BHP half-year results highlight growth

(Posted on 28/08/19)

Higher prices and record production from several of BHP operations contributed to strong operating cash flows during the first half of 2019.

The company has used that cash to invest in attractive growth projects across the business and return a record amount to our shareholders.

BHP Chief Executive Officer, Andrew Mackenzie said last week,

“Today we announced a record final dividend of 78 US cents per share, or US$3.9 billion. This is on top of a record

US$17 billion already returned to shareholders in the 2019 financial year.

Our performance over the past five years has delivered an increase in volumes of 10 per cent and a reduction in unit

costs of more than 20 per cent across our major assets. Over the 2019 financial year, underlying improvements in

our operational performance were offset by the impacts of weather, resource headwinds and unplanned outages in

the first half of the year. At Western Australia Iron Ore, unit costs on a C1 basis were below US$13 per tonne for the

2019 financial year.

Higher prices and record production from several of our operations contributed to strong operating cash flows. We

used that cash to invest in attractive growth projects, advance our exploration programs and increase returns to

shareholders. We now have six major projects under development in petroleum, copper, iron ore and potash,

following the approval of the Ruby oil and gas development this month. All of them are on schedule and budget.

This disciplined approach sets us up to deliver strong returns over the long term. Our transformation programs have

the potential to unlock significant value through more productive and stable operations, as we embrace new ways of

working and harness new technology.

We enter the 2020 financial year with positive momentum and a strong outlook for both volume and cost.”

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