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We’ve had a good start to the year. Our plans to maximise cash flow, maintain capital discipline and increase value and returns are on track.

We’ve benefited from higher commodity prices but most importantly delivered a solid operating performance.

We're on track to carry this momentum forward into the second half and beyond.

Read the half year results or see the presentation.

Hear from CEO Andrew Mackenzie

CEO Andrew Mackenzie on BHP's results for the half year ended 31 December 2017

Key numbers

Half year dividend of 55 US cents per share
Lowered net debt to US$15.4 billion
Increased return on capital employed to 12.8%

Our plan to grow shareholder value

Key activities for FY2018

Maximise cash flow

  • 6% volume growth expected in FY181.
  • On-track to deliver US$2 billion productivity gains by end-FY19.
  • FY18 free cash flow >US$12 billion at spot prices2.

Capital discipline

  • Strong pipeline of major projects developed in line with our Capital Allocation Framework.
  • Debt reduction - net debt range of US$10-15 billion to be maintained.
  • Capital and exploration expenditure to remain below US$8 billion per annum for FY19 and FY20.

Improve value and returns

  • Improved shareholder returns through productivity, technology, latent capacity and investment.

1 Copper equivalent volume growth
2 Spot prices as of 5 February 2018


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