TIDMBLT
RNS Number : 2002C
BHP Billiton PLC
17 January 2018
Release Time IMMEDIATE
18 January
Date 2018
Release Number 01/18
BHP OPERATIONAL REVIEW
FOR THE HALF YEARED 31 DECEMBER 2017
-- Full year production and unit cost guidance(1) maintained for
Petroleum, Copper, Iron Ore and Energy Coal. At Western Australia
Iron Ore (WAIO), a record annualised production rate of 284 Mt (100
per cent basis) was achieved for the December 2017 quarter.
-- Production guidance for Metallurgical Coal reduced to between
41 and 43 Mt as a result of challenging roof conditions at
Broadmeadow, which are expected to continue through the March 2018
quarter, and geotechnical issues triggered by wet weather impacts
at Blackwater. Unit cost guidance is also expected to be negatively
impacted and is currently under review.
-- We continue to release latent capacity across our portfolio,
with the Los Colorados Extension project successfully ramped up
during the December 2017 quarter.
-- In Onshore US, our operated rig count remained at nine during
the December 2017 quarter but is expected to fall as we tailor
plans to maximise value in the exit process. We continue to
progress a number of alternatives to divest our Onshore US assets
for value.
-- All major projects under development are tracking to plan.
-- Underlying EBIT(2) in the December 2017 half year is expected
to include impairment charges, predominately related to conveyors
at Escondida, in a range of US$250 million to US$350 million.
Production Dec vs Dec
H17 H16
Lower volumes reflect the
impact of Hurricane Harvey
and Hurricane Nate on US
Petroleum petroleum assets and natural
(MMboe) 99 (7%) field decline.
Increased volumes at Escondida
supported by the ramp-up
of the Los Colorados Extension
Copper (kt) 833 17% project.
Record production at Jimblebar
and Mining Area C offset
by planned maintenance and
lower opening stockpile levels
Iron ore(3) following the Mt Whaleback
(Mt) 117 0% fire in June 2017.
Record production at four
Queensland Coal mines offset
by the lower volumes at Broadmeadow
Metallurgical (roof conditions) and Blackwater
coal(3) (Mt) 20 (4%) (geotechnical issues).
Strong performance at New
South Wales Energy Coal offset
Energy coal(3) by the impacts of unfavourable
(Mt) 14 4% wet weather at Cerrejón.
BHP Chief Executive Officer, Andrew Mackenzie, said: "A strong
operating performance in the first half allowed us to capture the
benefit of higher prices. The successful Los Colorados Extension
project ramp-up contributed to a 17 per cent increase in copper
output and production records were achieved at a number of Western
Australia Iron Ore and Queensland Coal mines. We have revised down
our metallurgical coal production forecast for the full year as a
result of geotechnical issues at both Broadmeadow and Blackwater.
The momentum we've built across the wider portfolio during the
second quarter will flow through to an expected stronger second
half operating performance. Together with incremental production
from latent capacity projects in iron ore and copper, we expect
volume growth of six per cent for the full year."
1
Summary
Operational performance
Production for the December 2017 half year and guidance for the
2018 financial year are summarised in the table below.
Dec Dec Dec
H17 Q17 Q17
vs vs vs Previous Current
Dec Dec Dec Dec Sep FY18 FY18
Production H17 Q17 H16 Q16 Q17 guidance guidance
Petroleum (MMboe) 99 48 (7%) (6%) (4%) 180 -190 180 -190
Onshore US 61 - 61 -
(MMboe) 35 18 (13%) (10%) 1% 67 67
Conventional 119 - 119 -
(MMboe) 64 31 (3%) (3%) (6%) 123 123
1,655 1,655
Copper (kt) 833 429 17% 20% 6% - 1,790 - 1,790
1,130 1,130
Escondida (kt) 583 315 29% 34% 17% - 1,230 - 1,230
Other copper(i) 525 - 525 -
(kt) 250 114 (4%) (7%) (16%) 560 560
Iron ore(ii) 239 - 239 -
(Mt) 117 62 0% 3% 11% 243 243
WAIO (100% 275 - 275 -
basis) (Mt) 136 72 0% 3% 11% 280(iii) 280(iii)
Metallurgical 44 - 41 -
coal(ii) (Mt) 20 10 (4%) (9%) (8%) 46 43
Energy coal(ii) 29 - 29 -
(Mt) 14 7 4% 10% 8% 30 30
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.
(iii) Subject to regulatory approvals to increase capacity above 270 Mt.
Major development projects
During the December 2017 half year, the BHP Board approved an
investment of US$2.5 billion for the development of the Spence
Growth Option.
BHP has four major projects under development in Petroleum,
Copper and Potash, with a combined budget of US$7.5 billion over
the life of the projects. All projects remain on time and on
budget.
Corporate update
BHP expects Underlying EBIT in the December 2017 half year to
include impairment charges (predominately related to conveyors at
Escondida that are no longer planned to be utilised due to the
successful completion of the Los Colorados Extension project) in a
range of US$250 million to US$350 million.
The Group's adjusted effective tax rate(4) for the December 2017
half year is currently being finalised and is expected to be below
the full year guidance range of 32 to 37 per cent.
As previously highlighted, during the December 2017 half year we
made final corporate income tax cash payments in Australia of
approximately US$1.3 billion relating to the prior year. We also
successfully concluded a US$2.9 billion multi-currency bond
repurchase plan, with total costs in relation to the repurchase
program of approximately US$100 million to be reported in net
finance costs in the December 2017 half year financial results.
On 16 November 2017, Samarco and its shareholders, Vale S.A. and
BHP Billiton Brasil, entered into an agreement with the Federal
Prosecutors' Office in Brazil and the Minas Gerais State
Prosecutors Office (Amendment Agreement). The Amendment Agreement,
subject to ratification by the 12th Federal Court of Minas Gerais,
amends the Preliminary Agreement(5) entered into on 18 January 2017
in relation to the Samarco dam failure (Preliminary Agreement). The
Amendment Agreement provides for the State Prosecutors to become a
party to the Preliminary Agreement and provides for additional
community consultation.
2
Samarco, Vale S.A., BHP Billiton Brasil and the Federal
Prosecutors also jointly requested, and the 12th Federal Court has
approved, an additional 150 days, ending on 20 April 2018, for the
parties to continue negotiations for the settlement of the Public
Civil Claims.
On 22 December 2017, BHP announced a total of US$181 million in
further financial support for the Renova Foundation and Samarco
until 30 June 2018. This comprises US$133 million to fund the
Renova Foundation which will be offset against the Group's
provision for the Samarco dam failure, US$6 million of fees payable
to experts appointed in connection with remediation and
compensation programs and a short-term facility of up to US$42
million to be made available to Samarco.
As at the date of this Operational Review, we are not in a
position to provide an update, for the purpose of the December 2017
half year financial results, on the ongoing potential financial
impacts on BHP Billiton Brasil of the Samarco dam failure. Any
financial impacts will continue to be classified as an exceptional
item.
On 22 December 2017, the US President signed a new US tax law
(H.R. 1). BHP is currently working through the financial impacts of
the tax reform, which will include a non-cash revaluation of the
Group's US net deferred tax assets. The financial impact is
expected to give rise to an exceptional item in the December 2017
half year financial results. Longer term, we expect US attributable
profits to be positively impacted by the lower US corporate income
tax rate.
Marketing update
The average realised prices achieved for our major commodities
are summarised in the table below. The majority of iron ore
shipments were linked to the index price for the month of shipment,
with price differentials predominantly a reflection of product
quality and market fundamentals. The majority of metallurgical coal
and energy coal exports were linked to the index price for the
month of shipment or sold on the spot market at fixed or
index-linked prices, with price differentials reflecting product
quality.
Dec H17 Dec H17 Dec H17
vs vs vs
Average realised prices(i) Dec H17 Dec H16 Jun H17 FY17 Dec H16 Jun H17 FY17
Oil (crude and condensate) (US$/bbl) 54 45 50 48 20% 8% 13%
Natural gas (US$/Mscf)(ii) 3.54 3.21 3.48 3.34 10% 2% 6%
US natural gas (US$/Mscf) 2.84 2.79 2.98 2.88 2% (5%) (1%)
LNG (US$/Mscf) 7.48 6.35 7.37 6.84 18% 1% 9%
Copper (US$/lb) 3.20 2.41 2.70 2.54 33% 19% 26%
Iron ore (US$/wmt, FOB) 57 55 62 58 4% (8%) (2%)
Hard coking coal (US$/t) 182 179 180 180 2% 1% 1%
Weak coking coal (US$/t) 121 122 121 121 (1%) 0% 0%
Thermal coal (US$/t)(iii) 87 74 75 75 18% 16% 16%
Nickel metal (US$/t) 11,083 10,581 9,799 10,184 5% 13% 9%
(i) Based on provisional, unaudited estimates. Prices exclude
sales from equity accounted investments, third party product and
internal sales, and represent the weighted average of various sales
terms (for example: FOB, CIF and CFR), unless otherwise noted.
Includes the impact of provisional pricing and finalisation
adjustments.
(ii) Includes internal sales.
(iii) Export sales only. Includes thermal coal sales from metallurgical coal mines.
At 31 December 2017, the Group had 348 kt of outstanding copper
sales that were revalued at a weighted average price of US$3.28 per
pound. The final price of these sales will be determined over the
remainder of the 2018 financial year. In addition, 254 kt of copper
sales from the 2017 financial year were subject to a finalisation
adjustment in the current period. The provisional pricing and
finalisation adjustments will increase Underlying EBITDA(2) by
US$246 million in the December 2017 half year.
3
Petroleum
Production
Dec Dec Dec
H17 Q17 Q17
vs vs vs
Dec Dec Dec Dec Sep
H17 Q17 H16 Q16 Q17
Crude oil, condensate
and natural gas liquids
(MMboe) 45 22 (8%) (7%) 1%
Natural gas (bcf) 325 157 (6%) (5%) (7%)
Total petroleum production
(MMboe) 99 48 (7%) (6%) (4%)
Petroleum - Total petroleum production for the December 2017
half year decreased by seven per cent to 99 MMboe. Guidance for the
2018 financial year remains unchanged at between 180 and 190 MMboe,
comprising Conventional volumes between 119 and 123 MMboe and
Onshore US volumes between 61 and 67 MMboe.
Production Dec vs Dec
breakdown H17 H16
---------------------- ----------- -------------
Crude oil, condensate and natural gas liquids
(MMboe)
Decrease due to the impact
of Hurricane Harvey and Hurricane
Nate in the Gulf of Mexico
and natural field decline across
Conventional 30 (6%) the portfolio.
Decrease due to the impact
of Hurricane Harvey and natural
field decline, which more than
offset additional wells put
online in the Black Hawk and
Onshore US 15 (12%) Permian.
Total 45 (8%)
Natural gas
(bcf)
Conventional 203 (1%) Production broadly unchanged.
Decrease due to the impact
of Hurricane Harvey and natural
field decline, partially offset
by additional wells put online
in the Eagle Ford, Permian
Onshore US 122 (14%) and Haynesville.
Total 325 (6%)
Completion of the agreement with Chevron and ExxonMobil to
withdraw from our 4.95 per cent interest in the Genesis deepwater
asset in the Gulf of Mexico occurred in December 2017, with an
effective date of 1 January 2017.
Projects
Initial
Capital production
Project and expenditure target
ownership (US$m) date Capacity Progress
North West 314 CY19 To maintain On schedule
Shelf Greater LNG plant throughput and budget.
Western Flank-B from the North The overall
(Australia) West Shelf operations. project is 66%
16.67% (non-operator) complete.
Mad Dog Phase 2,154 CY22 New floating On schedule
2 production facility and budget.
(US Gulf with the capacity The overall
of Mexico) to produce up project is 10%
23.9% (non-operator) to 140,000 gross complete.
barrels of crude
oil per day.
Petroleum capital expenditure of approximately US$1.9 billion is
now planned in the 2018 financial year, a reduction from our
previous guidance of US$2.0 billion. Onshore US capital expenditure
is expected to be lower at US$1.1 billion, reflecting development
activity tailored to support value in the exit process and meet
Hold by Production obligations. Conventional capital expenditure of
US$0.8 billion remains unchanged, focused on high-return infill
drilling opportunities in the Gulf of Mexico, a life extension
project at North West Shelf and investment in the Mad Dog Phase 2
project.
4
Onshore US development activity
Onshore US drilling and development expenditure for the December
2017 half year was US$336 million (US$511 million on an activity
basis). Our operated rig count remained at nine during the December
2017 quarter.
-- We have adjusted our Onshore US capital plans to optimise value for our planned exit.
-- In the Permian, sub-surface trials have confirmed first year
production improvements associated with larger completions. We
reduced our rig count from three to two (in December 2017 quarter)
as we focused on meeting Hold by Production obligations and
progressing sub-surface trials.
-- In the Eagle Ford, we increased our rig count from two to
three in the December 2017 quarter to test the Austin Chalk horizon
and trial larger completions in Hawkville. We anticipate a return
to two rigs during the March 2018 quarter.
-- In the Haynesville, we recently incorporated larger
completions and have been operating new wells with larger chokes,
both of which have improved results. We will continue to implement
these changes in future wells, but expect to lower our rig count
during the second half of the 2018 financial year as rig contracts
expire and we optimise future investments ahead of our planned
exit.
-- In the Fayetteville, our plans remain unchanged at this time.
We continue to assess the potential of the Moorefield horizon based
on data from the new non-operated wells.
December 2017 half year Liquids focused areas Gas focused areas
(December 2016 half year) Eagle Ford Permian Haynesville Fayetteville Total
Capital expenditure(i) US$ billion 0.1 (0.1) 0.1 (0.1) 0.1 (0.0) 0.0 (0.0) 0.3 (0.3)
Rig allocation At period end 3 (1) 2 (1) 4 (1) 0 (0) 9 (3)
Net wells drilled and
completed(ii) Period total 9 (43) 10 (15) 10 (0) 0 (2) 29 (60)
Net productive wells At period end 931 (942) 136 (118) 405 (394) 1,043 (1,042) 2,515 (2,496)
(i) Includes land acquisition, site preparation, drilling,
completions, well site facilities, mid-stream infrastructure and
pipelines.
(ii) Can vary between periods based on changes in rig activity
and the inventory of wells drilled but not yet completed at period
end.
We continue to progress a number of alternatives to exit our
Onshore US assets for value. We are preparing all appropriate
documentation ahead of data rooms being opened to potential trade
sale buyers by the end of the March 2018 quarter. In parallel, we
continue to explore a potential exit via demerger or Initial Public
Offering.
Petroleum exploration
Exploration and appraisal wells drilled during the December 2017
quarter are summarised below.
Total
Water well
Well Location Target BHP equity Spud date depth depth Status
US Gulf
of Mexico 1 October 1,289 9,386 Drilling
Scimitar GC392 Oil 65% 2017 m m ahead
In the US Gulf of Mexico, the Scimitar well was spud on 1
October 2017, with results expected in the March 2018 quarter. BHP
holds a 65 per cent working interest and is the operator of the
Scimitar prospect, with partner Repsol (20 per cent working
interest) and Statoil (15 per cent working interest).
In Mexico, an Exploration and Appraisal plan for the Trion
contractual area licence number CNH-A1-Trion/2016 (formerly
referred to as blocks AE-0092 and AE-0093) was submitted to the
Comisión Nacional de Hidrocarburos of Mexico by BHP and Pemex on 29
August 2017, in line with regulatory requirements. We have received
positive feedback and planning continues for the exploration and
appraisal wells which are expected to be drilled in the 2019
financial year.
5
In Trinidad and Tobago, we continued appraisal work to assess
the potential commercialisation of the gas discovery at LeClerc.
Preparations continued for Phase 2 deepwater exploration which is
expected to commence in the second half of the 2018 financial
year.
Petroleum exploration expenditure for the December 2017 half
year was US$378 million, of which US$137 million was expensed. A
US$715 million exploration program is planned for the 2018
financial year. This program comprises the Wildling-2 side track
and Scimitar exploration well in the US Gulf of Mexico and two
wells in Trinidad and Tobago, with the third well now expected to
be drilled at the beginning of the 2019 financial year.
Copper
Production
Dec Dec Dec
H17 Q17 Q17
vs vs vs
Dec Dec Dec Dec Sep
H17 Q17 H16 Q16 Q17
Copper (kt) 833 429 17% 20% 6%
Zinc (t) 58,255 29,054 54% 30% (1%)
Uranium oxide concentrate
(t) 1,123 243 (43%) (77%) (72%)
Copper - Total copper production for the December 2017 half year
increased by 17 per cent to 833 kt. Guidance for the 2018 financial
year remains unchanged at between 1,655 and 1,790 kt.
Escondida copper production for the December 2017 half year
increased by 29 per cent to 583 kt, supported by the start-up of
the Los Colorados Extension (LCE) project on 10 September 2017. LCE
successfully ramped up during the December 2017 quarter, enabling
utilisation of the three concentrators. Production guidance for the
2018 financial year remains unchanged at between 1,130 and 1,230
kt. Escondida and Union Ndeg2 of Supervisors and Staff signed a new
Collective Agreement, valid from 1 October 2017, which has a
duration of 36 months. The existing agreement with Union Ndeg1 will
expire on 1 August 2018, with planning underway for early
negotiations.
Pampa Norte copper production for the December 2017 half year
increased by nine per cent to 126 kt, supported by record material
mined at Cerro Colorado and rapid ramp-up at the Spence tank house
post unplanned maintenance during the September 2017 quarter. Pampa
Norte production guidance for the 2018 financial year remains
unchanged and is expected to be higher than the prior year.
Olympic Dam copper production for the December 2017 half year
decreased by 31 per cent to 54 kt as a result of the planned major
smelter maintenance campaign recently completed. Smelting
operations have now resumed with the first anode cast from the
flash furnace on 23 December 2017. Operations will continue to
ramp-up to full capacity in the March 2018 quarter, with production
guidance unchanged at 150 kt for the 2018 financial year. We expect
production to increase to approximately 215 kt in the 2019
financial year, underpinned by improved operating performance and
higher ore grades from the Southern Mine Area.
Antamina copper production for the December 2017 half year
increased by five per cent to 70 kt and zinc production increased
54 per cent to 58 kt due to higher head grades and mining
progressing through a zinc-rich ore zone consistent with the mine
plan. Guidance for the 2018 financial year remains unchanged, with
copper production of approximately 125 kt and zinc production of
approximately 100 kt.
6
Projects
Initial
Capital production
Project and expenditure target
ownership (US$m) date Capacity Progress
Spence Growth Option 2,460 FY21 New 95 ktpd concentrator is expected to increase Spence's payable copper in concentrate production On schedule and budget. The overall
by approximately 185 ktpa in the first 10 years of operation and extend the mining operations project is 4% complete.
by more than 50 years.
(Chile)
100%
Iron Ore
Production
Dec H17 Dec Q17 Dec Q17
vs vs vs
Dec H17 Dec Q17 Dec H16 Dec Q16 Sep Q17
Iron ore(i) (kt) 117,144 61,557 0% 3% 11%
(i) Represents Western Australia Iron Ore (WAIO). Excludes production from Samarco.
Iron ore - Total iron ore production for the December 2017 half
year was in line with the same period last year at 117 Mt, or 136
Mt on a 100 per cent basis. Guidance for the 2018 financial year
remains unchanged at between 239 and 243 Mt, or between 275 and 280
Mt on a 100 per cent basis, with volumes weighted to the second
half of the financial year as expected.
At WAIO, record production at Jimblebar and Mining Area C was
offset by the impact of lower opening stockpile levels following
the fire at the Mt Whaleback screening plant in June 2017, and
planned maintenance in the previous quarter. Volumes increased by
11 per cent from the September 2017 quarter with a record
annualised rate of 284 Mt (100 per cent basis) achieved for the
December 2017 quarter. The higher volumes reflect increased plant
availability and improved rail performance. Port debottlenecking
activities were completed in the December 2017 quarter and will
support higher volumes in the second half of the financial
year.
BHP continues to work with the relevant authorities in relation
to the necessary approvals to increase system capacity to 290 Mtpa
(100 per cent basis).
Mining and processing operations at Samarco remain suspended
following the failure of the Fundão tailings dam and Santarém water
dam on 5 November 2015.
Coal
Production
Dec H17 Dec Q17 Dec Q17
vs vs vs
Dec H17 Dec Q17 Dec H16 Dec Q16 Sep Q17
Metallurgical coal (kt) 20,252 9,685 (4%) (9%) (8%)
Energy coal (kt) 14,029 7,297 4% 10% 8%
7
Metallurgical coal - Metallurgical coal production for the
December 2017 half year decreased by four per cent to 20 Mt.
Guidance for the 2018 financial year has been reduced to between 41
and 43 Mt and reflects lower volumes now expected at Broadmeadow
and Blackwater. As a result of the reduced Broadmeadow and
Blackwater volumes and compensatory increased production from
higher cost pits, unit cost guidance is also expected to be
negatively impacted and is currently under review.
At Queensland Coal, production for the December 2017 half year
was lower due to the impacts of ongoing challenging roof conditions
at Broadmeadow and geotechnical issues brought on by wet weather at
Blackwater. This was partially offset by record production at South
Walker Creek, Saraji, Caval Ridge and Daunia, underpinned by
improved truck and shovel performance, utilisation of latent
dragline capacity at Caval Ridge and increased wash-plant feed
rates.
The Caval Ridge Southern Circuit project is progressing
according to plan, with production expected to ramp-up early in the
2019 financial year.
Energy coal - Energy coal production for the December 2017 half
year increased by four per cent to 14 Mt. Guidance for the 2018
financial year remains unchanged at 29 to 30 Mt.
New South Wales Energy Coal production increased by 10 per cent
as it benefitted from improved stripping performance, higher truck
utilisation and additional bypass coal. This was partially offset
by a six per cent decline in Cerrejón production, which was
impacted by wet weather conditions during the September 2017
quarter.
Other
Nickel production
Dec H17 Dec Q17 Dec Q17
vs vs vs
Dec H17 Dec Q17 Dec H16 Dec Q16 Sep Q17
Nickel (kt) 45.2 22.4 11% 1% (2%)
Nickel - Nickel West production for the December 2017 half year
increased by 11 per cent to 45 kt of nickel primarily due to
improved performance at the Kalgoorlie smelter. Nickel production
guidance for the 2018 financial year remains unchanged and is
expected to be broadly in line with the 2017 financial year.
Potash project
Project
and Investment
ownership (US$m) Scope Progress
Jansen 2,600 Investment to finish The project is 75%
Potash the excavation and complete and within
lining of the production the approved budget.
and service shafts, Shaft excavation
and to continue is progressing.
the installation
of essential surface
infrastructure and
utilities.
(Canada)
100%
Minerals exploration
Minerals exploration expenditure for the December 2017 half year
was US$86 million, of which US$55 million was expensed. Greenfield
minerals exploration is predominantly focused on advancing copper
targets within Chile, Ecuador, Peru, Canada, South Australia and
the South-West United States.
Variance analysis relates to the relative performance of BHP
and/or its operations during the December 2017 half year compared
with the December 2016 half year, 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. Copper equivalent production based on 2017 financial year
average realised prices.
8
The following footnotes apply to this Operational Review:
(1) 2018 financial year unit cost guidance is based on exchange
rates of AUD/USD 0.75 and USD/CLP 663.
(2) Underlying EBIT and Underlying EBITDA are used to reflect
the underlying performance of BHP. Underlying EBIT is earnings
before net finance costs, taxation and any exceptional items.
Underlying EBITDA is Underlying EBIT before depreciation,
amortisation and impairment.
(3) Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.
(4) Adjusted effective tax rate comprises Total taxation
(expense)/benefit excluding exceptional items and exchange rate
movements included in taxation (expense)/benefit divided by
Profit/(loss) before taxation and exceptional items.
(5) The Preliminary Agreement outlines the process and timeline
for negotiation of a settlement of the BRL 155 billion
(approximately US$47 billion) and BRL 20 billion (approximately
US$6 billion) Public Civil Claims relating to the dam failure.
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 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 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).
9
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10
Production summary
Year to
Quarter ended date
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2016 2017 2017 2017 2017 2017 2016
Petroleum (1)
Petroleum
Crude oil, condensate
and NGL (Mboe)
Onshore US 8,143 9,439 8,501 7,079 7,423 14,502 16,431
Conventional 15,768 15,369 15,612 15,090 14,869 29,959 31,727
Total 23,911 24,808 24,113 22,169 22,292 44,461 48,158
Natural gas (bcf)
Onshore US 67.8 66.1 67.2 61.4 60.5 121.9 141.7
Conventional 97.1 88.4 99.5 107.3 96.1 203.4 204.9
Total 164.9 154.5 166.7 168.7 156.6 325.3 346.6
Total petroleum
production (MMboe) 51.4 50.6 51.9 50.3 48.4 98.7 105.9
Copper (2)
Copper
Payable metal in
concentrate (kt)
Escondida (3) 57.5% 162.6 67.6 162.4 196.3 238.5 434.8 309.6
Antamina 33.8% 32.0 29.2 38.5 35.9 33.8 69.7 66.1
Total 194.6 96.8 200.9 232.2 272.3 504.5 375.7
Cathode (kt)
Escondida (3) 57.5% 71.5 27.2 62.8 71.9 76.1 148.0 142.0
Pampa Norte (4) 100% 53.8 66.1 72.3 58.0 68.4 126.4 115.9
Olympic Dam 100% 37.2 36.8 51.4 42.0 12.2 54.2 78.1
Total 162.5 130.1 186.5 171.9 156.7 328.6 336.0
Total copper (kt) 357.1 226.9 387.4 404.1 429.0 833.1 711.7
Lead
Payable metal in
concentrate (t)
Antamina 33.8% 1,220 1,308 1,799 1,415 1,009 2,424 2,366
Total 1,220 1,308 1,799 1,415 1,009 2,424 2,366
Zinc
Payable metal in
concentrate (t)
Antamina 33.8% 22,406 20,653 29,076 29,201 29,054 58,255 37,773
Total 22,406 20,653 29,076 29,201 29,054 58,255 37,773
Gold
Payable metal in
concentrate (troy
oz)
Escondida (3) 57.5% 37,784 11,572 33,941 50,525 50,279 100,804 65,345
Olympic Dam (refined
gold) 100% 29,651 21,941 28,188 13,101 15,969 29,070 54,017
Total 67,435 33,513 62,129 63,626 66,248 129,874 119,362
11
Year to
Quarter ended date
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2016 2017 2017 2017 2017 2017 2016
Silver
Payable metal in
concentrate (troy
koz)
Escondida (3) 57.5% 1,323 540 1,234 1,737 2,193 3,930 2,552
Antamina 33.8% 1,446 1,301 1,691 1,596 1,331 2,927 2,791
Olympic Dam (refined
silver) 100% 188 174 243 131 135 266 351
Total 2,957 2,015 3,168 3,464 3,659 7,123 5,694
Uranium
Payable metal in
concentrate (t)
Olympic Dam 100% 1,060 948 737 880 243 1,123 1,976
Total 1,060 948 737 880 243 1,123 1,976
Molybdenum
Payable metal in
concentrate (t)
Antamina 33.8% 225 30 328 402 579 981 786
Total 225 30 328 402 579 981 786
12
Production summary
Year to
Quarter ended date
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2016 2017 2017 2017 2017 2017 2016
Iron Ore
Iron Ore
Production
(kt) (5)
Newman 85% 17,751 16,283 16,241 13,842 18,317 32,159 35,759
Area C Joint
Venture 85% 12,179 11,165 13,016 13,099 13,575 26,674 24,563
Yandi Joint
Venture 85% 17,555 14,656 17,415 14,559 16,348 30,907 33,284
Jimblebar (6) 85% 5,178 4,824 5,891 6,283 4,583 10,866 11,235
Wheelarra 85% 7,386 6,647 7,578 7,804 8,734 16,538 12,795
Samarco 50% - - - - - - -
Total 60,049 53,575 60,141 55,587 61,557 117,144 117,636
Coal
Metallurgical
coal
Production
(kt) (7)
BMA 50% 8,684 7,996 6,394 8,296 7,394 15,690 17,068
BHP Mitsui
Coal (8) 80% 1,929 2,138 2,100 2,271 2,291 4,562 4,074
Haju (9) 75% 27 - - - - - 129
Total 10,640 10,134 8,494 10,567 9,685 20,252 21,271
Energy coal
Production
(kt)
USA 100% - - - - - - 451
Australia 100% 3,851 4,662 5,711 4,235 4,383 8,618 7,803
Colombia 33.3% 2,800 2,756 2,475 2,497 2,914 5,411 5,728
Total 6,651 7,418 8,186 6,732 7,297 14,029 13,982
Other
Nickel
Saleable production
(kt)
Nickel West 100% 22.1 19.0 25.2 22.8 22.4 45.2 40.9
Total 22.1 19.0 25.2 22.8 22.4 45.2 40.9
(1) 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 MMboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of
saleable product. Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%.
(9) Shown on a 100% basis. BHP interest in saleable production is 75%.
Throughout this report figures in italics indicate that this
figure has been adjusted since it was previously reported.
13
Production and sales report
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Petroleum (1)
Bass Strait
Crude oil and
condensate (Mboe) 1,770 1,355 1,552 1,815 1,513 3,328 3,692
NGL (Mboe) 1,460 1,236 1,661 1,950 1,584 3,534 3,562
Natural gas (bcf) 31.3 28.7 37.4 42.6 32.9 75.5 73.2
Total petroleum
products (MMboe) 8.4 7.4 9.4 10.9 8.6 19.4 19.5
North West Shelf
Crude oil and
condensate (Mboe) 1,468 1,239 1,314 1,474 1,442 2,916 2,954
NGL (Mboe) 263 200 209 227 200 427 555
Natural gas (bcf) 36.9 32.2 32.5 36.2 36.2 72.4 75.6
Total petroleum
products (MMboe) 7.9 6.8 6.9 7.7 7.7 15.4 16.1
Pyrenees
Crude oil and
condensate (Mboe) 1,726 1,509 1,606 1,510 1,210 2,720 3,402
Total petroleum
products (MMboe) 1.7 1.5 1.6 1.5 1.2 2.7 3.4
Other Australia
(2)
Crude oil and
condensate (Mboe) 8 8 9 9 8 17 18
Natural gas (bcf) 17.1 15.2 16.3 16.1 13.3 29.4 34.6
Total petroleum
products (MMboe) 2.9 2.5 2.7 2.7 2.2 4.9 5.8
Atlantis (3)
Crude oil and
condensate (Mboe) 3,263 3,881 3,637 3,022 3,377 6,399 6,317
NGL (Mboe) 207 295 213 218 195 413 415
Natural gas (bcf) 1.6 2.1 1.9 1.6 1.8 3.4 3.1
Total petroleum
products (MMboe) 3.7 4.5 4.2 3.5 3.9 7.4 7.2
Mad Dog (3)
Crude oil and
condensate (Mboe) 1,170 1,185 1,167 1,020 1,231 2,251 2,120
NGL (Mboe) 52 59 68 44 72 116 88
Natural gas (bcf) 0.2 0.2 0.2 0.1 0.2 0.3 0.3
Total petroleum
products (MMboe) 1.3 1.3 1.3 1.1 1.3 2.4 2.3
Shenzi (3)
Crude oil and
condensate (Mboe) 2,692 2,675 2,588 2,291 2,513 4,804 5,324
NGL (Mboe) 131 161 179 141 184 325 225
Natural gas (bcf) 0.5 0.5 0.6 0.4 0.5 0.9 1.0
Total petroleum
products (MMboe) 2.9 2.9 2.9 2.5 2.8 5.3 5.7
Eagle Ford (4)
Crude oil and
condensate (Mboe) 4,008 5,451 4,278 3,457 3,720 7,177 7,879
NGL (Mboe) 2,159 2,354 2,240 1,856 2,100 3,956 4,427
Natural gas (bcf) 15.2 17.0 15.1 13.8 14.4 28.2 31.7
Total petroleum
products (MMboe) 8.7 10.6 9.0 7.6 8.2 15.8 17.6
14
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Permian (4)
Crude oil and
condensate (Mboe) 1,378 1,202 1,336 1,179 1,142 2,321 2,793
NGL (Mboe) 580 428 646 587 460 1,047 1,314
Natural gas (bcf) 4.4 4.0 6.2 4.5 3.6 8.1 8.8
Total petroleum
products (MMboe) 2.7 2.3 3.0 2.5 2.2 4.7 5.6
Haynesville
(4)
Crude oil and
condensate (Mboe) 3 1 1 - 1 1 3
NGL (Mboe) 15 3 - - - - 15
Natural gas (bcf) 24.0 22.0 21.4 21.5 22.0 43.5 52.2
Total petroleum
products (MMboe) 4.0 3.7 3.6 3.6 3.7 7.3 8.7
Fayetteville
(4)
Natural gas (bcf) 24.2 23.1 24.5 21.6 20.5 42.1 49.0
Total petroleum
products (MMboe) 4.0 3.9 4.1 3.6 3.4 7.0 8.2
15
Production and sales report
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Petroleum (1)
(continued)
Trinidad/Tobago
Crude oil and
condensate (Mboe) 156 127 139 118 135 253 296
Natural gas (bcf) 8.4 8.4 9.4 9.7 10.5 20.2 14.8
Total petroleum
products (MMboe) 1.6 1.5 1.7 1.7 1.9 3.6 2.8
Other Americas
(3) (5)
Crude oil and
condensate (Mboe) 269 257 238 229 207 436 544
NGL (Mboe) 5 6 10 5 3 8 6
Natural gas (bcf) 0.1 0.1 0.1 0.1 0.1 0.2 0.2
Total petroleum
products (MMboe) 0.3 0.3 0.3 0.3 0.2 0.5 0.6
UK
Crude oil and
condensate (Mboe) 63 72 64 40 22 62 132
NGL (Mboe) 49 32 16 39 13 52 71
Natural gas (bcf) 1.0 1.0 1.1 0.5 0.6 1.1 2.1
Total petroleum
products (MMboe) 0.3 0.3 0.3 0.2 0.1 0.3 0.6
Algeria
Crude oil and
condensate (Mboe) 1,016 1,072 942 938 960 1,898 2,006
Total petroleum
products (MMboe) 1.0 1.1 0.9 0.9 1.0 1.9 2.0
BHP Petroleum
Crude oil and
condensate
Onshore US (Mboe) 5,389 6,654 5,615 4,636 4,863 9,499 10,675
Conventional (Mboe) 13,601 13,380 13,256 12,466 12,618 25,084 26,805
Total (Mboe) 18,990 20,034 18,871 17,102 17,481 34,583 37,480
NGL
Onshore US (Mboe) 2,754 2,785 2,886 2,443 2,560 5,003 5,756
Conventional (Mboe) 2,167 1,989 2,356 2,624 2,251 4,875 4,922
Total (Mboe) 4,921 4,774 5,242 5,067 4,811 9,878 10,678
Natural gas
Onshore US (bcf) 67.8 66.1 67.2 61.4 60.5 121.9 141.7
Conventional (bcf) 97.1 88.4 99.5 107.3 96.1 203.4 204.9
Total (bcf) 164.9 154.5 166.7 168.7 156.6 325.3 346.6
Total petroleum
products
Onshore US (Mboe) 19,443 20,456 19,701 17,312 17,506 34,819 40,048
Conventional (Mboe) 31,951 30,102 32,195 32,973 30,886 63,859 65,877
Total (Mboe) 51,394 50,558 51,896 50,286 48,392 98,678 105,925
(1) Total boe conversions are based on 6 bcf of natural gas
equals 1 MMboe. Negative production figures represent finalisation
adjustments.
(2) Other Australia includes Minerva and Macedon.
(3) Gulf of Mexico volumes are net of royalties.
(4) Onshore US volumes are net of mineral holder royalties.
(5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
16
Production and sales report
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Copper
Metals production is payable
metal unless otherwise stated.
Escondida, Chile
(1)
Material mined (kt) 90,863 26,045 93,389 104,867 101,371 206,238 197,367
Sulphide ore
milled (kt) 19,866 8,054 18,777 24,080 30,260 54,340 40,653
Average copper
grade (%) 1.02% 1.01% 1.07% 1.06% 0.98% 1.02% 0.94%
Production ex
mill (kt) 168.6 68.7 167.0 204.2 245.7 449.9 321.8
Production
Payable copper (kt) 162.6 67.6 162.4 196.3 238.5 434.8 309.6
Copper cathode
(EW) (kt) 71.5 27.2 62.8 71.9 76.1 148.0 142.0
- Oxide leach (kt) 24.4 8.9 20.3 22.4 27.4 49.8 51.2
- Sulphide leach (kt) 47.1 18.3 42.5 49.5 48.7 98.2 90.8
Total copper (kt) 234.1 94.8 225.2 268.2 314.6 582.8 451.6
Payable gold (troy
concentrate oz) 37,784 11,572 33,941 50,525 50,279 100,804 65,345
Payable silver (troy
concentrate koz) 1,323 540 1,234 1,737 2,193 3,930 2,552
Sales
Payable copper (kt) 172.7 63.7 163.3 195.1 236.7 431.8 307.6
Copper cathode
(EW) (kt) 71.8 39.4 56.0 61.6 84.1 145.7 137.4
Payable gold (troy
concentrate oz) 37,784 11,572 33,941 50,525 50,278 100,803 65,345
Payable silver (troy
concentrate koz) 1,323 540 1,234 1,737 2,193 3,930 2,552
(1) Shown on a 100% basis. BHP interest in saleable production
is 57.5%.
Pampa Norte,
Chile
Cerro Colorado
Material mined (kt) 14,286 15,178 15,760 21,381 20,191 41,572 27,297
Ore milled (kt) 3,342 4,179 4,411 3,951 4,611 8,562 6,583
Average copper
grade (%) 0.65% 0.57% 0.53% 0.62% 0.59% 0.60% 0.66%
Production
Copper cathode
(EW) (kt) 12.1 16.7 18.8 13.3 17.4 30.7 29.2
Sales
Copper cathode
(EW) (kt) 13.7 15.6 19.8 12.3 17.7 30.0 30.1
Spence
Material mined (kt) 22,635 22,939 24,230 22,314 23,457 45,771 46,273
Ore milled (kt) 5,187 5,225 4,968 5,375 4,919 10,294 9,900
Average copper
grade (%) 1.19% 1.09% 1.13% 1.21% 0.95% 1.09% 1.18%
Production
Copper cathode
(EW) (kt) 41.7 49.4 53.5 44.7 51.0 95.7 86.7
Sales
Copper cathode
(EW) (kt) 41.5 49.0 55.7 43.0 52.2 95.2 82.7
17
Production and sales report
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Copper (continued)
Metals production is payable
metal unless otherwise stated.
Antamina, Peru
Material mined
(100%) (kt) 61,355 55,771 62,254 59,216 59,125 118,341 126,466
Sulphide ore milled
(100%) (kt) 13,399 11,955 13,229 12,822 13,098 25,920 26,921
Average head grades
- Copper (%) 0.84% 0.88% 1.00% 0.94% 0.89% 0.91% 0.84%
- Zinc (%) 0.83% 0.84% 0.95% 0.99% 0.93% 0.96% 0.71%
Production
Payable copper (kt) 32.0 29.2 38.5 35.9 33.8 69.7 66.1
Payable zinc (t) 22,406 20,653 29,076 29,201 29,054 58,255 37,773
(troy
Payable silver koz) 1,446 1,301 1,691 1,596 1,331 2,927 2,791
Payable lead (t) 1,220 1,308 1,799 1,415 1,009 2,424 2,366
Payable molybdenum (t) 225 30 328 402 579 981 786
Sales
Payable copper (kt) 33.0 30.2 36.9 31.9 37.0 68.9 65.8
Payable zinc (t) 22,334 23,669 27,936 25,224 30,340 55,564 38,377
(troy
Payable silver koz) 1,388 1,304 1,513 1,475 1,470 2,945 2,665
Payable lead (t) 1,100 1,475 1,493 1,624 972 2,596 1,867
Payable molybdenum (t) 476 - - 168 693 861 1,124
Olympic Dam, Australia
Material mined
(1) (kt) 1,887 1,943 1,974 1,851 1,391 3,242 4,091
Ore milled (kt) 2,116 2,112 2,097 2,302 554 2,856 4,395
Average copper
grade (%) 2.00% 2.07% 2.30% 2.10% 2.22% 2.12% 1.98%
Average uranium
grade (kg/t) 0.68 0.61 0.58 0.55 0.58 0.56 0.64
Production
Copper cathode
(ER and EW) (kt) 37.2 36.8 51.4 42.0 12.2 54.2 78.1
Uranium oxide
concentrate (t) 1,060 948 737 880 243 1,123 1,976
(troy
Refined gold oz) 29,651 21,941 28,188 13,101 15,969 29,070 54,017
(troy
Refined silver koz) 188 174 243 131 135 266 351
Sales
Copper cathode
(ER and EW) (kt) 41.2 33.5 51.5 31.6 24.3 55.9 78.7
Uranium oxide
concentrate (t) 883 839 1,298 680 338 1,018 1,968
(troy
Refined gold oz) 28,234 22,333 24,726 22,435 17,999 40,434 50,135
(troy
Refined silver koz) 203 108 251 219 118 337 387
(1) Material mined refers to run of mine ore mined and hoisted.
18
Production and sales report
Year to
Quarter ended date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Iron Ore
Iron ore production and sales are reported on
a wet tonnes basis.
Pilbara, Australia
Production
Newman (kt) 17,751 16,283 16,241 13,842 18,317 32,159 35,759
Area C Joint
Venture (kt) 12,179 11,165 13,016 13,099 13,575 26,674 24,563
Yandi Joint
Venture (kt) 17,555 14,656 17,415 14,559 16,348 30,907 33,284
Jimblebar (1) (kt) 5,178 4,824 5,891 6,283 4,583 10,866 11,235
Wheelarra (kt) 7,386 6,647 7,578 7,804 8,734 16,538 12,795
Total production (kt) 60,049 53,575 60,141 55,587 61,557 117,144 117,636
Total production
(100%) (kt) 69,730 62,177 69,714 64,287 71,611 135,898 136,411
Sales
Lump (kt) 14,127 12,804 15,104 13,896 15,145 29,041 28,283
Fines (kt) 45,447 41,043 46,249 40,733 45,769 86,502 87,725
Total (kt) 59,574 53,847 61,353 54,629 60,914 115,543 116,008
Total sales
(100%) (kt) 69,196 62,513 71,149 63,322 70,733 134,055 134,564
(1) Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil (1)
Production (kt) - - -- - - -
Sales (kt) - 35 --14 14 12
(1) Mining and processing operations remain suspended following
the failure of the Fundão tailings dam and Santarém water dam on 5
November 2015.
19
Production and sales report
Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Coal
Coal production is reported
on the basis of saleable
product.
Queensland Coal
Production (1)
BMA
Blackwater (kt) 1,855 1,694 1,766 1,985 1,470 3,455 3,836
Goonyella (kt) 2,204 1,871 1,157 1,639 1,369 3,008 4,327
Peak Downs (kt) 1,715 1,582 1,238 1,602 1,367 2,969 3,235
Saraji (kt) 1,307 1,276 913 1,414 1,198 2,612 2,545
Daunia (kt) 680 674 560 662 718 1,380 1,326
Caval Ridge (kt) 923 899 760 994 1,272 2,266 1,799
Total BMA (kt) 8,684 7,996 6,394 8,296 7,394 15,690 17,068
BHP Mitsui Coal
(2)
South Walker Creek (kt) 1,080 1,354 1,348 1,400 1,524 2,924 2,421
Poitrel (kt) 849 784 752 871 767 1,638 1,653
Total BHP Mitsui
Coal (kt) 1,929 2,138 2,100 2,271 2,291 4,562 4,074
Total Queensland
Coal (kt) 10,613 10,134 8,494 10,567 9,685 20,252 21,142
Sales
Coking coal (kt) 7,658 7,133 5,496 7,934 6,341 14,275 14,898
Weak coking coal (kt) 2,659 2,761 2,502 3,150 2,816 5,966 5,458
Thermal coal (kt) 154 96 142 102 173 275 360
Total (kt) 10,471 9,990 8,140 11,186 9,330 20,516 20,716
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
Haju, Indonesia
(1)
Production (kt) 27 -- - - - 129
Sales - export (kt) - -- - - - -
(1) Shown on 100% basis. BHP interest in saleable production is
75%. BHP completed the sale of IndoMet Coal on 14 October 2016.
New Mexico, USA
Production
Navajo Coal (1) (kt) - - - - - - 451
Total (kt) - - - - - - 451
Sales thermal coal
- local utility - - - - - - 105
(1) The divestment of Navajo Coal was completed on 29 July 2016,
with no further production reported by BHP. Management of Navajo
Coal was transferred to Navajo Transitional Energy Company on 31
December 2016.
20
NSW Energy Coal,
Australia
Production (kt) 3,851 4,662 5,711 4,235 4,383 8,618 7,803
Sales
Export thermal
coal (kt) 3,539 4,407 4,913 3,622 4,048 7,670 7,179
Inland thermal
coal (kt) 311 431 327 405 411 816 642
Total (kt) 3,850 4,838 5,240 4,027 4,459 8,486 7,821
Cerrejón,
Colombia
Production (kt) 2,800 2,756 2,475 2,497 2,914 5,411 5,728
Sales thermal coal
- export (kt) 2,722 2,613 2,803 2,518 2,619 5,137 5,627
Production and sales report
Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec
2016 2017 2017 2017 2017 2017 2016
Other
Nickel production is reported on the basis of
saleable product
Nickel West, Australia
Production
Nickel contained
in concentrate (kt) 0.2 0.2 - - - - 0.5
Nickel contained
in finished matte (kt) 4.1 2.3 5.3 6.8 4.6 11.4 5.9
Nickel metal (kt) 17.8 16.5 19.9 16.0 17.8 33.8 34.5
Total nickel production (kt) 22.1 19.0 25.2 22.8 22.4 45.2 40.9
Sales
Nickel contained
in concentrate (kt) 0.2 0.2 - - - - 0.5
Nickel contained
in finished matte (kt) 4.1 2.2 4.9 4.6 6.4 11.0 5.9
Nickel metal (kt) 17.6 17.1 18.1 16.6 17.9 34.5 34.1
Total nickel sales (kt) 21.9 19.5 23.0 21.2 24.3 45.5 40.5
21
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLFKODDDBKBPDD
(END) Dow Jones Newswires
January 18, 2018 02:00 ET (07:00 GMT)
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