Bhp Group Ltd · ASX:BHP
Bhp — BHP Billiton — Investor Day (December 2013)
88 slides from Bhp's investor day presentation, Dec 11, 2013
Slide 1: Pyrenees – Western Australia: Focusing on value over volume
Pyrenees – Western Australia Focusing on value over volume Tim Cutt President, Petroleum and Potash 10 December 2013 bhpbilliton resourcing the future
Slide 2: Disclaimer: Forward-looking statements
Disclaimer bhpbilliton resourcing the future Forward-looking statements This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding future events, conditions, circumstances and the future financial performance of BHP
Slide 3: Disclaimer: Petroleum resources
Disclaimer bhpbilliton resourcing the future Petroleum resources The estimates of petroleum reserves and contingent resources contained in this presentation are based on, and fairly represent, information and supporting documentation prepared under the supervision of Mr. A. G. Gadgil, who is employe
Slide 4: Key themes
Key themes bhpbilliton resourcing the future Committed to ongoing improvement in our HSEC performance A large, high quality resource base concentrated in Australia and the US Low risk brownfield investment is maximising the value of our Conventional business Our Shale business is well positioned to
Slide 5: Safety is our priority
Safety is our priority bhpbilliton resourcing the future Total Recordable Injury Frequency (TRIF, 12 month moving average) 8 Petroleum TRIF Shale TRIF Fatality 6 4 2 0 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 BHP Billiton Investor briefing: Petroleum, December 201
Slide 6: Our HSEC focus areas
Our HSEC focus areas bhpbilliton resourcing the future Health Minimise exposure to silica during hydraulic fracturing operations in our Shale business Safety Leverage systems and technology to manage material risks Environment Manage water usage and reduce greenhouse gas emissions Community Continue
Slide 7: An experienced Petroleum management team
An experienced Petroleum management team bhpbilliton resourcing the future President Petroleum and Potash Tim Cutt President Exploration David Rainey Asset President Shale Rod Skaufel Asset President Conventional Steve Pastor VP Finance David Powell VP Strategy and Development Rob Kase VP Drilling D
Slide 8: A large, high quality resource portfolio
A large, high quality resource portfolio bhpbilliton resourcing the future We have more than doubled our resource base and delivered >100% reserve replacement over the past five years Our business is underpinned by large fields, concentrated in Australia and the US – multiple high return development
Slide 9: Australia and the US remain our core regions
Australia and the US remain our core regions bhpbilliton resourcing the future FY14 BHP Billiton capital and exploration expenditure BHP Billiton Petroleum Shale Petroleum Australia other Gulf of Mexico Exploration other United Kingdom Onshore US Gulf of Mexico Trinidad & Tobago Algeria Pakistan Aus
Slide 10: Australian assets deliver strong, stable cash flow
Australian assets deliver strong, stable cash flow bhpbilliton resourcing the future liquids field gas field BHP Billiton acreage North West Shelf Pyrenees / Stybarrow Macedon Bass Strait Thebe Jupiter Scarborough Tallaganda Stybarrow Pyrenees Macedon Onslow Macedon Gas Plant North West Shelf LNG Pl
Slide 11: US assets will underpin substantial growth
US assets will underpin substantial growth bhpbilliton resourcing the future Onshore US Gulf of Mexico Petroleum Underlying EBITDA Shenzi Atlantis Mad Dog Neptune Onshore US (US$ billion) 10 Petroleum US 5 0 FY09 FY10 FY11 FY12 FY13 N W S E 0 20 40 80 Miles liquids focused area gas focused area BHP
Slide 12: Conventional investment profile
Conventional investment profile bhpbilliton resourcing the future Exploration Appraisal Engineering Execution Operations Brownfield projects Conventional life cycle driven by few but significant front end investment decisions – development plan is established up front for the full life cycle of the
Slide 13: Shale investment profile
Shale investment profile bhpbilliton resourcing the future Exploration Mapping and Leasing Appraisal Area specific tests Full development Shale life cycle driven by continuous investment decisions and optimisation opportunities – thousands of potential well locations, each reflecting a discrete oppo
Slide 14: A clear focus on value over volume
A clear focus on value over volume bhpbilliton resourcing the future We will prioritise the highest return investment opportunity – investment in our shale liquids acreage (tight oil) generates strong returns – deepwater infill drilling and brownfield expansions will maximise the value of our Conven
Slide 15: FY14 production guidance maintained
FY14 production guidance maintained bhpbilliton resourcing the future On track to produce 250 MMboe in FY14 – 75% increase in shale liquids production – stable Conventional volumes as Macedon and Atlantis offset natural field decline and planned maintenance Production for the December 2013 quarter i
Slide 16: Leveraging the infrastructure of our Conventional business
Leveraging the infrastructure of our Conventional business bhpbilliton resourcing the future Capital expenditure of ~US$1.5 billion per annum is expected to maintain Conventional volumes for three to five years – high return infill drilling at Shenzi, Pyrenees, Atlantis and Mad Dog – completion of f
Slide 17: Development options must compete for capital
Development options must compete for capital bhpbilliton resourcing the future We own significant contingent resources within our core areas – Scarborough (ExxonMobil operated, BHP Billiton share 50%) is an ~8 tcf1 (100% basis) gas resource – Mad Dog (BP operated, BHP Billiton share 23.9%) is among
Slide 18: Shale development plan will be continually optimised for value
Shale development plan will be continually optimised for value bhpbilliton resourcing the future We are prioritising investment in the liquids rich, high return shale assets – pursuing accelerated development in the prolific Black Hawk area of the Eagle Ford – timing Hawkville development for liquid
Slide 19: Positioned to deliver substantial growth in free cash flow
Positioned to deliver substantial growth in free cash flow bhpbilliton resourcing the future Our Shale business must compete for capital within the broader BHP Billiton portfolio – annual budgets will be subject to ongoing review A capital expenditure program of US$4 billion per annum will support s
Slide 20: Extending our high return liquids profile
Extending our high return liquids profile bhpbilliton resourcing the future Efforts underway to expand our Permian land position in our core focus area – 100,000 net acres1 in this focus area – acquiring additional acreage in highly prospective areas with a view to consolidating our position within
Slide 21: We have flexibility to adjust our plans
We have flexibility to adjust our plans bhpbilliton resourcing the future Development of our existing liquids acreage dominates our investment program – infrastructure component will decline as build out in the Eagle Ford is largely completed in the near term Near term dry gas investments yield attr
Slide 22: Our productivity agenda continues to deliver strong results
Our productivity agenda continues to deliver strong results bhpbilliton resourcing the future Repetitive, manufacturing nature of shale is ideally suited to our productivity agenda – reduce drilling costs per well through efficiency and supply chain management – increase ultimate recovery per well t
Slide 23: Strong outlook with growth prioritised for value
Strong outlook with growth prioritised for value bhpbilliton resourcing the future Petroleum production scenario1 (MMboe) 400 Conventional Onshore US 300 200 100 0 FY09 FY10 FY11 FY12 FY13 FY14e2 FY15e FY16e FY17e FY18e 1. Forward projections are based on existing acreage, current development plans
Slide 24: Key themes
Key themes bhpbilliton resourcing the future Committed to ongoing improvement in our HSEC performance A large, high quality resource base concentrated in Australia and the US Low risk brownfield investment is maximising the value of our Conventional business Our Shale business is well positioned to
Slide 25: bhpbilliton resourcing the future
bhpbilliton resourcing the future
Slide 26: A major earnings contributor
A major earnings contributor bhpbilliton resourcing the future David Powell Vice President, Finance 10 December 2013
Slide 27: Petroleum is a pillar of BHP Billiton
Petroleum is a pillar of BHP Billiton bhpbilliton resourcing the future Strong financial performance over the last five years reflects the quality of our Petroleum assets – 18% of total BHP Billiton production1 – US$27 billion of Underlying EBIT, representing 23% of total BHP Billiton Underlying EBI
Slide 28: Product mix a key driver of Onshore US revenue
Product mix a key driver of Onshore US revenue bhpbilliton resourcing the future Decisive response to market conditions underpins significant growth in Onshore US liquids production – liquids contributed ~20% of Onshore US production and ~45% of revenue in FY13 – 75% increase in liquids production a
Slide 29: Seeking to improve our low cost position
Seeking to improve our low cost position bhpbilliton resourcing the future Low cost conventional operations underpin exceptional margins Our decision to prioritise shale liquids development has increased margins albeit with an increase in average production costs – costs expected to decline in the m
Slide 30: Timing of reserve additions impacts depreciation
Timing of reserve additions impacts depreciation bhpbilliton resourcing the future Conventional unit depreciation remains highly competitive – minor variations reflect project start-ups and timing of resource additions Our successful Permian evaluation program has near term depreciation implications
Slide 31: A compelling long term outlook for Onshore US
A compelling long term outlook for Onshore US bhpbilliton resourcing the future Onshore US margin scenario1 (%) 80 EBITDA margin EBIT margin 60 40 20 0 (20) FY13 FY14e FY15e FY16e FY17e FY18e 1. Forward projections are based on current development plans and September 2013 futures prices. Outlook wil
Slide 32: Understanding the US fiscal regime
Understanding the US fiscal regime bhpbilliton resourcing the future The fiscal regime in the US is aimed at encouraging development of oil and gas resources US tax code allows for immediate deduction of intangible drilling and development costs (IDC) deferring cash tax – contributes to carry forwar
Slide 33: A high return investment program
A high return investment program bhpbilliton resourcing the future Petroleum offers some of the highest return investment opportunities for the Group Capital and exploration expenditure of ~US$6.2 billion is planned for Petroleum in FY14 – >75% of our US$3.9 billion budget for Onshore US will be inv
Slide 34: bhpbilliton resourcing the future
bhpbilliton resourcing the future
Slide 35: Trinidad: Maximising the value of our Conventional business
Trinidad Maximising the value of our Conventional business bhpbilliton resourcing the future Steve Pastor Asset President, Conventional 10 December 2013
Slide 36: Key themes
Key themes bhpbilliton resourcing the future Operating excellence and highly profitable assets provide a strong foundation for our Petroleum business Low-risk, high return infill drilling and brownfield expansions will extend our production profile Demonstrated technical capability to deliver projec
Slide 37: A strong foundation for our Petroleum business
A strong foundation for our Petroleum business bhpbilliton resourcing the future Conventional production outlook (FY14, BHP Billiton share) International other 46 kboe/d Gulf of Mexico 87 kboe/d Trinidad & Tobago 19 kboe/d North West Shelf 75 kboe/d Australia operated 50 kboe/d Bass Strait 96 kboe/d
Slide 38: Highly profitable Conventional business
Highly profitable Conventional business bhpbilliton resourcing the future Australia and the Gulf of Mexico are our core regions with valuable infrastructure positions Conventional volumes have remained steady – ~50% crude, condensate and NGL – ~50% natural gas Liquids contributed ~70% of revenue in
Slide 39: Maximising value through operational excellence
Maximising value through operational excellence bhpbilliton resourcing the future We are an industry leader in deepwater drilling capability and operational uptime – our drilling times are well below industry average – we were the first operator to resume production drilling in the Gulf of Mexico po
Slide 40: Strong track record of project delivery
Strong track record of project delivery bhpbilliton resourcing the future Demonstrated ability to deliver our projects on budget and schedule Six major operated projects completed on schedule and budget in the last six years – two deepwater Tension Leg Platforms (TLP) in the GoM, Shenzi and Neptune
Slide 41: Shenzi – our premier operated facility
Shenzi – our premier operated facility bhpbilliton resourcing the future High quality reservoir over 400 feet thick in the Gulf of Mexico Excellent operating performance, ~95% uptime since start-up High return infill drilling campaign continues to extend the production profile Two new infill wells i
Slide 42: Atlantis – release of high margin latent capacity
Atlantis – release of high margin latent capacity bhpbilliton resourcing the future World class Gulf of Mexico oil asset with substantial latent capacity Excellent results from wells drilled in North area, initial rate from recent well >30 kboe/d (100% basis) – field currently ~135 kboe/d (100% basi
Slide 43: Mad Dog – release of high margin latent capacity
Mad Dog – release of high margin latent capacity bhpbilliton resourcing the future Mad Dog is among the largest oil fields in the Gulf of Mexico Mad Dog Phase 1 rig lost during Hurricane Ike in 2008 has been replaced and is now operational Additional scheduled downtime during FY14 is expected to red
Slide 44: WA operated – valuable infrastructure position
bhpbilliton resourcing the future WA operated – valuable infrastructure position Significant resource and valuable infrastructure position underpins our operated assets in this area Macedon gas project now online, expected to contribute 6 MMboe (BHP Billiton share) in FY14 Multi well extension progr
Slide 45: Bass Strait – our largest Conventional asset
bhpbilliton resourcing the future Bass Strait – our largest Conventional asset Delivered first production more than 40 years ago Project execution challenges at Turrum and Kipper resulted in revisions to original budget and schedule Longford gas conditioning plant on budget and schedule with start-u
Slide 46: North West Shelf – a major Asian LNG supplier
bhpbilliton resourcing the future North West Shelf – a major Asian LNG supplier NWS has five LNG trains with capacity of 16 mtpa Major projects will extend the production profile – North Rankin 2 online October 2013 on schedule and budget – Greater Western Flank A (GWF-A) on schedule and budget, sta
Slide 47: International assets – Trinidad has significant potential
bhpbilliton resourcing the future International assets – Trinidad has significant potential Trinidad has the potential to become a third core region for our Petroleum business – plans to extend production plateau at Angostura – exploration focused on highly prospective deepwater acreage Non-operated
Slide 48: All investments must compete for capital
bhpbilliton resourcing the future All investments must compete for capital Scarborough ~8 tcf1 (100% basis) – BHP Billiton 50%, ExxonMobil operator – good quality reservoir, lean gas – delineated field with five appraisal wells – currently in Identification phase Thebe discovery ~1 tcf1 (100% basis)
Slide 49: Further opportunities in the Gulf of Mexico
bhpbilliton resourcing the future Further opportunities in the Gulf of Mexico Mad Dog Phase 2 has potential to deliver high rates of return – we are assessing development concepts with the operator Stampede (formerly Knotty Head) is 30 miles north west of Mad Dog – BHP Billiton 20%, Hess operated –
Slide 50: We will simplify the portfolio for value
bhpbilliton resourcing the future We will simplify the portfolio for value Six assets contributed >90% of Petroleum Underlying EBIT in FY13 Recent divestments highlight our ability to create substantial value – interest in Browse divested for US$1.7 billion in FY13 – Liverpool Bay divestment announc
Slide 51: Key themes
bhpbilliton resourcing the future Key themes Operating excellence and highly profitable assets provide a strong foundation for our Petroleum business Low-risk, high return infill drilling and brownfield expansions will extend our production profile Demonstrated technical capability to deliver projec
Slide 52: bhpbilliton resourcing the future
bhpbilliton resourcing the future
Slide 53: A disciplined focus on Tier 1 oil opportunities
A disciplined focus on Tier 1 oil opportunities David Rainey President, Exploration 10 December 2013 bhpbilliton resourcing the future
Slide 54: Key themes
bhpbilliton resourcing the future Key themes We are targeting large, high quality oil opportunities, primarily within our existing operated footprint Exploration for conventional and shale resources require a deep understanding of regional geology and petroleum systems Our conventional program conti
Slide 55: Focused conventional exploration program
bhpbilliton resourcing the future Focused conventional exploration program Gulf of Mexico Progress best Miocene opportunities Evaluate other Gulf of Mexico plays for Tier 1 potential ahead of lease turnover Tier 1 exploration criteria ü World class source rock ü Big reservoir system ü Large traps ü
Slide 56: We have built a material position in Trinidad and Tobago
bhpbilliton resourcing the future We have built a material position in Trinidad and Tobago We have an established operational presence in Trinidad and Tobago with our shallow water Angostura asset The deepwater is largely untested and has Tier 1 oil potential world class source rock giant Orinoco Ri
Slide 57: Extending our high return shale liquids profile
bhpbilliton resourcing the future Extending our high return shale liquids profile Our priority is to delineate the liquid sweet spots in the Gulf Coast and Permian Basins to guide acreage optimisation Pearsall exploration well drilled in October 2013 targeting horizon below the Eagle Ford shale Cont
Slide 58: Key themes
bhpbilliton resourcing the future Key themes We are targeting large, high quality oil opportunities, primarily within our existing operated footprint Exploration for conventional and shale resources require a deep understanding of regional geology and petroleum systems Our conventional program conti
Slide 59: bhpbilliton resourcing the future
bhpbilliton resourcing the future
Slide 60: Eagle Ford – Texas: Extending our high return, shale liquids profile
Eagle Ford – Texas Extending our high return, shale liquids profile Rod Skaufel Asset President, Shale 10 December 2013 bhpbilliton resourcing the future
Slide 61: Key themes
bhpbilliton resourcing the future Key themes Large, high quality resource position across multiple fields We have successfully refocused drilling activity on our liquids rich acreage Progressing development in the liquids rich Permian We are evaluating options to extend our liquids profile Defer dry
Slide 62: Significant presence in premier US shale plays
bhpbilliton resourcing the future Significant presence in premier US shale plays We hold 1.5 million net acres1 across four highly productive US shale plays and three US states – Black Hawk (Eagle Ford) – condensate rich – Hawkville (Eagle Ford) – mix of condensate and gas with NGL – Permian – liqui
Slide 63: A high quality shale resource portfolio
bhpbilliton resourcing the future A high quality shale resource portfolio Onshore US resources by product (as at 30 June 2013, net, billion boe) liquids gas 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Hawkville Permian Black Hawk Haynesville Fayetteville Onshore US resources by category (as at 30 June 2013, net, bi
Slide 64: Dry gas acreage is largely 'Held by Production'
bhpbilliton resourcing the future Dry gas acreage is largely ‘Held by Production’ In the Haynesville and Fayetteville, leases comprise regulatory unit size of 640 acres, generally one square mile Lease terms range from approximately three to seven years Acreage is retained provided production is est
Slide 65: Hawkville has continuous drilling obligations
bhpbilliton resourcing the future Hawkville has continuous drilling obligations Hawkville is characterised by irregular leases with boundaries often defined by the large ranches held by private landowners Portions of the lease are ‘earned’ through drilling with time dependent requirements i.e. ‘Cont
Slide 66: Rigs re-focused to liquids development
bhpbilliton resourcing the future Rigs re-focused to liquids development Onshore US operated rigs (% rig split) (average number of gross operated drill rigs) 0 20 40 60 80 100 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 1
Slide 67: Delivering strong growth in high value liquids production
bhpbilliton resourcing the future Delivering strong growth in high value liquids production Onshore US production by product (MMboe) Liquids gas 0 10 20 30 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Onshore US production by area 0 10 20 30 Q2 FY12 (MMboe) Q3 FY12 Fayetteville Pe
Slide 68: We are among the largest producers in the Eagle Ford
bhpbilliton resourcing the future We are among the largest producers in the Eagle Ford Eagle Ford is now the largest producing field within our Petroleum portfolio – currently producing in excess of 100 kboe/d (BHP Billiton share) – approximately 60% liquids Potential to build production above 200 k
Slide 69: We hold a premier position in the Eagle Ford
bhpbilliton resourcing the future We hold a premier position in the Eagle Ford Black Hawk (58k net acres1) in the heart of the condensate window Hawkville (250k net acres1) a mix of condensate and gas with NGLs Approximately 75% of our FY14 Onshore US drilling activity is focused on the Eagle Ford C
Slide 70: Black Hawk – heart of the condensate window
bhpbilliton resourcing the future Black Hawk – heart of the condensate window 148 net producing wells as at 30 June 2013 Average production of 60 kboe/d (BHP Billiton share) at approximately 80% liquids during the September 2013 quarter 50% average working interest Well downspacing and optimising st
Slide 71: Hawkville – mix of condensate and gas with NGL
bhpbilliton resourcing the future Hawkville – mix of condensate and gas with NGL 235 net producing wells as at 30 June 2013 Average production of 66 kboe/d (BHP Billiton share) at approximately 45% liquids during the September 2013 quarter Approximately 90% average working interest Good condensate r
Slide 72: Haynesville – strong returns at current prices
bhpbilliton resourcing the future Haynesville – strong returns at current prices Premier acreage position in one of the most productive shale gas plays in the US 936 net producing wells as at 30 June 2013 Average dry gas production of 89 kboe/d (BHP Billiton share) during the September 2013 quarter
Slide 73: Fayetteville – preserving value
bhpbilliton resourcing the future Fayetteville – preserving value Extensively drilled with low geologic risk 959 net producing wells as at 30 June 2013 Average dry gas production of 68 kboe/d (BHP Billiton share) during the September 2013 quarter of which approximately 45% was non-operated Operated
Slide 74: Permian – we have defined a highly prospective focus area
bhpbilliton resourcing the future Permian – we have defined a highly prospective focus area BHP Billiton acreage in the Permian basin NORTHWESTERN SHELF NEW MEXICO DELAWARE BASIN Yeso Abo Trend Lincoln Chaves Otero Eddy Lea Focus area Hudspeth Divestment area Jeff Davis Culberson DIABLO PLATFORM Ree
Slide 75: Permian – unique multiple horizon potential
bhpbilliton resourcing the future Permian – unique multiple horizon potential Large liquid bearing column creates the potential for multiple economically productive horizons A vertical well program followed by targeted horizontal wells has been used to appraise the play Extensive appraisal program g
Slide 76: Permian – targeting a 100 kboe/d development
bhpbilliton resourcing the future Permian – targeting a 100 kboe/d development Well results support planned 100 kboe/d development within the focus area with approximately 60% liquids Process of acquiring and consolidating our acreage position Testing multiple productive horizons Significant product
Slide 77: Shale capital allocation optimised for value
bhpbilliton resourcing the future Shale capital allocation optimised for value 1. For every operated well, we calculate the optimum timing to deliver maximum value, utilising forward price projections and cost learning curves 2. We test the sensitivity of value to timing, assessing the impact of acc
Slide 78: Timing investment for maximum value
bhpbilliton resourcing the future Timing investment for maximum value Capital allocation methodology informs rig program decisions to capture maximum value Well inventory can be categorised into three groups, reflecting the sensitivity of value to timing of investment - group 1: maximum value delive
Slide 79: Video – the drilling and completions process
bhpbilliton resourcing the future Video – the drilling and completions process BHP Billiton Investor briefing: Petroleum, December 2013 Slide 79
Slide 80: Committed to sustainable development
bhpbilliton resourcing the future Committed to sustainable development ü Be the safest company in industry ü Protect the land where we operate ü Safeguard and manage water resources ü Minimise air emissions ü Be a good neighbour to our communities bhpbilliton resourcing the future North America Shal
Slide 81: Manufacturing process, ideally suited for productivity improvement
bhpbilliton resourcing the future Manufacturing process, ideally suited for productivity improvement Stake Build Drill Complete Connect Development Clearing and Well design Inventory Equipment plans and site construction Support services management procurement selection Well pads and Location moves
Slide 82: Productivity opportunities have been identified and actioned
bhpbilliton resourcing the future Productivity opportunities have been identified and actioned Repetitive, manufacturing nature of shale is ideally suited to our productivity agenda We are targeting multiple opportunities to deliver material value – reduce drilling costs per well through efficiency
Slide 83: Utilising benchmarking and repetition of best practice to drive performance
bhpbilliton resourcing the future Utilising benchmarking and repetition of best practice to drive performance Total well costs include site preparation and well site facilities – ~25% of our well costs are time sensitive We have utilised a pacesetter concept to improve time performance and repetitio
Slide 84: Targeting a significant reduction in drilling costs
bhpbilliton resourcing the future Targeting a significant reduction in drilling costs Significant cost improvement has been realised We have recontracted key services including fracturing, cementing and casing over the past six months Well specification reviews are in progress to optimise well desig
Slide 85: Increased recoveries provide the greatest upside
bhpbilliton resourcing the future Increased recoveries provide the greatest upside We are targeting an improvement in ultimate recovery from completion optimisation and well downspacing Multiple field trials are underway to evaluate various components of completion design – high temperature gels for
Slide 86: Targeting a reduction in spud to sales time
bhpbilliton resourcing the future Targeting a reduction in spud to sales time We are targeting a reduction in the number of days from spud to sales in the Black Hawk while continuing to focus on safety – aggressively working down completion inventory with improved utilisation of frac spreads – minim
Slide 87: Key themes
bhpbilliton resourcing the future Key themes Large, high quality resource position across multiple fields We have successfully refocused drilling activity on our liquids rich acreage Progressing development in the liquids rich Permian We are evaluating options to extend our liquids profile Defer dry
Slide 88: Signatures
bhpbilliton resourcing the future SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BHP Billiton Limited and BHP Billiton Plc Date: December 10, 2013 By: