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Petroleum CSG Briefing, 24 May 2010 Slide 2 Agenda Petroleum Briefing J. Michael Yeager Group and Chief Executive – BHP Billiton Petroleum Monday 24 May 2010 Disclaimer Reliance on Third Party Information The views expressed here contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton. Forward Looking Statements This presentation includes forward-looking statements within the meaning of the U.S. Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of BHP Billiton. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2009 entitled “Risk factors”, “Forward looking statements” and “Operating and financial review and prospects” filed with the U.S. Securities and Exchange Commission. No Offer of Securities Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction. Non-GAAP Financial Information BHP Billiton results are reported under International Financial Reporting Standards (IFRS). References to Underlying EBIT and EBITDA exclude any exceptional items. A reconciliation to statutory EBIT is contained within the profit announcement, available at our website www.bhpbilliton.com. Petroleum CSG Briefing, 24 May 2010 Slide 2 Agenda . BHP Billiton & Petroleum overview . Petroleum performance . Near term outlook . Longer term opportunities – Exploration program – Pre-development / ongoing projects – Undeveloped gas resources Petroleum CSG Briefing, 24 May 2010 Slide 3 Agenda . BHP Billiton & Petroleum overview . Petroleum performance . Near term outlook . Longer term opportunities – Exploration program – Pre-development / ongoing projects – Undeveloped gas resources Petroleum CSG Briefing, 24 May 2010 Slide 4 BHP Billiton Corporation A global upstream portfolio PetroleumPetroleum AAlluminiumuminium BaseBase MetMetaalsls AA 450kbd450kbd ooilil aandnd gasgas eexxpplloraorattionion #4#4 gloglobalbal prprododucerucer ofof baubauxitexite andand #4#4 alaluminuminiiuumm #3#3 gloglobalbal prprododucerucer ofof copper,copper, andand proproductioductionn businessbusiness compancompanyy bbaasesedd onon netnet thirdthird ppaartrtyy salsaleess silversilver anandd lealeadd DiaDiammondsonds && SpeSpecciiaalltyty ProdProducuctsts StainStainllessess SteeSteell MaterialsMaterials IronIron OreOre EKATIEKATI DiamondDiamond MineMine isis oneone ofof thethe wwoorld’srld’s #3#3 gloglobalbal nniickeckell producproducerer OneOne ofof thethe wwoorrlld’sd’s premipremieerr susupplipplieersrs ofof ironiron oreore largestlargest gemgem qquuaalitlityy diamdiamondond pprroducersoducers MaManganganenessee MetalluMetallurgrgicalical CoCoalal EnEnergergyy CoCoalal OperationsOperations prprooduceduce aa combcombininationation ofof ores,ores, ProduceProduce aandnd mmaarketrket highhigh qqualualiittyy hardhard cokcokiingng OneOne ofof thethe wwoorrlld'd'ss larglargestest prodproducersucers andand alloalloysys aandnd metmetaall coalscoals forfor thethe intinteernatiornationalnal steesteell industrindustryy marketersmarketers ofof expexpoortrt thermalthermal ccoaloal Aluminium Base Metals Diamonds & Specialty Products Energy Coal Iron Ore Manganese Metallurgical Coal Petroleum Stainless Steel Materials Offices Note: Ranking based on production volumes. Location of markers indicative only. Petroleum CSG Briefing, 24 May 2010 Slide 5 The power and reach of a super-major behind BHP Billiton Petroleum Market Capitalisation (US$bn, 17 May 2010) Exxon Mobil Petr o China . BHP Billiton has the balance sheet to BHP Billiton Royal Dutc h Shell undertake large and complex Chevron Petrobras projects BP Gazprom Total – Diversified portfolio balances risk ConocoPhillips Eni and provides flexibility CNOOC StatoilHydro – Long term view with continued Occidental Ecopetrol Oil & Gas Companies investment through the cycles BG Group Suncor Energy Lukoil Canadian Natural . Petroleum has significant capability Imperial Oil as a part of the BHP Billiton Group Apache Devon Energy Repsol Enc ana Marathon Oil Husky Energy Integrated E & P Hes s 0 50 100 150 200 250 300 Source: Bloomberg. Petroleum CSG Briefing, 24 May 2010 Slide 6 Petroleum is a significant contributor to the BHP Billiton Group Underlying EBIT Underlying EBIT margin(a) (1H2010, US$bn) (1H2010, %) 9 US$8.7bn . Highest margin Petroleum 56% . Quality barrels 8 Petroleum Energy EBIT US$2.3bn Energy Coal 17% 7 (30.6%) Energy Coal Aluminium 12% 6 Aluminium Base Metals 49% 5 Non Ferrous Base Metals D&SP 30% (34.3%) 4 D&SP SSM 12% 3 SSM Iron Ore 47% 2 Iron Ore Ferrous (35.1%) Manganese 22% 1 Manganese Metallurgical Coal Metallurgical Coal 28% 0 (a) EBIT margin excludes third party trading. Petroleum CSG Briefing, 24 May 2010 Slide 7 BHP Billiton Petroleum Core Strategy . Be functionally strong where we compete . Fundamentals focus – safety, volume, cost . Take large, operated positions with multiple long life options . Explore over weighted to proven basins . Pursue commercial opportunities that fit and add to corporate diversification Petroleum CSG Briefing, 24 May 2010 Slide 8 Large Positions UK Algeria Petroleum HQ Pakistan Gulf of Mexico Trinidad Vietnam Philippines Malaysia Western Australia Bass Strait Producing and development Exploration – Proven Basins Petroleum CSG Briefing, 24 May 2010 Slide 9 Very simple organisational model Global functional organisation Exploration Development Production Marketing Safety Safety Safety Revenue per barrel Resource adds Development Volumes Finding costs Concepts Per barrel costs Capital cost Facilities integrity Project schedule Global Support Functions (HSEC, Planning, Human Resources, Finance, Legal, External Affairs and Information Technology) Petroleum CSG Briefing, 24 May 2010 Slide 10 Two organisational principles Excellence Petroleum Headquarter – Houston . Centralised management/planning . Centralised services . Common worldwide standards . Functional excellence Western Bass Gulf of UK Trinidad Pakistan Algeria Australia Strait Mexico Execution Strong local operating units . Execution . Receive services . Adhere to worldwide standards mboed Employees Employees/mboed 2007 310 1,350 4.3 2010 450+ 1,566 3.4 Petroleum CSG Briefing, 24 May 2010 Slide 11 Agenda . BHP Billiton & Petroleum overview . Petroleum performance . Near term outlook . Longer term opportunities – Exploration program – Pre-development / ongoing projects – Undeveloped gas resources Petroleum CSG Briefing, 24 May 2010 Slide 12 Outstanding performance metrics across the board Three years of annual gains… . Excellent safety performance . 10% CAGR volume growth since FY2007 – excellent fiscal terms – primarily liquids . 100% reserves replacement FY2007-FY2009 . Low operating cost/boe . Low depreciation per barrel for international independent oil and gas . High quality barrels for top EBIT/boe margin . Delivering highest EBIT return on capital employed among peers Petroleum CSG Briefing, 24 May 2010 Slide 13 Safety Continuous improvement Total Recordable Incident Frequency Rate (TRIFR) (Incidents per million hours worked) 5 . FY2009 best ever safety performance for Petroleum 4 . 1.9 Total Recordable Incident Rate 3 . Zero Lost Time Incidents . Zero fatalities 2 . Part of functi onal excellence approach 1 0 FY2006 FY2007 FY2008 FY2009 Petroleum CSG Briefing, 24 May 2010 Slide 14 Safety Lost Time Injury performance BHP Billiton Lost Time Injury Frequency Rate (LTIFR)(a) (Injuries per million hours worked) 5 LTIFR Sample List of Participating Companies Fatality BG BP Chevron 4 CNOOC ConocoPhillips ENI ExxonMobil Hess KOC Maersk Marathon Nexen 3 Perenco Petrobras PetroCanada Petronas Repsol Saudi Aramco 2 Shell StatoilHydro TOTAL 1 BHP Billiton 0 (a) From OGP Independent Study 2008. Results for 2009 study not available yet. Petroleum CSG Briefing, 24 May 2010 Slide 15 Volume history (mmboe/year) 170 . Expect strong FY2010 Q4 for another year of meeting our 160 10% growth target 10% CAGR 150 . 3 strong long life areas 140 . Investing in similar opportunities 130 120 110 100 FY2007 FY2008 FY2009 FY2010E Petroleum CSG Briefing, 24 May 2010 Slide 16 Operating cost 3 year average operating cost per boe, FY2007–FY2009 (US$/boe) 15 . Controlling cost in a difficult environment 12 . Delivering lower cost than any other peer with a diversified 9 portfolio . Significant focus on fundamentals 6 – Equipment reliability / uptime – Maintenance / shutdowns 3 – Aviation and marine logistics – Product transportation 0 BHP Anadarko BG Devon Apache Murphy Hess Talisman Billiton Source: Company reports. Data presented on a normalised basis to exclude one-off events and activities that were not considered part of E&P operations. Petroleum CSG Briefing, 24 May 2010 Slide 17 Depreciation Depreciation per boe vs Peer Group (US$/boe) 25 . BHP Billiton has competitive 20 depreciation per boe despite recent higher cost developments 15 Peers . Depreciation per boe remains below US$12.50 into FY2010 10 BHP Billiton
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