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This year our performance was strong.

Our ongoing focus on productivity and portfolio simplification have allowed us to fully capture the benefit of higher prices.

We will carry this momentum into 2018 and beyond.

Read the full FY2017 Results announcement.

Hear from CEO Andrew Mackenzie

CEO Andrew Mackenzie speaks on the FY17 Results

Key numbers

Free cash flow US$12.6 billion
Total paid to shareholders US$4.4 billion
Full year dividend US$0.83 per share
Net debt down US$9.8 billion

Key FY2017 highlights

Maximising cash flow

US$12.6 billion of free cash flow, our second highest on record, supported by productivity gains and capital discipline.

Increased productivity gains

Over US$12 billion of productivity gains achieved in the last 5 years.

Increased profit

Delivered US$6.7 billion profit this year, up from US$1.2 billion last year1.

Disciplined capital approach

Approved low risk, high-return major development projects in copper and oil.

Learn more about our Capital Allocation Framework.

Higher dividends

Our full year dividend of US$0.83 cents per share is equivalent to a 66% payout ratio.

Improved performance and value

We increased our return on capital to 10%.

Our plan to grow shareholder value

Key activities for FY2018

Maximise cash flow

  • Grow overall production output by 7%.
  • Generate >US$10 billion of free cash flow2.

Capital discipline

  • Average returns of over 20% on development project spend.
  • Focus on smaller, low-cost, high-return projects across the portfolio - to make the most of what we have.

Improve value and returns

  • Increase return on capital to over 11%3.
  • Classified our Onshore US asset as non-core and we will be patient as we pursue options to maximise its value.

Return on capital employed

Key activities - medium term

Maximise cash flow

  • Further reduce costs and embed over US$2 billion of additional productivity gains over the next two years.

Capital discipline

  • Continue to strengthen our balance sheet with a targeted medium-term net debt range of US$10-15 billion.
  • Maintain discipline and keep capital and exploration expenditure below US$8 billion over the next few years.

Improve value and returns

  • Potential to significantly increase our return on capital by FY20224
Return on capital employed

1 Underlying attributable profit
2 At spot prices
3 At today’s prices
4 At FY17 prices


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