TIDMBHP
RNS Number : 8244I
BHP Group Limited
21 April 2022
Release Time IMMEDIATE
Date 21 April 2022
Release Number 12/22
BHP OPERATIONAL REVIEW
FOR THE NINE MONTHSED 31 MARCH 2022
Note: All guidance is subject to further potential impacts from
COVID-19 during the 2022 financial year.
-- We continue to deliver safe, reliable production and navigate
the COVID-19 challenges as the pandemic evolves.
-- Production guidance for the 2022 financial year remains
unchanged for iron ore, metallurgical coal and energy coal. Full
year total copper production guidance has been lowered to between
1,570 and 1,620 kt, reflecting lowered production guidance for
Escondida. Full year nickel production guidance has been lowered to
between 80 and 85 kt due to COVID-19 related labour
constraints.
-- Full year unit cost guidance(1) for Western Australia Iron
Ore (WAIO), Escondida and Queensland Coal remains unchanged. Full
year unit cost guidance for New South Wales Energy Coal (NSWEC) has
been increased to between US$76 and US$81 per tonne, reflecting a
targeted increase in the proportion of higher quality coal to
capture more value from the record high prices for higher quality
thermal coal.
-- Our potash major projects under development are tracking to
plan. The Jansen shaft project is 99% complete while Jansen Stage 1
activities continue to progress at the port, the Jansen site and
for the underground mining systems.
-- The divestment of BHP's interest in BHP Mitsui Coal (BMC) to
Stanmore Resources Limited is expected to complete on 3 May
2022.
-- Completion of the proposed merger of BHP's oil and gas
portfolio with Woodside Petroleum Ltd is targeted for 1 June 2022,
subject to the satisfaction of conditions precedent including
approval by Woodside shareholders at the Woodside general meeting
on 19 May 2022.
1
Mar YTD22 Mar Q22
(vs Mar (vs Dec
Production YTD21) Q21) Mar Q22 vs Dec Q21 commentary
-------------- --------- -------- ---------------------------------------
Higher volumes at Olympic Dam
following completion of the planned
smelter maintenance campaign.
This was partially offset by lower
volumes at Escondida mainly due
to COVID-19 workforce impacts
and public road blockades as a
Copper (kt) 1,111.7 369.7 result of social unrest.
(10%) 1%
Lower volumes at WAIO reflecting
temporary labour constraints due
to COVID-19, train driver shortages
and planned maintenance activities.
This was partially offset by record
production from the MAC hub with
the continued ramp up of South
Iron ore (Mt) 189.1 59.7 Flank .
0% (10%)
Increased volumes as a result
of lower rainfall than the prior
period coupled with strong operational
Metallurgical performance driven by improved
coal (Mt)(2) 28.2 10.6 truck productivity.
(2%) 20%
Lower volumes due to continued
wet weather and COVID-19 related
absenteeism impacting stripping
and mine productivity, as well
Energy coal as an increased proportion of
(Mt)(3) 9.8 2.6 higher quality products.
(1%) (13%)
Lower volumes reflecting temporary
labour constraints due to COVID-19
related absenteeism and workforce
Nickel (kt) 58.0 18.7 shortages.
(13%) (13%)
Discontinued operations
Lower volumes due to reduced seasonal
Petroleum gas demand at Bass Strait and
(MMboe) 77.3 24.1 lower well productivity at Atlantis.
2% (6%)
Group copper equivalent production decreased by 3%(4) over the
nine months ended 31 March 2022 mainly due to lower copper
volumes.
2
Summary
BHP Chief Executive Officer, Mike Henry:
"BHP delivered safe and reliable production in the third
quarter. Our WA iron ore business continues to perform strongly as
we navigate the state's first major COVID-19 wave, and we remain on
track to achieve full year volume and cost guidance. Amid record
high prices, our Queensland metallurgical coal business delivered
strong underlying performance and benefited from better weather in
the quarter.
In copper, Spence production is increasing and the Olympic Dam
smelter is performing strongly as it returns to full production
following planned maintenance. These gains have been more than
offset at Escondida by impacts from COVID-19 and public road
blockades in Antofagasta, which are reflected in a revision to
overall production guidance.
Our Jansen potash project is on track, with good progress on the
shafts, in the underground mining systems and at the port. The
merger of our petroleum assets with Woodside has progressed and is
set for completion in June 2022, while the divestment of our BMC
business to Stanmore should complete in May 2022.
Market volatility and inflationary pressures have increased
further as a result of the Russian invasion of Ukraine. We continue
our work to mitigate cost pressures through a sharp focus on
operational reliability and cost discipline. While we expect
conditions to improve during the course of the 2023 calendar year,
we anticipate the skills shortages and overall labour market
tightness in Australia and Chile to continue in the period
ahead.
Our hearts go out to all those impacted by the tragic events in
Ukraine. The BHP Foundation has donated US$5 million to aid the
response to the humanitarian crisis. "
3
Operational performance
Production and guidance are summarised below.
Note: All guidance is subject to further potential impacts from
COVID-19 during the 2022 financial year.
Mar YTD22 Mar Q22 Mar Q22
vs vs vs Current
Mar Mar Mar Mar Dec Previous FY22
Production YTD22 Q22 YTD21 Q21 Q21 FY22 guidance guidance
------------------------ -------- ------ --------- ------- ------- -------------- --------- ---------
1,590 1,570
Copper (kt) 1,111.7 369.7 (10%) (6%) 1% - 1,760 - 1,620 Lowered
1,020 1,000
Escondida (kt) 714.7 226.4 (13%) (9%) (7%) - 1,080 - 1,030 Lowered
260 - 260 -
Pampa Norte (kt) 204.0 68.2 37% 31% 0% 300 300 Unchanged
140 - 140 - Lower
Olympic Dam (kt) 82.7 39.0 (46%) (30%) >100% 150 150 end
120 - 120 - Upper
Antamina (kt) 110.3 36.1 2% 4% (6%) 140 140 end
249 - 249 -
Iron ore (Mt) 189.1 59.7 0% 1% (10%) 259 259
246 - 246 -
WAIO (Mt) 186.0 58.7 (1%) 0% (10%) 255 255 Unchanged
WAIO (100% basis) 278 - 278 -
(Mt) 211.1 66.7 0% 0% (10%) 288 288 Unchanged
Upper
Samarco (Mt) 3.1 1.0 >100% 13% (3%) 3 - 4 3 - 4 end
Metallurgical coal
(Mt)(i) 28.2 10.6 (2%) 10% 20% 38 - 41 38 - 41 Unchanged
BMA (Mt) 21.0 7.9 (7%) 3% 26% - 29 - 31
BHP Mitsui Coal
(100% basis) (Mt) 7.3 2.6 18% 41% 4% - 9 - 10
Queensland Coal
(100% basis) (Mt) 49.2 18.5 (4%) 7% 22% 68 - 72 68 - 72 Unchanged
Energy coal - NSWEC
(Mt) 9.8 2.6 (1%) (14%) (13%) 13 - 15 13 - 15 Unchanged
Nickel (kt) 58.0 18.7 (13%) (8%) (13%) 85 - 95 80 - 85 Lowered
Discontinued operations
Petroleum (MMboe)(ii) 77.3 24.1 2% (5%) (6%) - -
(i) Completion of the divestment of BMC is expected on 3 May
2022. Full year BMA and BMC production guidance has been itemised
under Queensland Coal, however economic and operating control of
BMC will transfer to Stanmore Resources Limited once the sale has
completed .
(ii) Given our announcement of a binding share sale agreement
for the proposed merger of BHP's oil and gas portfolio with
Woodside in November 2021 with completion of the merger expected to
occur on 1 June 2022, no further annual production guidance for
Petroleum will be provided. The effective date of the merger is 1
July 2021.
4
Major development projects
At the end of March 2022, BHP had two major projects under
development, the US$2.97 billion Jansen mine shafts project and the
US$5.7 billion Jansen Stage 1 project. Our major projects under
development are tracking to plan.
Corporate update
Portfolio
In February 2022, BHP advanced its early-stage copper interests
by investing C$100 million to acquire a five per cent equity
interest in Filo Mining, a Toronto Stock Exchange listed
exploration and development company. Filo Mining owns the Filo del
Sol project located in the Atacama Region of Chile and adjacent to
the San Juan Province in Argentina, which is in the advanced
exploration stage. The proceeds from BHP's investment will be used
for exploration and project studies. Filo Mining and BHP have
agreed to form a joint advisory committee to share expertise,
exploration concepts, and discuss future project development
options.
All conditions precedent under the Share Sale and Purchase
Agreement for the divestment of BHP's 80 per cent interest in BMC
to Stanmore Resources Limited have been satisfied , and completion
is expected to occur on 3 May 2022. The purchase price comprises
US$1.1 billion cash on completion, US$100 million in cash six
months after completion and the potential for up to US$150 million
in a commodity price-linked earnout payable in the 2024 calendar
year.
Completion of the merger of BHP's oil and gas portfolio with
Woodside is targeted for 1 June 2022, subject to satisfaction of
conditions precedent including approval by Woodside shareholders at
the Woodside general meeting on 19 May 2022. All required
regulatory and competition approvals have been obtained, other than
the National Offshore Petroleum Titles Administrator approval which
is expected prior to completion. BHP is expected to receive
914,768,948 newly issued Woodside shares at completion and
determine a fully franked in specie dividend of the Woodside shares
to BHP shareholders. BHP shareholders are expected to be entitled
to one Woodside share for every 5.5340 BHP shares they hold on the
BHP register at the record date of 26 May 2022. Additional
information on the proposed in specie dividend and share
distribution can be found in our announcement on 8 April 2022.
Samarco
Samarco's Judicial Reorganisation process is continuing in the
Commercial Courts of Belo Horizonte, State of Minas Gerais. The
Judicial Reorganisation is a process for Samarco to restructure its
financial debts in order to establish a sustainable independent
financial position that would allow Samarco to continue its
operations safely and meet its Renova Foundation obligations. BHP
Brasil will continue to support Samarco in this process. The
Judicial Reorganisation does not affect Samarco's obligation or
commitment to make full redress for the 2015 Fundão dam failure,
and it does not impact Renova Foundation's ability to undertake
remediation and compensation works. BHP Brasil and Vale each hold a
50 per cent interest in Samarco.
Separately, negotiations are also ongoing with State and Federal
Prosecutors and other Brazilian public authorities on the review of
the Framework Agreement(5) , seeking a definitive and substantive
settlement of Brazilian claims relating to the dam failure.
5
Copper
Production
Mar YTD22 Mar Q22 Mar Q22
vs vs vs
Mar YTD22 Mar Q22 Mar YTD21 Mar Q21 Dec Q21
--------- ------- ---------- -------- --------
Copper (kt) 1,111.7 369.7 (10%) (6%) 1%
Zinc (t) 95,624 32,732 (13%) (2%) 11%
Uranium (t) 1,599 781 (40%) (6%) >100%
Copper - Total copper production decreased by 10 per cent to
1,112 kt. Guidance for the 2022 financial year has been lowered to
between 1,570 and 1,620 kt, from between 1,590 and 1,760 kt, which
reflects lowered production guidance for Escondida.
Our Chilean assets experienced a challenging operating
environment in the March 2022 quarter due to a reduction in our
operational workforce as a result of a significant increase in
COVID-19 cases in Chile, particularly the Omicron variant, and the
mitigation measures implemented. This is despite high COVID-19
vaccination rates and continued use of control measures at our
operating sites.
Escondida copper production decreased by 13 per cent to 715 kt
primarily due to grade decline in the current mining area, the
impact of a reduced operational workforce from COVID-19 and public
road blockades associated with social unrest affecting access to
site for both workers and supplies. Escondida achieved record
material mined for the nine months to March 2022 despite these
challenges. Production guidance for the 2022 financial year has
been lowered to between 1,000 and 1,030 kt, from between 1,020 and
1,080 kt, reflecting the impact of increased COVID-19 cases and
related supply constraints, as well as the road blockades.
Concentrator feed grade decline in the current mining area remains
forecast at approximately 2 per cent for the year. Medium term
guidance of an annual average of 1.2 Mt of copper production over
the next five years remains unchanged, with production expected to
be weighted towards the latter years.
Pampa Norte copper production increased by 37 per cent to 204
kt, reflecting the continued ramp up of the Spence Growth Option
(SGO), partially offset by the impact of lower cathode production
as a result of grade decline and the public road blockades. Ore
stacking grade for cathodes is now expected to decline by
approximately 15 per cent for the 2022 financial year due to a
change in mine sequencing. Production guidance for the 2022
financial year remains unchanged at between 260 and 300 kt. We
continue to progress the plant design modifications required at SGO
to achieve planned copper production levels. The Spence guidance to
average 300 ktpa (including cathodes) in the first four years of
production will be subject to the timing of these modifications
being completed.
Olympic Dam copper production decreased by 46 per cent to 83 kt
as a result of the execution of the major smelter maintenance
campaign which was completed in January 2022. The subsequent
smelter ramp up to full capacity was achieved in April 2022, and
has delivered 17 per cent higher smelted tonnes compared to the
ramp up after the prior maintenance campaign in 2017. Production
for the 2022 financial year is expected to be at the lower end of
the guidance range of between 140 and 150 kt primarily as a result
of COVID-19 related impacts to the completion of the smelter
maintenance campaign.
Antamina copper production increased by two per cent to 110 kt,
reflecting higher copper head grades. Zinc production decreased by
13 per cent to 96 kt reflecting lower zinc head grades. Production
guidance remains unchanged, with copper production expected to be
at the upper end of the 120 to 140 kt guidance range, and zinc
production between 115 and 130 kt.
6
Iron Ore
Production
Mar YTD22 Mar Q22 Mar Q22
vs vs vs
Mar YTD22 Mar Q22 Mar YTD21 Mar Q21 Dec Q21
--------- ------- ---------- -------- --------
Iron ore production (kt) 189,101 59,700 0% 1% (10%)
Iron ore - Total iron ore production in line with the prior
period at 189 Mt. Production guidance for the 2022 financial year
remains unchanged at between 249 and 259 Mt.
WAIO production of 186 Mt (211 Mt on a 100 per cent basis) was
in line with the prior period. The impacts of temporary labour
constraints relating to COVID-19, train driver shortages, planned
track renewal works in the March 2022 quarter, and the planned
major maintenance on car dumper one and the Jimblebar train load
out in the first half were offset by continued strong supply chain
performance, including higher car dumper performance, and
favourable weather compared to the prior period. South Flank ramp
up to full production capacity of 80 Mtpa (100 per cent basis) over
three years remains on track with an average rate of 58 Mtpa
achieved in the March 2022 quarter contributing to record
production from the MAC hub and record lump sales.
Production guidance for the 2022 financial year remains
unchanged at between 246 and 255 Mt (278 and 288 Mt on a 100 per
cent basis). Production in the June 2022 quarter is expected to be
impacted by continued COVID-19 related absenteeism as Western
Australia approaches anticipated peak case numbers, and planned car
dumper maintenance.
Samarco production was 3.1 Mt (BHP share), following the
recommencement of iron ore pellet production at one concentrator in
December 2020. Production guidance for the 2022 financial year
remains unchanged at between 3 and 4 Mt (BHP share), with
production expected to be at the upper end of the guidance
range.
Coal
Production
Mar YTD22 Mar Q22 Mar Q22
vs vs vs
Mar YTD22 Mar Q22 Mar YTD21 Mar Q21 Dec Q21
--------- ------- ---------- -------- --------
Metallurgical coal (kt)(2) 28,230 10,562 (2%) 10% 20%
Energy coal (kt)(3) 9,782 2,577 (1%) (14%) (13%)
Metallurgical coal - Metallurgical coal production decreased by
two per cent to 28 Mt (49 Mt on a 100 per cent basis). Queensland
Coal production guidance for the 2022 financial year remains
unchanged at between 38 and 41 Mt (68 and 72 Mt on a 100 per cent
basis), of which BMA is expected to contribute between 29 and 31
Mt, and BMC is expected to contribute between 9 and 10 Mt. The
divestment of BHP's 80 per cent interest in BMC to Stanmore
Resources Limited is expected to complete on 3 May 2022 upon which
date the economic interest in and operating control of BMC
transfers to Stanmore Resources Limited.
At Queensland Coal, strong underlying operational performance,
including improvements in underlying truck productivity, have been
offset by significant wet weather impacts across most operations in
the first half of the year and labour constraints, including
COVID-19 related absenteeism, impacting stripping and mine
productivity. Labour shortages and COVID-19 related absenteeism
remain a risk for the remainder of the year.
Energy coal - Energy coal production is broadly in line with the
prior period at 10 Mt. Production guidance for the 2022 financial
year remains unchanged at between 13 and 15 Mt.
At NSWEC, continued wet weather and COVID-19 related labour
constraints impacted stripping performance and mine productivity in
the March 2022 quarter, offsetting the strong first half
operational performance. Higher quality products now make up almost
90 per cent of sales compared to approximately 65 per cent of sales
in the prior period, maximising the benefit from the widening price
spread.
7
Other
Nickel production
Mar YTD22 Mar Q22 Mar Q22
vs vs vs
Mar YTD22 Mar Q22 Mar YTD21 Mar Q21 Dec Q21
--------- ------- ---------- -------- --------
Nickel (kt) 58.0 18.7 (13%) (8%) (13%)
Nickel - Nickel West production decreased by 13 per cent to 58
kt due to the impacts of COVID-19 related labour absenteeism and
workforce shortages in the March 2022 quarter, planned asset
integrity work to support operational stability completed in the
December 2021 quarter, as well as planned maintenance in the
September 2021 quarter. Production guidance for the 2022 financial
year has been lowered to between 80 and 85 kt from between 85 and
95 kt, largely reflecting the impact from COVID-19 related labour
constraints.
Potash - Our potash major projects under development are tracking to plan.
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
------------- ------------ ----------- ------------------------------- ---------------------
Jansen Potash 2,972 CY27 Investment to finish the The project is
excavation and lining of 99% complete. Target
the production and service project completion
shafts, and to continue in CY22.
the installation of essential
surface infrastructure
and utilities.
(Canada)
100%
Jansen Stage 5,723 CY27 Design, engineering and Approved in August
1 construction of an underground 2021, project is
potash mine and surface 5% complete
infrastructure, with capacity
to produce 4.35 Mtpa.
(Canada)
100%
Minerals exploration
Total minerals exploration expenditure for the nine months to
March 2022 was US$170 million, of which US$127 million was
expensed.
Work continues on existing projects, joint ventures and farm-in
agreements, as well as leveraging technology to both look deeper in
mature exploration jurisdictions and delineate new high potential
search spaces globally. Greenfield minerals exploration is being
undertaken on advancing copper targets in Chile, Ecuador, Mexico,
Peru, Canada, Australia and the south-west United States. Nickel
targets are also being advanced in Canada and Australia.
Specifically in copper, we are testing targets with drilling in
Chile, Ecuador, the United States and Australia.
In April 2022, BHP agreed to fund a new C$2 million nickel
exploration program in Nunavik, Quebec as part of its strategic
alliance with Midland Exploration(6) . The exploration program will
run during the 2022 calendar year and consist of regional
magnetotelluric surveys, as well as two phases of prospecting.
At Oak Dam in South Australia, BHP is continuing next stage
resource definition drilling with four drill rigs now active on
site, an increase from two drill rigs previously, after commencing
the program in May 2021.
8
Discontinued operations - Petroleum
Production
Mar YTD22 Mar Q22 Mar Q22
vs vs vs
Mar YTD22 Mar Q22 Mar YTD21 Mar Q21 Dec Q21
--------- ------- ---------- -------- --------
Crude oil, condensate and natural gas liquids (MMboe) 36.6 11.5 8% (1%) (7%)
Natural gas (bcf) 244.4 75.9 (3%) (8%) (5%)
Total petroleum production (MMboe) 77.3 24.1 2% (5%) (6%)
Completion of the proposed merger of BHP's oil and gas portfolio
with Woodside Petroleum Ltd is targeted for 1 June 2022, subject to
the satisfaction of conditions precedent including approval by
Woodside shareholders at the Woodside general meeting on 19 May
2022. The effective date of the merger is 1 July 2021. The half
year financial results for 31 December 2021 were prepared on the
basis that BHP Petroleum is a discontinued operation.
Total petroleum production increased by two per cent to 77
MMboe. No further production guidance for the 2022 financial year
will be provided for Petroleum given the business is presented as a
discontinued operation.
Crude oil, condensate and natural gas liquids production
increased by eight per cent to 37 MMboe, reflecting the additional
28 percent working interest acquired in Shenzi in November 2020,
new production from Atlantis and Shenzi, increased volumes from
Ruby following first production in May 2021, and lower impact from
weather events in the Gulf of Mexico. The increase was partially
offset by natural field decline across the portfolio.
Natural gas production decreased by three per cent to 244 bcf,
reflecting natural field decline, decreased production at North
West Shelf and unplanned downtime at Angostura. The decline in
production has been partially offset by increased volumes from Ruby
and higher seasonal demand for gas at Bass Strait.
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
--------------------- ------------ ----------- --------------------------- --------------------------
Mad Dog Phase 2,154 H2 CY22 New floating production First production is
2 facility with the capacity expected in the second
(US Gulf of to produce up to 140,000 half of the 2022 calendar
Mexico) gross barrels of oil year. On budget.
23.9% (non-operator) equivalent per day. The overall project
is 98% complete.
Shenzi North 392 CY24 A two-well subsea tie-in On schedule and budget.
development to the Shenzi platform, The overall project
(US Gulf of with the capacity to is 8% complete.
Mexico) produce up to 30,000
72% (operator) gross barrels of oil
equivalent per day.
Scarborough 1,500 CY26 New upstream facilities On schedule and budget.
(Western Australia) designed to deliver The overall project
26.5% (non-operator) daily gas quantities is 13% complete.
to manufacture 8 Mtpa
LNG and 180 TJ/day of
domestic gas.
The divestment of our interest in the ROD Integrated Development
in Algeria was completed in April 2022.
9
Petroleum exploration
Exploration and appraisal wells drilled during the March 2022
quarter are summarised below.
Total
Formation Water well
Well Location Target age BHP equity Spud date depth depth Status
--------- --------- ------- -------------- ----------- ------------ ------ ------ ---------------
Plugged
& Abandoned;
Gulf of Encountered
Mexico 75% (BHP 17 November 764 10,114 sub-commercial
Wasabi-2 GC124 Oil Early Miocene Operator) 2021 m m hydrocarbons
In the central Gulf of Mexico, the Wasabi-2 well encountered
sub-commercial hydrocarbons and was plugged and abandoned. This
completes the Wasabi exploration program, with results under
evaluation to determine next steps.
On 2 March, 2022, BHP signed a farm-out agreement with a
subsidiary of Shell plc. to assign 40 per cent equity in each of
the two Barbados offshore Exploration Licences - the Bimshire and
Carlisle Bay Blocks. The agreement is subject to customary
regulatory approvals and third-party consents. Completion of the
deal is expected by the end of the June 2022 quarter.
Petroleum exploration expenditure for nine months ended March
2022 was US$362 million, of which US$261 million was expensed. An
approximately US$540 million exploration and appraisal program is
being executed for the 2022 financial year.
Variance analysis relates to the relative performance of BHP
and/or its operations during the nine months ended March 2022
compared with the nine months ended March 2021, 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. Numbers presented may not add up precisely to
the totals provided due to rounding. Copper equivalent production
is based on 2021 financial year average realised prices.
The following footnotes apply to this Operational Review:
(1) 2022 financial year unit cost guidance: Escondida
US$1.20-1.40/lb, WAIO US$17.50-18.50/t, Queensland Coal US$85-94/t
however economic and operating control of BMC is expected to
transfer to Stanmore Resources Limited on 3 May 2022, and NSWEC
US$76-81/t (revised from US$62-70/t); based on exchange rates of
AUD/USD 0.78 and USD/CLP 727.
(2) We announced the divestment of our interest in BMC in
November 2021, however will continue to report BMC production as
part of Queensland Coal. We maintain economic and operating control
of BMC until the sale has completed, which is expected to occur on
3 May 2022.
(3) BHP completed the sale of its 33.3 per cent interest in
Cerrejón on 11 January 2022. The transaction has an effective
economic date of 31 December 2020 and volumes have been reported
separately in the production and sales report.
(4) Excludes Petroleum production.
(5) The Framework Agreement was entered into between Samarco,
Vale and BHP Brasil and the relevant Brazilian authorities in March
2016 and established the Renova Foundation to develop and implement
environmental and socio-economic programs to remediate and provide
compensation for damage caused by the Samarco dam failure.
(6) BHP signed an agreement for a nickel exploration alliance
with Midland Exploration in August 2020.
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 barrels of oil per day (MMbpd); 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 barrels of oil equivalent per day
(Mboe/d); 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', the 'Group', 'BHP Group',
'we', 'us', 'our' and ourselves' are used to refer to BHP Group
Limited, BHP Group plc and, except where the context otherwise
requires, their respective subsidiaries as defined in note 30
'Subsidiaries' in section 3.1 of BHP's 30 June 2021 Annual Report
and Form 20-F. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial
and other information from non-operated assets, non-operated assets
are not included in the BHP Group and, as a result, statements
regarding our operations, assets and values apply only to our
operated assets unless stated otherwise. Our non-operated assets
include Antamina, Samarco, Atlantis, Mad Dog, Bass Strait and North
West Shelf. BHP Group cautions against undue reliance on any
forward-looking statement or guidance in this release, particularly
in light of the current economic climate and significant
volatility, uncertainty and disruption arising in connection with
COVID-19. These forward looking statements are based on information
available as at the date of this release and are not guarantees or
predictions of future performance and involve known and unknown
risks, uncertainties and other factors, many of which are beyond
our control and which may cause actual results to differ materially
from those expressed in the statements contained in this
release.
10
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11
NEWS RELEASE
21 April 2022
BHP OPERATIONAL REVIEW
FOR THE NINE MONTHSED 31 MARCH 2022
Production and sales summary (Excel version)
www.bhp.com
12
Production summary
Quarter ended Year to date
------------------------------------------- ------------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2021 2021 2021 2021 2022 2022 2021
---------- ------- ------- ------- ------- ------- -------- --------
Copper (1)
Copper
Payable metal in concentrate
(kt)
Escondida (2) 57.5% 202.7 195.6 194.7 196.2 178.2 569.1 676.1
Pampa Norte (3) 100.0% 5.6 21.1 26.4 24.2 32.4 83.0 6.3
Antamina 33.8% 34.7 36.1 35.8 38.4 36.1 110.3 107.9
Total 243.0 252.8 256.9 258.8 246.7 762.4 790.3
Cathode (kt)
Escondida (2) 57.5% 46.6 51.1 49.0 48.4 48.2 145.6 145.4
Pampa Norte (3) 100% 46.4 48.3 41.1 44.1 35.8 121.0 142.5
Olympic Dam 100% 55.4 50.8 29.5 14.2 39.0 82.7 154.5
Total 148.4 150.2 119.6 106.7 123.0 349.3 442.4
Total copper (kt) 391.4 403.0 376.5 365.5 369.7 1,111.7 1,232.7
Lead
Payable metal in concentrate
(t)
Antamina 33.8% 468 381 378 277 282 937 2,151
Total 468 381 378 277 282 937 2,151
Zinc
Payable metal in concentrate
(t)
Antamina 33.8% 33,299 35,483 33,289 29,603 32,732 95,624 109,606
Total 33,299 35,483 33,289 29,603 32,732 95,624 109,606
Gold
Payable metal in concentrate
(troy oz)
Escondida (2) 57.5% 37,954 38,893 41,962 42,937 36,303 121,202 128,075
Pampa Norte (3) 100% - 4,728 6,967 5,776 7,929 20,672 -
Olympic Dam (refined
gold) 100% 37,075 48,478 26,277 37,805 29,355 93,437 97,520
Total 75,029 92,099 75,206 86,518 73,587 235,311 225,595
Silver
Payable metal in concentrate
(troy koz)
Escondida (2) 57.5% 1,318 1,234 1,291 1,462 1,270 4,023 4,525
Pampa Norte (3) 100% - 214 273 215 261 749 -
Antamina 33.8% 1,463 1,409 1,367 1,308 1,191 3,866 4,556
Olympic Dam (refined
silver) 100% 275 185 191 258 149 598 625
Total 3,056 3,042 3,122 3,243 2,871 9,236 9,706
13
Production summary
Quarter ended Year to date
------------------------------------------- ------------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2021 2021 2021 2021 2022 2022 2021
---------- ------- ------- ------- ------- ------- -------- --------
Uranium
Payable metal in concentrate
(t)
Olympic Dam 100% 834 614 531 287 781 1,599 2,653
Total 834 614 531 287 781 1,599 2,653
Molybdenum
Payable metal in concentrate
(t)
Pampa Norte (3) 100% - - - - - - -
Antamina 33.8% 276 111 142 217 190 549 752
Total 276 111 142 217 190 549 752
Iron Ore
Iron Ore
Production (kt) (4)
Newman 85% 14,614 14,560 16,461 14,577 11,847 42,885 48,661
Area C Joint Venture 85% 13,010 15,920 18,947 22,911 24,888 66,746 36,466
Yandi Joint Venture 85% 16,112 18,405 11,834 12,261 8,418 32,513 50,191
Jimblebar (5) 85% 15,241 15,337 15,009 15,324 13,553 43,886 52,056
Samarco 50% 878 1,023 1,048 1,029 994 3,071 915
Total 59,855 65,245 63,299 66,102 59,700 189,101 188,289
Coal
Metallurgical coal
Production (kt) (6)
BMA 50% 7,727 9,253 6,715 6,300 7,944 20,959 22,631
BHP Mitsui Coal (7)
(8) 80% 1,863 2,570 2,135 2,518 2,618 7,271 6,171
Total 9,590 11,823 8,850 8,818 10,562 28,230 28,802
Energy coal
Production (kt)
NSW Energy Coal 100% 2,981 4,492 4,238 2,967 2,577 9,782 9,834
Total 2,981 4,492 4,238 2,967 2,577 9,782 9,834
Production (kt)
Cerrejón (9) 33.3% 1,795 1,784 2,060 2,176 - 4,236 3,180
Total 1,795 1,784 2,060 2,176 - 4,236 3,180
Other
Nickel
Saleable production
(kt)
Nickel West 100% 20.4 22.4 17.8 21.5 18.7 58.0 66.6
Total 20.4 22.4 17.8 21.5 18.7 58.0 66.6
Cobalt
Saleable production
(t)
Nickel West 100% 273 241 177 220 125 522 747
Total 273 241 177 220 125 522 747
14
Production summary
Quarter ended Year to date
------------------------------------------- ----------------
BHP Mar Jun Sep Dec Mar Mar Mar
interest 2021 2021 2021 2021 2022 2022 2021
----------- ------- ------- ------- ------- ------- ------- -------
Discontinued operations
Petroleum (10) (11)
Production
Crude oil, condensate
and NGL (Mboe) 11,601 12,205 12,751 12,345 11,456 36,552 33,837
Natural gas (bcf) 82.6 88.6 88.4 80.1 75.9 244.4 252.0
Total (Mboe) 25,368 26,972 27,484 25,695 24,106 77,285 75,837
(1) Metal production is reported on the basis of payable metal.
(2) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(3) Includes Cerro Colorado and Spence.
(4) Iron ore production is reported on a wet tonnes basis.
(5) Shown on a 100% basis. BHP interest in saleable production is 85%.
(6) Metallurgical coal production is reported on the basis of
saleable product. Production figures include some thermal coal.
(7) Shown on a 100% basis. BHP interest in saleable production is 80%.
(8) BHP announced the divestment of its interest in BHP Mitsui
Coal (BMC) in November 2021, but will continue to report BMC as
part of Queensland Coal as BHP maintain economic and operating
control of BMC until the sale has completed, which is expected to
occur on 3 May 2022.
(9) BHP completed the sale of its 33.3 per cent interest in
Cerrejón on 11 January 2022. Production reported until 31 December
2021.
(10) BHP announced a binding share sale agreement for the
proposed merger of BHP's oil and gas portfolio with
Woodside in November 2021 with completion expected on 1 June 2022.
(11) 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 1,000 Mboe.
Throughout this report figures in italics indicate that this
figure has been adjusted since it was previously reported.
15
Production and sales report
Year to
Quarter ended date
------------------------------------------------ ------------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- -------- -------- -------- --------- -------- --------
Copper
Metals production is payable metal
unless otherwise stated.
Escondida, Chile
(1)
Material mined (kt) 95,978 104,043 113,874 117,284 107,676 338,834 276,609
Concentrator throughput (kt) 32,654 31,903 33,528 35,787 30,235 99,550 103,690
Average copper grade
- concentrator (%) 0.78% 0.77% 0.73% 0.71% 0.80% 0.74% 0.82%
Production ex mill (kt) 207.8 202.8 201.2 203.6 191.5 596.3 697.8
Production
Payable copper (kt) 202.7 195.6 194.7 196.2 178.2 569.1 676.1
Copper cathode (EW) (kt) 46.6 51.1 49.0 48.4 48.2 145.6 145.4
- Oxide leach (kt) 16.1 14.5 14.8 13.1 12.2 40.1 49.4
- Sulphide leach (kt) 30.5 36.6 34.2 35.3 36.0 105.5 96.0
Total copper (kt) 249.3 246.7 243.7 244.6 226.4 714.7 821.5
(troy
Payable gold concentrate oz) 37,954 38,893 41,962 42,937 36,303 121,202 128,075
(troy
Payable silver concentrate koz) 1,318 1,234 1,291 1,462 1,270 4,023 4,525
Sales
Payable copper (kt) 196.9 194.1 190.5 200.2 177.0 567.7 678.3
Copper cathode (EW) (kt) 49.6 49.6 46.7 49.7 47.2 143.6 143.8
(troy
Payable gold concentrate oz) 37,954 38,893 41,962 42,937 36,303 121,202 128,075
(troy
Payable silver concentrate koz) 1,318 1,234 1,291 1,462 1,270 4,023 4,525
(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
16
Production and sales report
Year to
Quarter ended date
------------------------------------------------- ----------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- --------- --------- --------- ------- ------- -------
Pampa Norte, Chile
Cerro Colorado
Material mined (kt) 6,153 5,498 5,378 4,782 3,516 13,676 25,521
Ore stacked (kt) 3,283 3,702 3,566 4,029 3,181 10,776 10,881
Average copper grade
- stacked (%) 0.58% 0.58% 0.60% 0.62% 0.53% 0.59% 0.61%
Production
Copper cathode (EW) (kt) 13.9 14.7 13.4 15.3 11.6 40.3 45.5
Sales
Copper cathode (EW) (kt) 13.2 15.4 12.1 16.0 10.5 38.6 44.4
Spence
Material mined (kt) 19,195 21,262 21,154 24,025 24,040 69,219 55,940
Ore stacked (kt) 5,536 4,609 5,258 5,071 5,055 15,384 15,546
Average copper grade
- stacked (%) 0.64% 0.72% 0.64% 0.66% 0.67% 0.66% 0.84%
Concentrator throughput (kt) 2,471 4,929 5,786 6,234 6,512 18,532 3,678
Average copper grade
- concentrator (%) - 0.63% 0.65% 0.60% 0.65% 0.63% -
Production
Payable copper (kt) 5.6 21.1 26.4 24.2 32.4 83.0 6.3
Copper cathode (EW) (kt) 32.5 33.6 27.7 28.8 24.2 80.7 97.0
Total copper (kt) 38.1 54.7 54.1 53.0 56.6 163.7 103.3
(troy
Payable gold concentrate oz) - 4,728 6,967 5,776 7,929 20,672 -
(troy
Payable silver concentrate koz) - 214 273 215 261 749 -
Payable molybdenum (t) - - - - - - -
Sales
Payable copper (kt) 1.8 20.8 28.4 24.9 28.1 81.4 1.8
Copper cathode (EW) (kt) 30.7 34.1 27.7 31.2 20.2 79.1 95.7
(troy
Payable gold concentrate oz) - 4,728.0 6,967.0 5,776.0 7,929 20,672 -
(troy
Payable silver concentrate koz) - 214.0 273.0 215.0 261 749 -
Payable molybdenum (t) - - - - - - -
17
Production and sales report
Quarter ended Year to date
--------------------------------------------- ------------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- ------- ------- ------- --------- -------- --------
Antamina, Peru
Material mined (100%) (kt) 53,762 63,393 66,581 58,179 58,118 182,878 156,249
Concentrator throughput
(100%) (kt) 12,651 13,466 13,219 13,011 13,135 39,365 39,936
Average head grades
- Copper (%) 0.94% 0.93% 0.97% 1.00% 0.94% 0.97% 0.95%
- Zinc (%) 1.16% 1.24% 1.16% 1.11% 1.13% 1.13% 1.26%
Production
Payable copper (kt) 34.7 36.1 35.8 38.4 36.1 110.3 107.9
Payable zinc (t) 33,299 35,483 33,289 29,603 32,732 95,624 109,606
(troy
Payable silver koz) 1,463 1,409 1,367 1,308 1,191 3,866 4,556
Payable lead (t) 468 381 378 277 282 937 2,151
Payable molybdenum (t) 276 111 142 217 190 549 752
Sales
Payable copper (kt) 31.7 37.3 32.7 41.9 32.9 107.5 106.2
Payable zinc (t) 34,141 32,044 32,635 32,513 29,920 95,068 112,019
(troy
Payable silver koz) 1,342 1,540 1,103 1,405 1,078 3,586 4,380
Payable lead (t) 689 556 232 344 269 845 2,382
Payable molybdenum (t) 192 268 86 170 199 455 936
18
Production and sales report
Quarter ended Year to date
--------------------------------------------- ----------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- ------- ------- ------- --------- ------- -------
Olympic Dam, Australia
Material mined (1) (kt) 1,979 2,143 1,935 1,998 2,424 6,357 6,561
Ore Milled (kt) 2,238 2,429 2,024 1,105 2,122 5,251 7,058
Average copper grade (%) 2.02% 1.95% 2.03% 2.17% 2.21% 2.13% 2.02%
Average uranium
grade (kg/t) 0.61 0.56 0.55 0.55 0.62 0.58 0.58
Production
Copper cathode (ER
and EW) (kt) 55.4 50.8 29.5 14.2 39.0 82.7 154.5
Payable uranium (t) 834 614 531 287 781 1,599 2,653
(troy
Refined gold oz) 37,075 48,478 26,277 37,805 29,355 93,437 97,520
(troy
Refined silver koz) 275 185 191 258 149 598 625
Sales
Copper cathode (ER
and EW) (kt) 55.6 52.7 29.1 17.9 36.3 83.3 151.7
Payable uranium (t) 779 1,179 536 541 236 1,313 2,637
(troy
Refined gold oz) 38,852 47,300 24,654 38,768 30,935 94,357 96,296
(troy
Refined silver koz) 242 245 126 290 182 598 629
(1) Material mined refers to underground ore mined, subsequently hoisted or trucked to surface.
19
Production and sales report
Quarter ended Year to date
------------------------------------------- ------------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- ------- ------- ------- ------- -------- --------
Iron Ore
Iron ore production and sales
are reported on a wet tonnes
basis.
Western Australia
Iron Ore, Australia
Production
Newman (kt) 14,614 14,560 16,461 14,577 11,847 42,885 48,661
Area C Joint Venture (kt) 13,010 15,920 18,947 22,911 24,888 66,746 36,466
Yandi Joint Venture (kt) 16,112 18,405 11,834 12,261 8,418 32,513 50,191
Jimblebar (1) (kt) 15,241 15,337 15,009 15,324 13,553 43,886 52,056
Total production (kt) 58,977 64,222 62,251 65,073 58,706 186,030 187,374
Total production
(100%) (kt) 66,695 72,848 70,587 73,852 66,674 211,113 211,254
Sales
Lump (kt) 15,593 16,410 17,546 17,827 16,966 52,339 49,352
Fines (kt) 42,939 48,837 45,039 46,809 42,187 134,035 137,453
Total (kt) 58,532 65,247 62,585 64,636 59,153 186,374 186,805
Total sales (100%) (kt) 66,032 73,712 70,815 73,222 67,110 211,147 210,159
(1) Shown on a 100% basis. BHP interest in saleable production
is 85%.
Samarco, Brazil
Production (kt) 878 1,023 1,048 1,029 994 3,071 915
Sales (kt) 646 1,052 1,111 950 943 3,004 646
20
Production and sales report
Quarter ended Year to date
--------------------------------------------- ----------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- --------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the
basis of saleable product.
Queensland Coal,
Australia
Production (1)
BMA
Blackwater (kt) 1,416 1,887 1,403 1,202 1,478 4,083 4,337
Goonyella (kt) 2,232 2,752 1,798 1,797 2,336 5,931 6,696
Peak Downs (kt) 1,595 1,597 1,223 960 1,395 3,578 4,295
Saraji (kt) 1,238 1,391 999 1,081 1,366 3,446 3,098
Daunia (kt) 496 478 377 304 338 1,019 1,450
Caval Ridge (kt) 750 1,148 915 956 1,031 2,902 2,755
Total BMA (kt) 7,727 9,253 6,715 6,300 7,944 20,959 22,631
Total BMA (100%) (kt) 15,454 18,506 13,430 12,600 15,888 41,918 45,262
BHP Mitsui Coal (2)
(3)
South Walker Creek (kt) 1,031 1,500 1,462 1,535 1,530 4,527 3,387
Poitrel (kt) 832 1,070 673 983 1,088 2,744 2,784
Total BHP Mitsui
Coal (kt) 1,863 2,570 2,135 2,518 2,618 7,271 6,171
Total Queensland
Coal (kt) 9,590 11,823 8,850 8,818 10,562 28,230 28,802
Total Queensland
Coal (100%) (kt) 17,317 21,076 15,565 15,118 18,506 49,189 51,433
Sales
BMA
Coking coal (kt) 6,752 7,801 5,415 4,875 6,334 16,624 19,470
Weak coking coal (kt) 1,038 1,069 734 754 805 2,293 2,951
Thermal coal (kt) 206 400 576 455 484 1,515 267
Total BMA (kt) 7,996 9,270 6,725 6,084 7,623 20,432 22,688
Total BMA (100%) (kt) 15,992 18,540 13,450 12,168 15,246 40,864 45,376
BHP Mitsui Coal (2)
(3)
Coking coal (kt) 357 535 313 458 576 1,347 1,632
Weak coking coal (kt) 1,404 2,027 1,788 1,812 2,013 5,613 4,467
Thermal coal (kt) - - - - - - -
Total BHP Mitsui
Coal (kt) 1,761 2,562 2,101 2,270 2,589 6,960 6,099
Total Queensland
Coal (kt) 9,757 11,832 8,826 8,354 10,212 27,392 28,787
Total Queensland
Coal (100%) (kt) 17,753 21,102 15,551 14,438 17,835 47,824 51,475
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
(3) BHP announced the divestment of its interest in BHP Mitsui
Coal (BMC) in November 2021, but will continue to report BMC as
part of Queensland Coal as BHP maintain economic and operating
control of BMC until the sale has completed, which is expected to
occur on 3 May 2022.
21
Production and sales report
Quarter ended Year to date
------------------------------------------ ---------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- ------ ------ ------ --------- ------- ------
NSW Energy Coal,
Australia
Production (kt) 2,981 4,492 4,238 2,967 2,577 9,782 9,834
Sales thermal coal
- export (kt) 2,827 4,691 3,780 3,718 2,703 10,201 9,935
Cerrejón, Colombia
(1)
Production (kt) 1,795 1,784 2,060 2,176 - 4,236 3,180
Sales thermal coal
- export (kt) 1,746 1,619 2,180 2,012 - 4,192 3,110
(1) BHP completed the sale of its 33.3 per cent interest in
Cerrejón on 11 January 2022. Production reported until 31 December
2021.
Quarter ended Year to date
-------------------------------------- ---------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------ ------ ------ ------ ------ ------- ------
Other
Nickel production is reported
on the basis of saleable product
Nickel West, Australia
Mt Keith
Nickel concentrate (kt) 54.1 50.4 53.7 47.0 47.1 147.8 174.2
Average nickel grade (%) 13.3 13.3 14.6 13.2 14.4 14.1 14.7
Leinster
Nickel concentrate (kt) 71.5 71.4 73.8 77.4 78.0 229.2 210.5
Average nickel grade (%) 10.2 10.5 8.9 9.1 8.9 9.0 9.6
Saleable production
Refined nickel (1) (kt) 15.2 17.1 14.4 18.2 13.3 45.9 52.9
Nickel sulphate (2) (kt) - - - 0.4 0.7 1.1 -
Intermediates and
nickel by-products
(3) (kt) 5.2 5.3 3.4 2.9 4.7 11.0 13.7
Total nickel (kt) 20.4 22.4 17.8 21.5 18.7 58.0 66.6
Cobalt by-products (t) 273 241 177 220 125 522 747
Sales
Refined nickel (1) (kt) 15.0 17.8 13.8 16.9 15.3 46.0 53.0
Nickel sulphate (2) (kt) - - - 0.1 0.7 0.8 -
Intermediates and
nickel by-products
(3) (kt) 5.9 4.0 3.9 3.1 2.7 9.7 13.1
Total nickel (kt) 20.9 21.8 17.7 20.1 18.7 56.5 66.1
Cobalt by-products (t) 273 241 177 220 125 522 748
(1) High quality refined nickel metal, including briquettes and powder.
(2) Nickel sulphate crystals produced from nickel powder.
(3) Nickel contained in matte and by-product streams.
22
Production and sales report
Quarter ended Year to date
-------------------------------------- ----------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------ ------ ------ ------ ------ ------- -------
Discontinued operations
Petroleum (1) (2)
Bass Strait
Crude oil and condensate (Mboe) 859 1,205 1,201 971 895 3,067 3,167
NGL (Mboe) 1,035 1,563 1,655 1,140 1,149 3,944 3,752
Natural gas (bcf) 22.7 32.8 35.8 25.8 22.4 84.0 80.2
Total petroleum
products (Mboe) 5,677 8,235 8,823 6,411 5,777 21,011 20,285
North West Shelf
Crude oil and condensate (Mboe) 1,183 933 973 1,027 1,016 3,016 3,578
NGL (Mboe) 188 177 148 180 185 513 515
Natural gas (bcf) 31.1 26.5 24.3 25.8 26.4 76.5 91.1
Total petroleum
products (Mboe) 6,554 5,527 5,171 5,507 5,601 16,279 19,276
Pyrenees
Crude oil and condensate (Mboe) 679 690 710 723 684 2,117 2,342
Total petroleum
products (Mboe) 679 690 710 723 684 2,117 2,342
Macedon
Crude oil and condensate (Mboe) 1 - 1 1 - 2 3
Natural gas (bcf) 12.4 12.6 12.7 12.6 12.5 37.8 37.7
Total petroleum
products (Mboe) 2,068 2,100 2,118 2,101 2,083 6,302 6,287
Atlantis (3)
Crude oil and condensate (Mboe) 2,590 3,117 3,171 3,222 2,692 9,085 7,396
NGL (Mboe) 171 218 222 186 171 579 472
Natural gas (bcf) 1.4 1.6 1.7 1.5 1.3 4.5 3.7
Total petroleum
products (Mboe) 2,994 3,602 3,676 3,658 3,080 10,414 8,484
Mad Dog (3)
Crude oil and condensate (Mboe) 1,209 1,099 1,155 1,137 964 3,256 3,350
NGL (Mboe) 57 77 46 56 35 137 143
Natural gas (bcf) 0.2 0.2 0.2 0.1 0.1 0.4 0.5
Total petroleum
products (Mboe) 1,299 1,209 1,234 1,210 1,016 3,460 3,576
Shenzi (3)
Crude oil and condensate (Mboe) 2,328 2,023 2,016 2,335 2,378 6,729 5,487
NGL (Mboe) 130 87 102 134 114 350 288
Natural gas (bcf) 0.4 0.1 0.4 0.4 0.4 1.2 1.0
Total petroleum
products (Mboe) 2,525 2,127 2,185 2,536 2,559 7,280 5,942
Trinidad/Tobago
Crude oil and condensate (Mboe) 139 236 491 396 288 1,175 337
Natural gas (bcf) 14.4 14.7 13.3 13.9 12.7 39.9 37.7
Total petroleum
products (Mboe) 2,539 2,686 2,708 2,713 2,405 7,826 6,620
Other Americas
(3) (4)
Crude oil and condensate (Mboe) 187 104 83 81 91 255 589
NGL (Mboe) - 8 3 - 6 9 13
Natural gas (bcf) - 0.1 - - 0.1 0.1 0.1
Total petroleum
products (Mboe) 187 129 86 81 114 281 619
Algeria
Crude oil and condensate (Mboe) 845 668 774 756 788 2,318 2,405
Total petroleum
products (Mboe) 845 668 774 756 788 2,318 2,405
23
Production and sales report
Quarter ended Year to date
------------------------------------------- ----------------
Mar Jun Sep Dec Mar Mar Mar
2021 2021 2021 2021 2022 2022 2021
------- ------- ------- ------- ------- ------- -------
Discontinued operations
(continued)
Petroleum (1) (2)
Total production
Crude oil and condensate (Mboe) 10,020 10,075 10,575 10,649 9,796 31,020 28,654
NGL (Mboe) 1,581 2,130 2,176 1,696 1,660 5,532 5,183
Natural gas (bcf) 82.6 88.6 88.4 80.1 75.9 244.4 252.0
Total (Mboe) 25,368 26,972 27,484 25,695 24,106 77,285 75,837
(1) BHP announced a binding share sale agreement for the
proposed merger of BHP's oil and gas portfolio with Woodside in
November 2021 with completion of the merger expected to occur on 1
June 2022. The effective date of the merger is 1 July 2021.
(2) Total boe conversions are based on 6 bcf of natural gas
equals 1,000 Mboe. Negative production figures represent
finalisation adjustments.
(3) Gulf of Mexico volumes are net of royalties.
(4) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
24
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