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BHP Billiton corporate report

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Report summary

BHP Billiton has remained financially strong, despite falling prices across all of its commodities. The company's main protective action has been to slash capital spend. Its company-wide budget for FY 2016 was down 36% from FY 2015, and its petroleum spend fell 50%, with most of the cuts levied at its unconventional business. In a move to protect its A credit rating - one of the highest in the mining sector - BHP also replaced its progressive dividend policy with one more closely linked to underlying profit, freeing up a further US$4.8 billion of capital.

What's included

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    BHP Billiton corporate report

    PDF 1.54 MB

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    BHP Billiton corporate report

    ZIP 2.22 MB

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    BHP Billiton Corporate Report.xls

    XLS 3.16 MB

Table of contents

  • Other BHP Billiton research
  • Executive summary
    • Strategic response
    • Current strategic positioning
      • 1. Re-defining its strategy for long-term growth
      • 2. Adapting the US unconventional portfolio to a low oil price environment
      • 3. Managing declines in its conventional business
      • 4. Counter-cyclical approach to exploration
    • Overview
    • Cash flow breakeven outlook
    • Overview
    • Legacy assets
    • Development pipeline
    • Production
    • Reserves and resources
  • Key success factors
  • Economic assumptions

Tables and charts

This report includes 34 images and tables including:


  • Benchmark: share price performance
  • Benchmark: evolution of market premium
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • Strategic fit of upstream regions
  • Benchmark: % NPV,10 by resource theme
  • Benchmark: indexed production
  • Benchmark: new project returns
  • Benchmark: capex by development status
  • BHP: cash flow breakeven
  • BHP: petroleum upstream cash flow by resource theme
  • Reported historic and Wood Mackenzie forecast total production
  • BHP: production by resource theme
  • BHP: production by development stage
  • Reserves and resource detail
  • Benchmark: reserves and resources detail
  • Benchmark: reserves and resource life
  • BHP: production by country
  • BHP: divestment candidates by NPV, 10
  • Top Eagle Ford players - risked resource by sub-play
  • Top ten Eagle Ford well breakevens
  • Benchmark: Remaining NPV, 10 by play
  • Top ten Permian well breakevens
  • Conventional production by asset
  • Conventional cash flow by asset
  • Benchmark: Exploration value creation
  • Benchmark: Deepwater acreage by risk


  • Executive summary: Table 1
  • Key success factors: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions

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