People in the landscape

In a successful year of transformation, BHP safely and sustainably achieved record underlying earnings, made record tax and royalty payments and distributed a record amount to shareholders.

FY2022 was a successful year of transformation for our business. I am confident we are building BHP for the future and to create enduring value for our shareholders and communities, customers, suppliers and partners.
Ken MacKenzie


Nickel West

BHP performed well in FY2022 with strong production outcomes and solid cost control. We paid record taxes and royalties during the year of US$17.3 billion and cash returns to shareholders of US$16.4 billion. And most importantly, we did so safely and sustainably.

Mike Henry
Mike Henry


2022 at a glance

Find out more about our 2022 results and performance.
0Zero fatalities for a third consecutive year and high-potential injury frequency rate down 30%.
46%46% operational electricity sourced from renewables.
32.3%We had 32.3% female workplace representation by end FY2022, an increase of 2.5 percentage points.
US$34.1bn Profit from operations rose 34%.
325 US centsRecord shareholder cash dividends per share.
US$78.1bnOur total economic contribution including US$17.3 billion in taxes and royalties.
15% 15% reduction in operational greenhouse gas emissions from adjusted FY2017 baseline, exceeding our five-year target and on track to be reduced by at least 30% by FY2030 (from FY2020 levels).
29%29% reduction in freshwater withdrawals compared to adjusted FY2017 baseline, exceeding our 15% five-year target. 
US$186.4mInvested in community initiatives, including a US$52.4 million donation to the BHP Foundation.
  • Financial Results
  • Our business model
  • Positioning for the future
  • People
  • Downloads

FY2022 financial results

BHP delivered strong financial results in FY2022 against a backdrop of increasing economic volatility, inflationary impacts and supply chain pressures.

Excluding Petroleum, underlying EBITDA in FY2022 was up 16 per cent to US$40.6 billion at a record margin of 65 per cent. Underlying attributable profit increased to US$21.3 billion.

The total shareholder dividend for FY2022 was 325 US cents, an annual cash return of a record US$16.4 billion to shareholders and representing a 77 per cent payout ratio. We also distributed a further US$19.6 billion as an in specie dividend through the merger of our Petroleum business with Woodside.

Our total direct economic contribution was US$78.1 billion. This included payments to suppliers, wages and benefits for around 80,000 employees and contractors, dividends, taxes, royalties and voluntary investment in social projects across the communities where we operate.

In FY2022, our tax, royalty and other payments to governments totalled a record US$17.3 billion. Of this, 77.5 per cent or US$13.4 billion was paid in Australia. During the last decade, we paid US$90.5 billion globally in taxes, royalties and other payments, including US$70 billion (approximately A$90.1 billion) in Australia. 

BHP’s global adjusted effective tax rate in FY2022 was 32.1 per cent, broadly in line with our average adjusted effective tax rate over the past decade of 33.3 per cent. Once royalties are included, our FY2022 rate increases to 38.9 per cent.

Our business model

By prioritising both financial and social value, we deliver long-term value and resilience for our shareholders and all our stakeholders.


How we create and grow value

We produce some of the essential resources needed to support global megatrends, such as decarbonisation, and we strive to produce them sustainably, efficiently and ethically.

We seek to create value with the communities where we operate and for our shareholders.


Our portfolio

We are reshaping our portfolio to focus on higher-quality iron ore and metallurgical coal preferred by our steelmaking customers, copper for electrification and renewable energy, nickel for electric vehicles and potash to make food production and land use more efficient and sustainable.


Social value

Social value is BHP’s positive contribution to society – our people, partners, the economy, the environment and local communities. It is about creating enduring, mutual benefit for BHP, our shareholders and the broader community. 

Doing this well is essential to better business outcomes and long-term shareholder value, and will create a competitive advantage.


Exceptional performance

We seek to continuously improve performance by empowering our people through the BHP Operating System (BOS) principles, practices and tools. 

BOS is, at its heart, a people program. It is designed to provide a way of working that creates a culture at BHP where we make continuous improvement central to everyone’s role.

Positioning for the future

In FY2022, we took steps to create a simpler, more agile and efficient BHP, better able to capitalise on the megatrends shaping our world.
This included creating a simpler corporate structure, merging Petroleum with Woodside, consolidating our coal portfolio and investing in a new commodity – potash. 

Unlocking growth potential at our assets

The large endowments we have under our control are becoming increasingly valuable as the resources industry finds high-quality, Tier 1 (large, low-cost and long-life) resources harder to access, deeper, of lower grade, or in countries with more challenging operating conditions.

We hold the largest copper endowment in the world, the second largest nickel sulphide endowment and are one of the world’s largest iron ore producers and expect to increase production over the medium term.

Growth through exploration, focused on copper and nickel

Despite the slowdown and restrictions on movement due to the COVID-19 pandemic, in FY2022 our field teams pursued copper opportunities in Chile, Colombia, Peru, Ecuador, the United States and Australia. This involved early-stage reconnaissance work through target definition and drill testing.
Our resource assessment exploration expenditure increased by 30 per cent in FY2022 to US$179 million, while our greenfield expenditure increased by 43 per cent to US$77 million.

Health and safety

Our highest priority is the safety of our workforce and the communities where we operate.

We achieved a third consecutive year without a fatality and have seen a sustained improvement in the high-potential injury frequency rate which fell by 30 per cent in FY2022.


We are committed to protecting the health and wellbeing of our workforce. Over the past five years, we have achieved a 68 per cent reduction in the total number of workers exposed to our most material occupational exposures.

Inclusion and diversity

We continue to build a more inclusive and diverse workforce that further enhances our performance and better reflects the communities where we operate

Gender balance

We remain on track to achieve our aspirational goal for a gender-balanced employee workforce globally by FY2025.

Indigenous employment

We made progress during FY2022 against targets for increased Indigenous employment in our Minerals Australia operations, Minerals Americas operations in Chile and our Jansen Potash Project in Canada.


Case Study

  • LGBT+ inclusion at BHP
    For many LGBT+ people, discrimination and the pressure to conceal sexual orientation or gender identity at work can have a major impact on mental health.

    At BHP, we encourage everyone to bring their whole selves to work. We know diverse and inclusive teams are safer, more productive and have a better culture, and we want to be the workplace of choice for people of all backgrounds and experiences.

    Each member of our workforce is encouraged to speak up and become a trusted advisor. A number of employee reference groups also inform our decision-making, advise on policy and advocate for cultural change. These groups include global and regional Inclusion and Diversity Committees and Jasper, our LGBT+ ally inclusion group.

    First established in 2017, Jasper has more than 1,600 members and eight local chapters across Australia, South America, Asia the United States and Canada. Their aim is to drive a safe and inclusive work environment at BHP by providing advice on ways to reduce bias and ensure LGBT+ people are respected and valued regardless of their sexual or gender identity.

    In FY2021, Jasper’s ‘Bring your whole self to work’ campaign advocated for visibility and inclusion of LGBT+ employees and contractors and underlined the importance of respectful behaviours. The campaign received the Health Excellence Award at our 2021 Health, Safety, Environment and Community (HSEC) Awards.

    We were also awarded silver-tier employer status at the 2021 Australian LGBTQ Inclusion Awards, which are based on the results of the Australian Workplace Equality Index (AWEI), a rigorous and evidence-based annual benchmarking assessment of the progress and impact of LGBTQ inclusion initiatives in Australian workplaces. The award is a reflection of our global efforts to improve LGBT+ inclusion through education and awareness initiatives and new policies such as our Gender Affirmation Policy, which launched in 2020.

    Throughout FY2021 and despite the challenges of COVID-19, Jasper continued to provide a connection to the LGBT+ community through peer support and networking. The group also hosted education and awareness sessions, reverse mentoring and initiatives for senior executives, line leaders, supervisors, employees and other allies to actively show their support.

    More information is available at or watch our video.


Annual Report 2022

Download and read our 2022 Annual Report.