Howard Weil Energy Conference

BHP Billiton and Growth

Philip Aiken President and Chief Executive Officer, Petroleum

April 2002

New Orleans BHP Billiton International Operations Ekati™, world class mine producing gem quality

Oil and gas fields in : Algeria : highly long-life, high quality prospective ore bodies deep water World class hydrocarbons energy Large, low cost resources North West coking and energy Shelf LNG - coal operations ’s Richards Bay Escondida, world’s Minerals largest resource largest high grade the pre-eminent mine global producer of project titanium minerals oil and gas fields - high cash World class Worsley - world’s generation for decades Aluminum production lowest cost (Mozal is lowest cost alumina refinery smelter) Diversified Commodity Base (6 months ended 31 Dec 2001) EBIT by CSG EBIT by Region of Production US$1.651 billion US$1.651 billion South Petroleum Other America North 12% Southern 29% 7% Aluminium America Africa 10% 13% 15% Base Rest of 4% World Europe 5% 12% Energy Coal 18% Carbon Steel Steel 3% Materials Australia 29% 43% Petroleum Financial Year 2001 Revenue: US$3.3 billion EBIT: US$1.4 billion NOPAT: US$1.0 billion Total reserves: 1.4 billion boe Average daily production: 358,700 boe/d Total production: 131 MMboe No. of staff & contractors: 1,700 Main centers: , London, Houston, Petroleum EBITDA FY 2001 (Before Abnormals) US$million 277 462 Other * NWS (Australia) Bass Strait (Australia) 633 LBD (UK) 535

US$1.9 billion

* includes commodity hedging loss of US$58 million Petroleum Production • Bass Strait - Australia • North West Shelf - Australia • Laminaria/Corallina - Australia • Griffin - Australia • Liverpool Bay - United Kingdom • Bruce/Keith - United Kingdom • Gulf of Mexico - United States • Mamore - Bolivia • Zamzama - Pakistan Peer Group Benchmarking BHP Billiton's Peer Group Ranking – change in industry position over 4 years Performance based upon 3 year averages to 1996/7 and 2000/2001

100% Top Quartile Performance 75% 2000/01 50%

25% 1996/97

0%

Costs Profit Margin Capital Growth Finding & Reserves Return on Production Development Replacement Petroleum Complementary Growth Strategies High Margin Oil Exploration & Production • High-margin v subsurface /technological risk • Price upside

Low Risk Resources Gas (Discovered) • Positioning in resource- Global • High-growth rich countries Portfolio • Environmental • Low risk resources vs /greenhouse driver political risk

Cash Generation • Maximize returns • Limited growth or capability contribution BHP Billiton Petroleum Strengths

• Established international E&P business

• Financial strength

• Risk tolerance

• Commodity diversification

• Synergy with Minerals

• Australian identity High Margin Exploration

• Gulf of Mexico

• Trinidad

• West Africa – exploration

• Other opportunities – access, position long term – deepwater and others Green Canyon Area

Mahogany Agate EB 947 EB 910 EWING BANK Arnold Graupel EB 991 Sunday Silence EB 1006 GC 18 Boxer Navarro GC 650 El Toro 0’ ’ 50 00 GC 60 1 20 GC 82 Bullwinkle Stellaria Marquette Bison Shasta Natasha Rocky Angus Popeye Monsoon Brutus Rio Genesis Jolliet Mayday Simpatico Troika Glider ATWATER Allegheny VALLEY Typhoon Shiner GREEN CANYON Foster’s Nueces McKinley Panther King Kong ’ 0 0 Komodo Fuji 0 4 Moneypenny Paris Carver Shenzi Neptune Holstein Atlantis

USA Mad Dog New Orleans Puma Houston Frampton 5000’

Mexico Gulf of Mexico Cortez Green Knoll Gulf of Mexico Exploration - Program Result FY94 - FY02 to Date

Discoveries • 22% commercial Typhoon success to date Atlantis Mad Dog • 30% if tieback 23 Pluto opportunities under Exploration Boris Neptune evaluation are Bass Lite included 35 Wells

12 Projects Drilling Leverage Appraisal • 1 sanctioned in FY00 30% of wells • 2 will be promoted sanctioned in FY02 (6 of last 8 exploration • 1 sold wells drilled) Gulf of Mexico Exploration Current Inventory

Kestral Deep Komodo Mississippi Canyon Shenzi Vortex

TYPHOON NEARFIELD

Atwater Valley Tembo Headroom Double Bass Deep Mountain Green Canyon Sumatra Gas Field Puma Kansas Oil Field Walker BHPB Acreage Ridge Apparent High Bid Leases CGOM Sale 182 - 2002 Mad Dog SPAR Facility • Wells – 16 well slots – 13 producers • Capacity – ~80 Mbbl/d – ~40 MMcf/d – ~50 Mbbl/d produced water • Drill Rig – ~5250 ton rig payload • Accommodation – 130 (drilling & operations) • Subsea System – 3 - 4 wells • Reserve Range – 200 - 450 MMboe Atlantis Development Concept

Host Facility - Semi FPS • One of Gulf of Mexico’s largest fields

DC 2 • Water depths in excess of 4,409' WD 6,000 feet

1 2 3 4 15 16 14 13 • Gross capacity 150,000 bbl/d

DC 1

Export 6,683' WD 5 12 6 Pipelines 11 7 10 8 • BHPB share 44% 9 • Development planning underway • Sanction later 2002 Gulf of Mexico Production Forecast Range

200

150

100 Mboe/day BHP Billiton Net 50

0 FY01 FY02 FY03 FY04 FY05 FY06 Trinidad

BRAZIL

BENI BASIN

Bolivia

PACIFIC OCEAN ATLANTIC OCEAN

• Previous gas discoveries - Aripo and Angostura • Recent drilling success - Canteen, Kairi • Oil development sanction 2002 • Exploration acreage extended • Core exploration potential Trinidad – Basis of Development

20002000 Aripo-1 Aripo-1 20012001 Canteen-1 Canteen-1 0 Kms 25 GasGas discovery discovery tested tested at at OilOil and and Gas Gas disc discoverovery.y. 179’ net gas pay, 200’ net 21.621.6 MMcf/d MMcf/d 179’ net gas pay, 200’ net oiloil pay pay

19991999 Angostura-1 Angostura-1 GasGas discovery discovery tested tested at at 30 MMcf/d Block 2(ab) 30 MMcf/d Block 2(c) Block 3(a) 20002000 Kairi-1 Kairi-1 & & 2002 2002 Kairi-2 Kairi-2 OilOil and and Gas Gas discovery, discovery, 435’435’ net net gas gas pay, pay, 235’ 235’ net net oiloil pay pay Gas Commercialization

• North West Shelf Train 4 •Pakistan • Bass Strait – Eastern States Australia/Minerva • Other LNG –China –Korea –Taiwan Zamzama - Pakistan

• Good prospectivity and growing domestic gas demand • Brownfield development based on existing production asset • Further gas sales agreements completed • Full field development of 300 MMcf/d gross with first gas in 2003 • BHPB share 47.5% and Operator

Page 20 Low Risk Discovered Resources

Algeria – ROD and Ohanet

Other Middle East – evaluation of opportunities Algeria

SPAIN Skikda • BHP Billiton entry 1989 Algiers Arzew • Successful exploration • ROD oil development TUNISIA sanctioned June 2000 BHP Exploration MOROCCO Blocks 401a/402a • Excellent relationship with SONATRACH ALGERIA • Successful bid for Ohanet wet gas field development

Boukhechba • Algeria’s first Risk Service Permit Ohanet Region Contract Licence (Gas) Oil Field Gas Field • Total investment US$1.5 0 200 km Oil Pipeline Gas Pipeline billion Algerian Projects ROD oil field Ohanet •Central process facility at BRN •Wet gas development •Production 80,000 bbl/d •700 MMcf/d processing facility •First oil: 2004 •First gas target: FY 2004 •Capital Expenditure: US$500M •Capital Expenditure: US$1,030M •Partners: •JV partners: – BHP Billiton 35% – BHP Billiton (45%) (45% in 401/402) – JOOG – AGIP/ENI – –SONATRACH – Woodside* *subject to government approval Petroleum Production Forecast

Zamzama FFD …excluding exploration success NWS Ohanet Minerva 4 Train

Bream P/L

2000 2001 2002 2003 2004 2005

200 Rod Atlantis Mad Dog 150 Trinidad

boe 100 Gas M M 50 Liquids

0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Page 24 Actual Forecast The existing focused asset portfolio

Liverpool Bay, Bruce/Keith

Pakistan Gulf of Mexico Algeria Trinidad

Gabon North West Bolivia / Shelf

Bass Strait/East Australia Summary: Business Focus • Maximize existing value (now) – Bass Strait – North West Shelf/Laminaria – Liverpool Bay

• Deliver projects in progress (1-3 years) –Algeria – NWS Train 4 – Bream pipeline Summary: Business Focus • Sanction and develop (3-4 years) – Mad Dog (sanctioned) – Atlantis – Trinidad – Zamzama (sanctioned)

• Create new opportunities (4+ years) – Maintain portfolio quality – Meaningful size (potential >US$1 billion) – Maintain geographic focus Summary • BHP Billiton is a significant global resources company

• BHP Billiton Petroleum is a well established oil and gas business with: – strong producing assets; and – substantial growth opportunities

• BHP Billiton Petroleum is a significant contributor to BHP Billiton