BHP Billiton Production Mostly Lower; Sees Markets Rebalancing
October 18 2016 - 6:19PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd.'s (BHP.AU) quarterly production of
commodities including copper and oil were mostly lower on the same
time a year ago, and its chief executive said there are early
indications global resources markets have started to rebalance.
On Wednesday, the miner said its petroleum division produced 55
million barrels of oil equivalent for the three months through
September. That was down 15% on-year, after it pulled back from
drilling in the U.S. because of weak prices.
Copper output was down 6%, at 355,000 metric tons and thermal
coal output was down 4% at 7 million tons.
BHP reported iron-ore production of 58 million tons, unchanged
on the year-earlier period. Production of metallurgical coal was 1%
higher at 11 million tons, it said.
BHP Billiton Chief Executive Andrew Mackenzie said the miner has
"seen early signs of markets rebalancing."
"Fundamentals suggest both oil and gas markets will improve over
the next 12 to 18 months," said Mr. Mackenzie. "Iron ore and
metallurgical coal prices have been stronger than expected,
although we continue to expect supply to grow more quickly than
demand in the near term."
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 18, 2016 18:04 ET (22:04 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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