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We have a simple and diverse portfolio of tier one assets around the world, with low-cost options for future growth and value creation. This allows us to apply our values and culture, emphasise safety and productivity, deploy technology and exert capital discipline to extract the most value and the highest returns from our assets.

Our Operating Model allows us to leverage our expertise across our business, with multifunctional teams that connect across the organisation to share best practice, make us safer and solve problems together.

We are among the world’s top producers of major commodities, including iron ore, metallurgical coal and copper. We also have substantial interests in oil, gas and energy coal.

Our strategy to maximise value and returns

We aspire to have industry-leading capabilities applied to a portfolio of world-class assets in the most attractive commodities. This involves:

  • Culture and capabilities that enable the execution of our business strategy
  • Highly attractive commodities with high economic rent potential that match our capabilities
  • World-class assets that are resilient through the cycle, have embedded growth options and match our capabilities


Value and returns are at the centre of everything we do.

Since 2016 we have increased volumes and reduced costs whilst keeping our people safer at work. We invested through the cycle completing four latent capacity projects, with a further three underway. We have also grown our exploration pipeline in petroleum and copper.

These actions lifted return on capital by almost 50%.

Our capital allocation framework has guided every decision we make. It has helped us:

  • Strengthened our balance sheet through a US$16 billion reduction in net debt;
  • Reinvested US$20 billion in development options; and
  • Returned more than US$25 billion to shareholders.

We will secure our future success through:


  • >10% unit cost reductions1 at bulk operations
  • Escondida unit costs flat in medium term, despite higher power and water costs
  • Petroleum unit costs reflect field decline 
  • ~2% p.a. volume growth2 over medium term

Future options

  • ~17% average returns from our longer-term opportunities3
  • Unrisked value of ~US$14 billion spanning commodities and time periods3


  • Petroleum wells continually de-risked with meaningful production expected mid-2020s
  • Actively growing our copper exploration prospects
  • Unrisked value of up to US$15 billlion4

We operate under a Dual Listed Company structure with two parent companies (BHP Group Limited and BHP Group Plc) operated as if we were a single economic entity, which we refer to as BHP. We are run by a unified Board and management.

How our DLC works

1 Represents unit cost reduction from FY19e to medium term.
2 Volume growth: Copper equivalent production based on FY18 average realised prices.
3 Returns (IRR) and value (NPV): Calculated at 2019 analyst consensus price forecasts (except Potash which are at CRU and Integer (Argus Media) price forecasts); ungeared, post-tax, nominal rates.
4 Petroleum exploration and appraisal NPV: Unrisked values at BHP long-term price forecasts.

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