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BHP Talks YE 2018 Results; Ups GOM Samurai Interests, Looks Toward Asset Sales

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   |    Thursday,July 19,2018

BHP Billiton reported its YE 2018 report.

Highlights include:

- As previously announced, the company is in the process of selling off its onshore US assets - so no guidance for 2019 onshore assets has been announced:

  • Bids have been received and BHP aims to announce one or more transactions within the coming months, targeting completion of any transactions by the end of the 2018 calendar year.

- Petroleum exploration expenditure for the 2018 financial year was US$709 million, of which US$516 million was expensed.

- Five onshore rigs running / 85 wells drilled and completed (see below for breakdown)

- Production Decline Across the Board: Full year production of 636 MMBOE (down -5% from 2017)




Onshore Activity (2017 vs 2018)

Onshore US drilling and development expenditure for 2018 financial year was US$0.9 billion. Our operated rig count declined from seven to five during the June 2018 quarter.

As previously announced, the company is in the process of selling off its onshore US assets - so no guidance for 2019 onshore assets has been announced. Bids have been received and BHP aims to announce one or more transactions within the coming months, targeting completion of any transactions by the end of the 2018 calendar year.

Increased Interest in GOM Samurai Project

 In the US Gulf of Mexico, we increased our equity interest in the Murphy operated Samurai prospect (GC432 and GC476), the northern extension of the Wildling sub-basin, from 33.33 to 50 per cent. The Samurai-2 exploration well was spud on 16 April 2018 and encountered hydrocarbons in multiple horizons not previously observed by the Wildling-2 exploration well.



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