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BHP Billiton corporate report

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22 March 2018

BHP Billiton corporate report

Report summary

BHP Billiton's petroleum business came intense scrutiny in 2017. The oil price crash has forced the mining giant to re-assess how its oil and gas assets fit within its wider strategy. The company's decision to end its foray into unconventional shale, and instead focus on its international deepwater assets means 2018 will be a year of change.

Table of contents

  • Other BHP Billiton research
  • Executive summary
    • BHP's petroleum business in context
    • Activist investor Elliott Advisors propose major shake-up
      • Strategic fit of upstream regions
      • Strategic priorities and opportunities
        • 1. Successful exit from Onshore US critical to delivering near term strategy
        • BHP's US Lower 48 portfolio
        • Potential routes to a L48 exit
      • 2. Conventional portfolio faces growth challenge
    • Lower 48 assets
  • Valuation
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics
  • Economic assumptions

Tables and charts

This report includes 39 images and tables including:

  • Executive summary: Table 1
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high, and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Benchmark: share price performance
  • Market premium price sensitivity
  • Portfolio summary: Table 1
  • Portfolio summary: Table 2
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • Liquids vs Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Strategy: Image 3
  • Benchmark: % NPV10 by resource theme
  • Benchmark: production forecast
  • BHP International production outlook
  • BHP International cash flow and outlook
  • BHP: Exploration and appraisal spend and reinvestment
  • Benchmark: Deepwater acreage by risk
  • BHP US Lower 48 Production Outlook
  • BHP US Lower 48 Cash flow outlook
  • Benchmark: Remaining NPV 10 by play
  • Benchmark: Permian remaining risked resource by well breakeven

What's included

This report contains:

  • Document

    BHP Billiton corporate report

    PDF 1.41 MB

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    BHP Billiton corporate report

    ZIP 1.97 MB

  • Document

    BHP Billiton Corporate Report.xls

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