Operating and Financial Highlights
| Petroleum Financial Performance - US$million | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 |
|---|---|---|---|---|---|
| Underlying EBIT 1 | 4,085 | 5,485 | 3,014 | 2,968 | 2,395 |
| Average Realised Oil Price (US$/barrel) | 66.18 | 96.27 | 63.87 | 61.90 | 47.16 |
| Production And Reserves Total | |||||
| Production – Million boe 2,3 | 137 | 129 | 117 | 116 | 119 |
| Production – Thousand boe per day 2 | 376 | 354 | 318 | 318 | 326 |
| Proved Oil – Equivalent Reserves | 1,381 | 1,375 | 1,353 | 1,362 | 1,407 |
Financial Strength: BHP Billiton Petroleum had outstanding financial performance during a year of extreme market fluctuations. We delivered earnings before interest and tax (EBIT) of US $4.1 billion, making us a significant contributor to BHP Billiton's overall financial results. As part of the world's largest diversified resources company, our financial strength allowed us to maintain investment levels consistent with our long-term view. We have continued to invest through the recent period of economic downturn, with US$1.9 billion in our major capital projects and US $548 million in capturing new acreage and executing exploration programs worldwide.
Continued Volume Growth: A safe business is fundamental to a successful business and our operating performance bears this out. The Company had record production and low operating costs that placed us among the best in the industry. Our unit cash operating costs per barrel of oil equivalent (boe) were US$5.50, and we operated at 92 percent uptime, including three percent lost due to the major hurricane season in the Gulf of Mexico. We produced more than 137 million barrels of oil equivalent (boe), representing a six percent annual volume growth over fiscal year 2008 and a nine percent compound annual growth rate for production since fiscal year 2007.
- BHP Billiton transitioned to IFRS in 2006. The 2005 comparative was restated with Petroleum Resource Rent Tax (in Australia) and Petroleum Revenue Tax (in UK) reclassified as income taxes rather than production taxes in accordance with IAS 12. (PRRT/PRT–2009: US$697m; 2008: US$961m; 2007: US$573m; 2006: US$611m; 2005: US$565m).
- LPG and ethane are now reported as Natural Gas Liquids consistent with petroleum industry practice. Prior period amounts have been restated.
- Represents attributable production. Production from continuing operations for the 2007 fiscal year was 115.1MMboe.
