Company Announcements

Operational Review nine months ended 31 March 2022

Source: RNS
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 MONTHS ENDED 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

 

 

Production

Mar YTD22

(vs Mar YTD21)

Mar Q22

(vs Dec Q21)

Mar Q22 vs Dec Q21 commentary

Copper (kt)

1,111.7
(10%)

369.7
1%

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 result of social unrest.

Iron ore (Mt)

189.1
0%

59.7
(10%)

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 Flank.

Metallurgical coal (Mt)(2)

28.2
(2%)

10.6
20%

Increased volumes as a result of lower rainfall than the prior period coupled with strong operational performance driven by improved truck productivity.

Energy coal (Mt)(3)

9.8
(1%)

2.6
(13%)

Lower volumes due to continued wet weather and COVID-19 related absenteeism impacting stripping and mine productivity, as well as an increased proportion of higher quality products.

Nickel (kt)

58.0
(13%)

18.7
(13%)

Lower volumes reflecting temporary labour constraints due to COVID-19 related absenteeism and workforce shortages.

Discontinued operations

Petroleum (MMboe)

77.3
2%

24.1
(6%)

Lower volumes due to reduced seasonal gas demand at Bass Strait and lower well productivity at Atlantis.

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.

Production

Mar
YTD22

Mar
Q22

Mar YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
Dec Q21

Previous FY22 guidance

Current
FY22
guidance

 

Copper (kt)

 1,111.7

 369.7

(10%)

(6%)

1%

1,590 - 1,760

1,570 - 1,620

Lowered

  Escondida (kt)

 714.7

 226.4

(13%)

(9%)

(7%)

1,020 - 1,080

1,000 - 1,030

Lowered

  Pampa Norte (kt)

 204.0

 68.2

37%

31%

0%

260 - 300

260 - 300

Unchanged

  Olympic Dam (kt)

 82.7

 39.0

(46%)

(30%)

>100%

140 - 150

140 - 150

Lower end

  Antamina (kt)

 110.3

 36.1

2%

4%

(6%)

120 - 140

120 - 140

Upper end

Iron ore (Mt)

 189.1

 59.7

0%

1%

(10%)

249 - 259

249 - 259


  WAIO (Mt)

 186.0

 58.7

(1%)

0%

(10%)

246 - 255

246 - 255

Unchanged

  WAIO (100% basis) (Mt)

 211.1

 66.7

0%

0%

(10%)

278 - 288

278 - 288

Unchanged

  Samarco (Mt)

 3.1

 1.0

>100%

13%

(3%)

3 - 4

3 - 4

Upper 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 YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
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 YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
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 YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
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 YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
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

Project and
ownership

Capital expenditure US$M

Initial production target date

Capacity

Progress

Jansen Potash
(Canada)
100%

2,972

CY27

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 99% complete. Target project completion in CY22.

Jansen Stage 1
(Canada)
100%

5,723

CY27

Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.35 Mtpa.

Approved in August 2021, project is 5% complete

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 YTD22
vs
Mar YTD21

Mar Q22
vs
Mar Q21

Mar Q22
vs
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

Project and
ownership

Capital expenditure US$M

Initial production target date

Capacity

Progress

Mad Dog Phase 2
(US Gulf of Mexico)
23.9% (non-operator)

2,154

H2 CY22

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

First production is expected in the second half of the 2022 calendar year. On budget.
The overall project is 98% complete.

Shenzi North development
(US Gulf of Mexico)
72% (operator)

392

CY24

A two-well subsea tie-in to the Shenzi platform, with the capacity to produce up to 30,000 gross barrels of oil equivalent per day.

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

Scarborough
(Western Australia)
26.5% (non-operator)

1,500

CY26

New upstream facilities designed to deliver daily gas quantities to manufacture 8 Mtpa LNG and 180 TJ/day of domestic gas.

On schedule and budget.
The overall project is 13% complete.

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.

Well

Location

Target

Formation age

BHP equity

Spud date

Water depth

Total
well
depth

Status

Wasabi-2

Gulf of Mexico GC124

Oil

Early Miocene

75% (BHP Operator)

17 November 2021

764 m

10,114 m

Plugged & Abandoned; Encountered sub-commercial 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

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

 

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

 

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11

NEWS RELEASE

 

 

 

21 April 2022

 

 

 

 

 

 

 

BHP OPERATIONAL REVIEW
FOR THE NINE MONTHS ENDED 31 MARCH 2022

 

 

 

 

 

 

Production and sales summary (Excel version)

 

 

www.bhp.com

 

 

12

Production summary

 



Quarter ended

Year to date


BHP interest

Mar
2021

Jun
2021

Sep 2021

Dec 2021

Mar 2022

Mar 2022

Mar 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 interest

Mar
2021

Jun
2021

Sep 2021

Dec 2021

Mar 2022

Mar 2022

Mar 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 interest

Mar
2021

Jun
2021

Sep 2021

Dec 2021

Mar 2022

Mar 2022

Mar 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

 



Quarter ended

Year to date



Mar 2021

Jun 2021

Sep 2021

Dec 2021

Mar 2022

Mar 2022

Mar 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



 

 

 

 

 

 

 

Payable gold concentrate

(troy oz)

37,954

38,893

41,962

42,937

 36,303

121,202

128,075

Payable silver concentrate

(troy 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

Payable gold concentrate

(troy oz)

37,954

38,893

41,962

42,937

 36,303

121,202

128,075

Payable silver concentrate

(troy 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

 



Quarter ended

Year to date



Mar
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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



 

 

 

 

 

 

 

Payable gold concentrate

(troy oz)

-

 4,728

 6,967

 5,776

7,929

20,672

 -

Payable silver concentrate

(troy 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

Payable gold concentrate

(troy oz)

-

 4,728.0

 6,967.0

 5,776.0

7,929

20,672

-

Payable silver concentrate

(troy koz)

-

 214.0

 273.0

 215.0

261

 749

-

Payable molybdenum

(t)

-

-

-

-

 -

-

-

     









 

 

 

17

Production and sales report

 



Quarter ended

Year to date



Mar
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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

Payable silver

(troy 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

Payable silver

(troy 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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

Refined gold

(troy oz)

37,075

48,478

26,277

37,805

29,355

93,437

97,520

Refined silver

(troy 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

Refined gold

(troy oz)

38,852

47,300

24,654

38,768

30,935

94,357

96,296

Refined silver

(troy 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar
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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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
2021

Jun
2021

Sep
2021

Dec
2021

Mar 2022

Mar 2022

Mar 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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