Shares of BHP Billiton Ltd [ASX:BHP] climbed in value by 3.6% in today’s trading.
Today BHP released its 2018FY first half results.
BHP meet production guidance
BHP’s first half results brought exciting news to investors, stating it had met or exceeded full year production guidance in petroleum, cooper, iron ore and energy coal, while also meeting the revised guidance for metallurgical coal.
But the company has also been under pressure to exit its US shale oil venture since confirming last August that it would be exploring options to offload the onshore assets.
Today the company announced they are now planning to exit US offshore assets. To find out why, click here.
BHP higher share prices
BHP is expecting to achieve full year unit cost guidance in their major assets, which they have based on this year’s current guidance exchange rates.
BHP’s Chief Executive Officer, Andrew Mackenzie, said strong operating performance in the first half allowed the company to capture the benefit of higher prices. Mackenzie stated:
‘The successful Los Colorados Extension project ramp-up (at Escondida) contributed to a 17 per cent increase in copper output and production records were achieved at a number of Western Australia iron ore and Queensland coal mines.’
‘The momentum we’ve built across the wider portfolio during the second quarter will flow through to an expected stronger second half operating performance.’
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