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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  BHP Group    BHP   AU000000BHP4

BHP GROUP

(BHP)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 02/25
36.33 AUD   -2.05%
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BHP Forecasts Higher Copper Output, Drop in Petroleum Production -- Commodity Comment

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01/21/2020 | 07:53am EST

By Joe Wallace

BHP forecast higher copper production and a fall in petroleum output in the 2020 financial year, which ends in June, as it published operational results for the past six months. Here are some highlights.

Copper

BHP mined 885,000 metric tons of copper in the final six months of 2019--the first half of its financial year--or 7% more than in the same period of 2018. A 4% increase in copper production at Escondida contributed to this rise, as improving maintenance at the Chilean mine offset a decline in ore quality and stoppages caused by widespread protests.

For the year as a whole, BHP said it will mine between 1.71 million and 1.82 million tons of copper, up from 1.69 million in the 2019 financial year. The company expects to replace a refinery crane at the Olympic Dam mine in southern Australia in the second quarter of the 2020 calendar year.

Petroleum

Petroleum output fell 9% to 57 million barrels of oil equivalent in the final six months of 2019, as Tropical Storm Barry knocked crude-oil production in the Gulf of Mexico. Meanwhile natural-gas production fell 8% to 189 billion cubic feet, partly reflecting a fall in sales from Trinidad and Tobago. BHP expects to produce around 110 million barrels of oil equivalent over the 2020 financial year, which would represent a fall from 121 million in 2019.

Iron Ore

BHP mined 121 million metric tons of iron ore in final six months of 2019, 2% more than in the same period a year earlier. It expects to produce between 242 million and 253 million tons of the steel ingredient in the 2020 financial year as a whole.

BHP said work can resume at Samarco--the Brazilian mine where two dams collapsed in 2015, killing 19 people--once the filtration system is complete, the site has met safety requirements, and Samarco's shareholders have approved the restart. It gave no guidance as to when this would take place.

Write to Joe Wallace at joe.wallace@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -2.05% 36.33 End-of-day quote.-4.70%
CRANE CO. -4.12% 81.43 Delayed Quote.-1.68%
LME COPPER CASH -0.27% 5730 End-of-day quote.-7.06%
LONDON BRENT OIL -0.27% 56.18 Delayed Quote.-10.42%
WTI -0.34% 51.36 Delayed Quote.-12.39%
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Financials (USD)
Sales 2020 44 784 M
EBIT 2020 17 671 M
Net income 2020 10 086 M
Debt 2020 11 330 M
Yield 2020 5,67%
P/E ratio 2020 12,2x
P/E ratio 2021 13,2x
EV / Sales2020 2,82x
EV / Sales2021 2,86x
Capitalization 115 B
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Technical analysis trends BHP GROUP
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 16
Average target price 25,07  $
Last Close Price 24,52  $
Spread / Highest target 16,3%
Spread / Average Target 2,24%
Spread / Lowest Target -19,0%
EPS Revisions
Managers
NameTitle
Mike Henry Chief Executive Officer
John Kenneth Norman MacKenzie Chairman
Daniel Malchuk President-Americas Minerals Operations
Geraldine Ann Slattery President-Operations Petroleum
Peter Beaven Chief Financial Officer
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