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ourselves’ are used to refer to BHP Billiton Limited, BHP Billiton Plc and, except where the context otherwise requires, their respective subsidiaries as defined in note 28 ‘Subsidiaries’ in section 5.1 of BHP’s 30 June 2017 Annual Report on Form 20-F and in note 13 ‘Related undertaking of the Group’ in section 5.2 of BHP’s 30 June 2017 Annual Report on Form 20-F.


BHP Operational Review for the nine months ended 31 March 2018		7

Further information on BHP can be found at: bhp.com

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BHP Billiton Limited ABN 49 004 028 077

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BHP Operational Review for the nine months ended 31 March 2018		8

Production summary


	BHP interest			Quarter ended										Year to date
	BHP interest			Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Petroleum ⁽¹⁾
Petroleum
Crude oil, condensate and NGL (Mboe)
Onshore US					9,439		8,501		7,079		7,423		6,256		20,758		25,870
Conventional					15,369		15,612		15,090		14,869		13,960		43,919		47,096

Total					24,808		24,113		22,169		22,292		20,216		64,677		72,966


Natural gas (bcf)
Onshore US					66.1		67.2		61.4		60.5		64.1		186.0		207.8
Conventional					88.4		99.5		107.3		96.1		82.9		286.3		293.3
Total					154.5		166.7		168.7		156.6		147.0		472.3		501.1



Total petroleum production (MMboe)					50.6		51.9		50.3		48.4		44.7		143.4		156.5


Copper ⁽²⁾
Copper
Payable metal in concentrate (kt)
Escondida ⁽³⁾		57.5	%		67.6		162.4		196.3		238.5		244.9		679.7		377.2
Antamina		33.8	%		29.2		38.5		35.9		33.8		35.2		104.9		95.3

Total					96.8		200.9		232.2		272.3		280.1		784.6		472.5


Cathode (kt)
Escondida ⁽³⁾		57.5	%		27.2		62.8		71.9		76.1		69.4		217.4		169.2
Pampa Norte ⁽⁴⁾		100	%		66.1		72.3		58.0		68.4		66.8		193.2		182.0
Olympic Dam		100	%		36.8		51.4		42.0		12.2		40.5		94.7		114.9

Total					130.1		186.5		171.9		156.7		176.7		505.3		466.1



Total copper (kt)					226.9		387.4		404.1		429.0		456.8		1,289.9		938.6


Lead
Payable metal in concentrate (t)
Antamina		33.8	%		1,308		1,799		1,415		1,009		464		2,888		3,674

Total					1,308		1,799		1,415		1,009		464		2,888		3,674


Zinc
Payable metal in concentrate (t)
Antamina		33.8	%		20,653		29,076		29,201		29,054		25,562		83,817		58,426

Total					20,653		29,076		29,201		29,054		25,562		83,817		58,426


Gold
Payable metal in concentrate (troy oz)
Escondida ⁽³⁾		57.5	%		11,572		33,941		50,525		50,279		59,953		160,757		76,917
Olympic Dam (refined gold)		100	%		21,941		28,188		13,101		15,969		28,989		58,059		75,958

Total					33,513		62,129		63,626		66,248		88,942		218,816		152,875


Silver
Payable metal in concentrate (troy koz)
Escondida ⁽³⁾		57.5	%		540		1,234		1,737		2,193		2,339		6,269		3,092
Antamina		33.8	%		1,301		1,691		1,596		1,331		1,189		4,116		4,092
Olympic Dam (refined silver)		100	%		174		243		131		135		248		514		525

Total					2,015		3,168		3,464		3,659		3,776		10,899		7,709


Uranium
Payable metal in concentrate (t)
Olympic Dam		100	%		948		737		880		243		1,118		2,241		2,924

Total					948		737		880		243		1,118		2,241		2,924


Molybdenum
Payable metal in concentrate (t)
Antamina		33.8	%		30		328		402		579		420		1,401		816

Total					30		328		402		579		420		1,401		816


BHP Operational Review for the nine months ended 31 March 2018		9

Production summary


	BHP interest			Quarter ended										Year to date
	BHP interest			Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Iron Ore
Iron Ore
Production (kt) ⁽⁵⁾
Newman		85	%		16,283		16,241		13,842		18,317		16,412		48,571		52,042
Area C Joint Venture		85	%		11,165		13,016		13,099		13,575		12,802		39,476		35,728
Yandi Joint Venture		85	%		14,656		17,415		14,559		16,348		15,802		46,709		47,940
Jimblebar ⁽⁶⁾		85	%		4,824		5,891		6,283		4,583		4,669		15,535		16,059
Wheelarra		85	%		6,647		7,578		7,804		8,734		8,006		24,544		19,442
Samarco		50	%		—		—		—		—		—		—		—

Total					53,575		60,141		55,587		61,557		57,691		174,835		171,211


Coal
Metallurgical coal
Production (kt) ⁽⁷⁾
BMA		50	%		7,996		6,394		8,296		7,394		7,983		23,673		25,064
BHP Mitsui Coal ⁽⁸⁾		80	%		2,138		2,100		2,271		2,291		2,396		6,958		6,212
Haju ⁽⁹⁾		75	%		—		—		—		—		—		—		129

Total					10,134		8,494		10,567		9,685		10,379		30,631		31,405


Energy coal
Production (kt)
USA		100	%		—		—		—		—		—		—		451
Australia		100	%		4,662		5,711		4,235		4,383		3,662		12,280		12,465
Colombia		33.3	%		2,756		2,475		2,497		2,914		2,444		7,855		8,484

Total					7,418		8,186		6,732		7,297		6,106		20,135		21,400


Other
Nickel
Saleable production (kt)
Nickel West		100	%		19.0		25.2		22.8		22.4		20.4		65.6		59.9

Total					19.0		25.2		22.8		22.4		20.4		65.6		59.9

(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 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 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 a 100% basis. BHP interest in saleable production is 80%.

(9)	Shown on a 100% basis. BHP interest in saleable production is 75%.

Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.


BHP Operational Review for the nine months ended 31 March 2018		10


Production and sales report
		Quarter ended										Year to date
		Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Petroleum ⁽¹⁾

Bass Strait
Crude oil and condensate	(Mboe)		1,355		1,552		1,815		1,513		1,126		4,454		5,047
NGL	(Mboe)		1,236		1,661		1,950		1,584		1,170		4,704		4,798
Natural gas	(bcf)		28.7		37.4		42.6		32.9		20.5		96.0		101.9

Total petroleum products	(MMboe)		7.4		9.4		10.9		8.6		5.7		25.2		26.8


North West Shelf
Crude oil and condensate	(Mboe)		1,239		1,314		1,474		1,442		1,377		4,293		4,193
NGL	(Mboe)		200		209		227		200		210		637		755
Natural gas	(bcf)		32.2		32.5		36.2		36.2		35.8		108.2		107.8

Total petroleum products	(MMboe)		6.8		6.9		7.7		7.7		7.6		23.0		22.9


Pyrenees
Crude oil and condensate	(Mboe)		1,509		1,606		1,510		1,210		1,250		3,970		4,911

Total petroleum products	(MMboe)		1.5		1.6		1.5		1.2		1.3		4.0		4.9


Other Australia ⁽²⁾
Crude oil and condensate	(Mboe)		8		9		9		8		8		25		26
Natural gas	(bcf)		15.2		16.3		16.1		13.3		13.4		42.8		49.8

Total petroleum products	(MMboe)		2.5		2.7		2.7		2.2		2.2		7.2		8.3


Atlantis ⁽³⁾
Crude oil and condensate	(Mboe)		3,881		3,637		3,022		3,377		3,459		9,858		10,198
NGL	(Mboe)		295		213		218		195		248		661		710
Natural gas	(bcf)		2.1		1.9		1.6		1.8		1.8		5.2		5.2

Total petroleum products	(MMboe)		4.5		4.2		3.5		3.9		4.0		11.4		11.8


Mad Dog ⁽³⁾
Crude oil and condensate	(Mboe)		1,185		1,167		1,020		1,231		1,140		3,391		3,305
NGL	(Mboe)		59		68		44		72		55		171		147
Natural gas	(bcf)		0.2		0.2		0.1		0.2		0.2		0.5		0.5

Total petroleum products	(MMboe)		1.3		1.3		1.1		1.3		1.2		3.6		3.5


Shenzi ⁽³⁾
Crude oil and condensate	(Mboe)		2,675		2,588		2,291		2,513		2,323		7,127		7,999
NGL	(Mboe)		161		179		141		184		140		465		386
Natural gas	(bcf)		0.5		0.6		0.4		0.5		0.4		1.3		1.5

Total petroleum products	(MMboe)		2.9		2.9		2.5		2.8		2.5		7.8		8.6


Eagle Ford ⁽⁴⁾
Crude oil and condensate	(Mboe)		5,451		4,278		3,457		3,720		2,838		10,015		13,330
NGL	(Mboe)		2,354		2,240		1,856		2,100		1,555		5,511		6,781
Natural gas	(bcf)		17.0		15.1		13.8		14.4		12.6		40.8		48.7

Total petroleum products	(MMboe)		10.6		9.0		7.6		8.2		6.5		22.3		28.2


Permian ⁽⁴⁾
Crude oil and condensate	(Mboe)		1,202		1,336		1,179		1,142		1,398		3,719		3,995
NGL	(Mboe)		428		646		587		460		465		1,512		1,742
Natural gas	(bcf)		4.0		6.2		4.5		3.6		4.1		12.2		12.8

Total petroleum products	(MMboe)		2.3		3.0		2.5		2.2		2.5		7.3		7.9


Haynesville ⁽⁴⁾
Crude oil and condensate	(Mboe)		1		1		—		1		—		1		4
NGL	(Mboe)		3		—		—		—		—		—		18
Natural gas	(bcf)		22.0		21.4		21.5		22.0		28.7		72.2		74.2

Total petroleum products	(MMboe)		3.7		3.6		3.6		3.7		4.8		12.0		12.4


Fayetteville ⁽⁴⁾
Natural gas	(bcf)		23.1		24.5		21.6		20.5		18.7		60.8		72.1

Total petroleum products	(MMboe)		3.9		4.1		3.6		3.4		3.1		10.1		12.0


BHP Operational Review for the nine months ended 31 March 2018		11


Production and sales report
		Quarter ended										Year to date
		Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Petroleum ⁽¹⁾ (continued)

Trinidad/Tobago
Crude oil and condensate	(Mboe)		127		139		118		135		232		485		423
Natural gas	(bcf)		8.4		9.4		9.7		10.5		10.0		30.2		23.2

Total petroleum products	(MMboe)		1.5		1.7		1.7		1.9		1.9		5.5		4.3


Other Americas ^{(3) (5)}
Crude oil and condensate	(Mboe)		257		238		229		207		189		625		801
NGL	(Mboe)		6		10		5		3		3		11		12
Natural gas	(bcf)		0.1		0.1		0.1		0.1		—		0.2		0.3

Total petroleum products	(MMboe)		0.3		0.3		0.3		0.2		0.2		0.7		0.9


UK
Crude oil and condensate	(Mboe)		72		64		40		22		43		105		204
NGL	(Mboe)		32		16		39		13		18		70		103
Natural gas	(bcf)		1.0		1.1		0.5		0.6		0.8		1.9		3.1

Total petroleum products	(MMboe)		0.3		0.3		0.2		0.1		0.2		0.5		0.8


Algeria
Crude oil and condensate	(Mboe)		1,072		942		938		960		969		2,867		3,078

Total petroleum products	(MMboe)		1.1		0.9		0.9		1.0		1.0		2.9		3.1


BHP Petroleum
Crude oil and condensate
Onshore US	(Mboe)		6,654		5,615		4,636		4,863		4,236		13,735		17,329
Conventional	(Mboe)		13,380		13,256		12,466		12,618		12,116		37,200		40,185

Total	(Mboe)		20,034		18,871		17,102		17,481		16,352		50,935		57,514


NGL
Onshore US	(Mboe)		2,785		2,886		2,443		2,560		2,020		7,023		8,541
Conventional	(Mboe)		1,989		2,356		2,624		2,251		1,844		6,719		6,911

Total	(Mboe)		4,774		5,242		5,067		4,811		3,864		13,742		15,452


Natural gas
Onshore US	(bcf)		66.1		67.2		61.4		60.5		64.1		186.0		207.8
Conventional	(bcf)		88.4		99.5		107.3		96.1		82.9		286.3		293.3

Total	(bcf)		154.5		166.7		168.7		156.6		147.0		472.3		501.1


Total petroleum products
Onshore US	(Mboe)		20,456		19,701		17,312		17,506		16,939		51,758		60,503
Conventional	(Mboe)		30,102		32,195		32,973		30,886		27,777		91,636		95,979

Total	(Mboe)		50,558		51,896		50,286		48,392		44,716		143,394		156,483


(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures represent finalisation adjustments. (2) Other Australia includes Minerva and Macedon. (3) Gulf of Mexico volumes are net of royalties. (4) Onshore US volumes are net of mineral holder royalties. (5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.


BHP Operational Review for the nine months ended 31 March 2018		12


Production and sales report
		Quarter ended															Year to date
		Mar 2017			Jun 2017			Sep 2017			Dec 2017			Mar 2018			Mar 2018			Mar 2017
Copper
Metals production is payable metal unless otherwise stated.

Escondida, Chile ⁽¹⁾
Material mined	(kt)		26,045			93,389			104,867			101,371			103,385			309,623			223,412
Sulphide ore milled	(kt)		8,054			18,777			24,080			30,260			32,203			86,543			48,707
Average copper grade	(%)		1.01	%		1.07	%		1.06	%		0.98	%		0.96	%		0.99	%		0.95	%
Production ex mill	(kt)		68.7			167.0			204.2			245.7			252.6			702.5			390.5

Production
Payable copper	(kt)		67.6			162.4			196.3			238.5			244.9			679.7			377.2
Copper cathode (EW)	(kt)		27.2			62.8			71.9			76.1			69.4			217.4			169.2
- Oxide leach	(kt)		8.9			20.3			22.4			27.4			24.5			74.3			60.1
- Sulphide leach	(kt)		18.3			42.5			49.5			48.7			44.9			143.1			109.1

Total copper	(kt)		94.8			225.2			268.2			314.6			314.3			897.1			546.4


Payable gold concentrate	(troy oz)		11,572			33,941			50,525			50,279			59,953			160,757			76,917
Payable silver concentrate	(troy koz)		540			1,234			1,737			2,193			2,339			6,269			3,092

Sales
Payable copper	(kt)		63.7			163.3			195.1			236.7			228.3			660.1			371.3
Copper cathode (EW)	(kt)		39.4			56.0			61.6			84.1			61.7			207.4			176.8
Payable gold concentrate	(troy oz)		11,572			33,941			50,525			50,279			59,953			160,757			76,917
Payable silver concentrate	(troy koz)		540			1,234			1,737			2,193			2,339			6,269			3,092

(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.

Pampa Norte, Chile
Cerro Colorado
Material mined	(kt)		15,178			15,760			21,381			20,191			17,766			59,338			42,475
Ore milled	(kt)		4,179			4,411			3,951			4,611			4,905			13,467			10,762
Average copper grade	(%)		0.57	%		0.53	%		0.62	%		0.59	%		0.58	%		0.60	%		0.63	%

Production
Copper cathode (EW)	(kt)		16.7			18.8			13.3			17.4			13.6			44.3			45.9

Sales
Copper cathode (EW)	(kt)		15.6			19.8			12.3			17.7			13.7			43.7			45.7

Spence
Material mined	(kt)		22,939			24,230			22,314			23,096			21,463			66,873			69,212
Ore milled	(kt)		5,225			4,968			5,375			4,919			5,144			15,438			15,125
Average copper grade	(%)		1.09	%		1.13	%		1.21	%		1.18	%		1.03	%		1.14	%		1.15	%

Production
Copper cathode (EW)	(kt)		49.4			53.5			44.7			51.0			53.2			148.9			136.1

Sales
Copper cathode (EW)	(kt)		49.0			55.7			43.0			52.2			49.8			145.0			131.7


BHP Operational Review for the nine months ended 31 March 2018		13


Production and sales report
		Quarter ended															Year to date
		Mar 2017			Jun 2017			Sep 2017			Dec 2017			Mar 2018			Mar 2018			Mar 2017
Copper (continued)
Metals production is payable metal unless otherwise stated.

Antamina, Peru
Material mined (100%)	(kt)		55,771			62,254			59,216			59,125			58,085			176,426			182,237
Sulphide ore milled (100%)	(kt)		11,955			13,229			12,822			13,098			12,166			38,086			38,876
Average head grades
- Copper	(%)		0.88	%		1.00	%		0.94	%		0.89	%		1.01	%		0.95	%		0.85	%
- Zinc	(%)		0.84	%		0.95	%		0.99	%		0.93	%		1.01	%		0.98	%		0.75	%

Production
Payable copper	(kt)		29.2			38.5			35.9			33.8			35.2			104.9			95.3
Payable zinc	(t)		20,653			29,076			29,201			29,054			25,562			83,817			58,426
Payable silver	(troy koz)		1,301			1,691			1,596			1,331			1,189			4,116			4,092
Payable lead	(t)		1,308			1,799			1,415			1,009			464			2,888			3,674
Payable molybdenum	(t)		30			328			402			579			420			1,401			816

Sales
Payable copper	(kt)		30.2			36.9			31.9			37.0			32.1			101.0			96.0
Payable zinc	(t)		23,669			27,936			25,224			30,340			26,456			82,020			62,046
Payable silver	(troy koz)		1,304			1,513			1,475			1,470			1,052			3,997			3,969
Payable lead	(t)		1,475			1,493			1,624			972			859			3,455			3,342
Payable molybdenum	(t)		—			—			168			693			500			1,361			1,124

Olympic Dam, Australia
Material mined ⁽¹⁾	(kt)		1,943			1,974			1,851			1,391			2,056			5,298			6,034
Ore milled	(kt)		2,112			2,097			2,302			554			2,188			5,044			6,507
Average copper grade	(%)		2.07	%		2.30	%		2.10	%		2.22	%		2.36	%		2.23	%		2.01	%
Average uranium grade	(kg/t)		0.61			0.58			0.55			0.58			0.71			0.62			0.63

Production
Copper cathode (ER and EW)	(kt)		36.8			51.4			42.0			12.2			40.5			94.7			114.9
Uranium oxide concentrate	(t)		948			737			880			243			1,118			2,241			2,924
Refined gold	(troy oz)		21,941			28,188			13,101			15,969			28,989			58,059			75,958
Refined silver	(troy koz)		174			243			131			135			248			514			525

Sales
Copper cathode (ER and EW)	(kt)		33.5			51.5			31.6			24.3			36.8			92.7			112.2
Uranium oxide concentrate	(t)		839			1,298			680			338			509			1,527			2,807
Refined gold	(troy oz)		22,333			24,726			22,435			17,999			20,715			61,149			72,468
Refined silver	(troy koz)		108			251			219			118			202			539			495

(1) Material mined refers to run of mine ore mined and hoisted.


BHP Operational Review for the nine months ended 31 March 2018		14


Production and sales report
		Quarter ended										Year to date
		Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.

Pilbara, Australia
Production
Newman	(kt)		16,283		16,241		13,842		18,317		16,412		48,571		52,042
Area C Joint Venture	(kt)		11,165		13,016		13,099		13,575		12,802		39,476		35,728
Yandi Joint Venture	(kt)		14,656		17,415		14,559		16,348		15,802		46,709		47,940
Jimblebar ⁽¹⁾	(kt)		4,824		5,891		6,283		4,583		4,669		15,535		16,059
Wheelarra	(kt)		6,647		7,578		7,804		8,734		8,006		24,544		19,442

Total production	(kt)		53,575		60,141		55,587		61,557		57,691		174,835		171,211

Total production (100%)	(kt)		62,177		69,714		64,287		71,611		67,048		202,946		198,588


Sales
Lump	(kt)		12,804		15,104		13,896		15,145		13,993		43,034		41,087
Fines	(kt)		41,043		46,249		40,733		45,769		44,332		130,834		128,768

Total	(kt)		53,847		61,353		54,629		60,914		58,325		173,868		169,855

Total sales (100%)	(kt)		62,513		71,149		63,322		70,733		67,799		201,854		197,077


(1) Shown on a 100% basis. BHP interest in saleable production is 85%.

Samarco, Brazil ⁽¹⁾
Production	(kt)		—		—		—		—		—		—		—

Sales	(kt)		35		—		—		14		25		39		47

(1) Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.


BHP Operational Review for the nine months ended 31 March 2018		15


Production and sales report
		Quarter ended										Year to date
		Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Coal
Coal production is reported on the basis of saleable product.

Queensland Coal
Production ⁽¹⁾
BMA
Blackwater	(kt)		1,694		1,766		1,985		1,470		1,384		4,839		5,530
Goonyella	(kt)		1,871		1,157		1,639		1,369		2,314		5,322		6,198
Peak Downs	(kt)		1,582		1,238		1,602		1,367		1,723		4,692		4,817
Saraji	(kt)		1,276		913		1,414		1,198		1,240		3,852		3,821
Daunia	(kt)		674		560		662		718		547		1,927		2,000
Caval Ridge	(kt)		899		760		994		1,272		775		3,041		2,698

Total BMA	(kt)		7,996		6,394		8,296		7,394		7,983		23,673		25,064


BHP Mitsui Coal ⁽²⁾
South Walker Creek	(kt)		1,354		1,348		1,400		1,524		1,490		4,414		3,775
Poitrel	(kt)		784		752		871		767		906		2,544		2,437

Total BHP Mitsui Coal	(kt)		2,138		2,100		2,271		2,291		2,396		6,958		6,212

Total Queensland Coal	(kt)		10,134		8,494		10,567		9,685		10,379		30,631		31,276


Sales
Coking coal	(kt)		7,133		5,496		7,934		6,341		7,177		21,452		22,031
Weak coking coal	(kt)		2,761		2,502		3,150		2,816		2,598		8,564		8,219
Thermal coal	(kt)		96		142		102		173		168		443		456

Total	(kt)		9,990		8,140		11,186		9,330		9,943		30,459		30,706


(1) Production figures include some thermal coal. (2) Shown on a 100% basis. BHP interest in saleable production is 80%.

Haju, Indonesia ⁽¹⁾
Production	(kt)		—		—		—		—		—		—		129

Sales - export	(kt)		—		—		—		—		—		—		117

(1) Shown on 100% basis. BHP interest in saleable production is 75%. BHP completed the sale of IndoMet Coal on 14 October 2016.

New Mexico, USA
Production
Navajo Coal ⁽¹⁾	(kt)		—		—		—		—		—		—		451

Total	(kt)		—		—		—		—		—		—		451


Sales thermal coal - local utility			—		—		—		—		—		—		105

(1) The divestment of Navajo Coal was completed on 29 July 2016, with no further production reported by BHP. Management of Navajo Coal was transferred to Navajo Transitional Energy Company on 31 December 2016.

NSW Energy Coal, Australia
Production	(kt)		4,662		5,711		4,235		4,383		3,662		12,280		12,465

Sales
Export thermal coal	(kt)		4,407		4,913		3,622		4,048		3,181		10,851		11,586
Inland thermal coal	(kt)		431		327		405		411		400		1,216		1,073

Total	(kt)		4,838		5,240		4,027		4,459		3,581		12,067		12,659


Cerrejón, Colombia
Production	(kt)		2,756		2,475		2,497		2,914		2,444		7,855		8,484

Sales thermal coal - export	(kt)		2,613		2,803		2,518		2,619		2,480		7,617		8,240


BHP Operational Review for the nine months ended 31 March 2018		16


Production and sales report
		Quarter ended										Year to date
		Mar 2017		Jun 2017		Sep 2017		Dec 2017		Mar 2018		Mar 2018		Mar 2017
Other
Nickel production is reported on the basis of saleable product

Nickel West, Australia
Production
Nickel contained in concentrate	(kt)		0.2		—		—		—		—		—		0.7
Nickel contained in finished matte	(kt)		2.3		5.3		6.8		4.6		1.2		12.6		8.2
Nickel metal	(kt)		16.5		19.9		16.0		17.8		19.2		53.0		51.0

Total nickel production	(kt)		19.0		25.2		22.8		22.4		20.4		65.6		59.9


Sales
Nickel contained in concentrate	(kt)		0.2		—		—		—		—		—		0.7
Nickel contained in finished matte	(kt)		2.2		4.9		4.6		6.4		2.1		13.1		8.1
Nickel metal	(kt)		17.1		18.1		16.6		17.9		19.7		54.2		51.2

Total nickel sales	(kt)		19.5		23.0		21.2		24.3		21.8		67.3		60.0


BHP Operational Review for the nine months ended 31 March 2018		17

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.