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.
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.
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.
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
- Grow overall production output by 7%.
- Generate >US$10 billion of free cash flow2.
- 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.
Key activities - medium term
- Further reduce costs and embed over US$2 billion of additional productivity gains over the next two years.
- 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.
- Potential to significantly increase our return on capital by FY20224