BHP Group Limited — Interim / Quarterly Report 2016

Apr 19, 2016

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Release Time IMM E DIATE Date 20 A p ril 2016 Release Number 10/1 6

BHP BILLITON OPERATIONAL REVIEW FOR THE NINE MONTHS ENDED 31 MARCH 2016

• On track to deliver an average unit cost improvement of 14% across our major assets[(1)] as productivity gains continue to be realised.

• Full year production guidance maintained for Petroleum, Copper and Coal.

• Guidance at Western Australia Iron Ore (WAIO) reduced by 10 Mt to approximately 260 Mt (100% basis) as a result of adverse weather and the initiation of an accelerated rail network maintenance program.

• In Petroleum, a US$640 million exploration program is now planned for the 2016 financial year to fund additional access and testing of our future growth opportunities.

• Four major projects under development are tracking to plan. The Escondida Bioleach Pad Extension project was completed as planned during the March 2016 quarter.

Pr oduction Ma r 2016 YTD vs Mar 2015 YTD
Pe troleum (MMb oe) 184 (4%) Strong Conve activityin Ons ntional perfor hore US forv mance offset alue. by deferral of development
Co pper (Mt) 1.2 (8%) Increased thro across the bu ughput at Es sinesspartial condida ands lyoffset lower trong operati grades at Es ng performan condida. ce
Iro n ore (Mt) 171 (1%) Record WAIO Samarco. volumes offs et by the susp ension of ope rations at
Me tallurgical co al (Mt) 31 (1%) Record produ closure of Cri ction at six Q num. ueensland Co al mines offse t by the plann ed
En ergy coal (Mt ) 27 (10%) Unfavourable divestment of weather cond the San Juan itions at NSW Mine. EC and Cerr ejón and

B H P Billiton C hief Executive Officer, Andrew Ma c kenzie, said: “The pro d uctivity of o ur Compa n y continue s to improve notwi t hstanding t h e disruptio n largely ca u sed by adv e rse weathe r this quarter. Over the last 12 mon t hs, w e have take n a number o f steps to s t rengthen B H P Billiton, including as s et sales an d the deferr a l of invest m ent fo r long-term v alue. While these measures will re d uce our out p ut this yea r , they have increased our focus on our hi g hest-quality operations a nd will sup p ort stronger margins an d returns.

“ W e have the potential to significantl y grow the v alue of our Company. O ur simpler o rganisational structure will pr o mote great e r efficiency, rapid shari n g of best pr a ctice and a d option of n e w technolo g y to deliver t he next lev e l of sa f e productivity. Debottle n ecking our a ssets at ve r y low cost w ill generate high return s and subst a ntial value. We have a pipelin e of projects in copper a n d oil that allow us to br i ng high-ma r gin volume s to market w hen the tim e is right. And as o thers cut b a ck on expl o ration, our investment w ill go furth e r and help create new options for the future.”

1

Summary

Operational performance

Production for the nine months and quarter ended March 2016 and guidance for the 2016 financial year are summarised in the table below.

	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16	Previous	Current
	2016	2016	vs	vs	vs	FY16	FY16
Production	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15	guidance	guidance
Petroleum (MMboe)	184.1	59.4	(4%)	(3%)	(1%)	237	237
Onshore US (MMboe)	85.8	27.4	(9%)	(16%)	(4%)	109	109
Conventional (MMboe)	98.4	32.0	0%	10%	1%	128	128
Copper (Mt)	1.2	0.4	(8%)	(12%)	5%	1.5	1.5
Escondida (kt)	711	260	(20%)	(23%)	18%	940	940
Other copper (i)(kt)	455	145	19%	19%	(11%)	-	-
Iron ore (Mt)	171	53	(1%)	(10%)	(7%)	237	229
WAIO (100% basis) (Mt)	193	61	2%	(5%)	(4%)	270	260
Metallurgical coal (Mt)	31	10	(1%)	4%	(4%)	40	40
Energy coal (Mt)	27	8	(10%)	(24%)	(17%)	37	37

(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.

Major development projects

At the end of the March 2016 quarter, BHP Billiton had four major projects under development in Petroleum, Copper and Potash, with a combined budget of US$6.9 billion over the life of the projects.

Corporate update

On 2 March 2016, Samarco Mineração S.A and its two shareholders, Vale S.A and BHP Billiton Brasil LTDA, entered into an agreement with the Federal Attorney General of Brazil, the States of Espírito Santo and Minas Gerais and certain other public authorities for the restoration of the environment and communities affected by the Samarco dam failure on 5 November 2015. The Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy.

BHP Billiton Operational Review for the nine months ended 31 March 2016

2

Petroleum

Production

Production
	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16
	2016	2016	vs	vs	vs
	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15
Crude oil, condensate and natural gas liquids (MMboe)	89.7	29.2	(4%)	(7%)	(2%)
Natural gas (bcf)	567.0	181.4	(5%)	0%	(1%)
Total petroleum production (MMboe)	184.1	59.4	(4%)	(3%)	(1%)

Total petroleum production – Total petroleum production for the nine months ended March 2016 decreased by four per cent to 184.1 MMboe. Guidance for the 2016 financial year remains unchanged at 237 MMboe as the strong performance by our Conventional business offset the reduction in Onshore US activity and the divestment of our gas business in Pakistan.

Crude oil, condensate and natural gas liquids – Crude oil, condensate and natural gas liquids production for the nine months ended March 2016 decreased by four per cent to 89.7 MMboe.

Onshore US liquids volumes declined by four per cent to 38.7 MMboe as unchanged total liquids production from the Black Hawk and Permian was offset by the suspension of drilling activity in the Hawkville. Liquids production at Onshore US for the 2016 financial year is expected to decline 12 per cent as a result of reduced development activity in the Black Hawk and Hawkville.

In our Conventional business, a four per cent reduction in liquids production reflects natural field decline across the portfolio and industrial action at Bass Strait, which more than offset volumes from new production wells at Atlantis, Mad Dog and Pyrenees.

Natural gas – Natural gas production for the nine months ended March 2016 declined by five per cent to 567 bcf.

The decline primarily reflects lower Onshore US gas volumes as a result of the decision to defer development activity for longer-term value and the successful divestment of our gas business in Pakistan. This was partially offset by higher seasonal demand at Bass Strait and Macedon.

Projects

Projects
	Capital	Initial
Project and	expenditure	production
ownership	(US$m)	target date	Capacity	Progress
Bass Strait Longford Gas	520	CY16	Designed to process approximately	On schedule and budget. The overall
Conditioning Plant			400 MMcf/d of high-CO2gas.	project is 89% complete.
(Australia)
50% (non-operator)
North West Shelf	314	CY19	To maintain LNG plant throughput from	On schedule and budget. The overall
Greater Western Flank-B			the North West Shelf operations.	project is 10% complete.
(Australia)
16.67% (non-operator)

Petroleum capital expenditure of approximately US$2.7 billion is planned for the 2016 financial year. This includes Conventional capital expenditure of US$1.4 billion, which remains focused on high-return infill drilling opportunities in the Gulf of Mexico and life extension projects at Bass Strait and North West Shelf, and Onshore US capital expenditure of US$1.3 billion, of which approximately US$300 million relates to a reduction in capital creditors.

BHP Billiton Operational Review for the nine months ended 31 March 2016

3

Onshore US development activity

Onshore US drilling and development expenditure for the nine months ended March 2016 was approximately US$1.1 billion, a 63 per cent decline relative to the nine months ended March 2015. Our operated rig count declined from seven to five in the March 2016 quarter as planned. In addition, completions activity in the Black Hawk has been temporarily halted as we continue to defer development activity to preserve value. The resulting inventory of drilled but uncompleted wells will effectively position us to quickly respond to improved market conditions.

We have continued confidence in the quality of our Onshore US acreage, and our track record in operating performance and capital productivity is among the best in the industry. While we are focused on value and cash flow preservation as we manage through this period of lower prices, we retain the option to develop our resources as prices recover to maximise the value of these quality assets.

March 2016 YTD				Liquids focused areas	Liquids focused areas	Gas focused areas	Gas focused areas
(March 2015 YTD)				Eagle Ford	Permian	Haynesville	Fayetteville	Total
Capital expenditure	(i)		US$ billion	0.7 (1.9)	0.3 (0.6)	0.0 (0.3)	0.0 (0.2)	1.1 (3.0)
Rig allocation			At period end	3 (12)	2 (4)	0 (1)	0 (0)	5 (17)
Net wells drilled and completed		(ii)	Period total	88 (153)	25 (32)	5 (18)	10 (36)	128 (239)
Net productive wells			At period end	926 (796)	100 (63)	411 (388)	1,086 (1,028)	2,523 (2,275)

(i) Includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and pipelines.

(ii) Can vary between periods based on changes in rig activity and the inventory of wells drilled but not yet completed at period end.

Petroleum exploration

Exploration and appraisal wells drilled during the March 2016 quarter are summarised below.

Well	Location	Target	BHP Billiton	Spud date	Water depth	Total well	Status
			equity			depth
Shenzi	Gulf of Mexico	Oil	72%	24 October 2015	1,309 m	9,577 m	Hydrocarbons encountered;
North-ST3	GC609		(operator)				Plugged and abandoned

Our Petroleum exploration program is focused in the deepwater Gulf of Mexico, the Caribbean and the Beagle subbasin off the coast of Western Australia where we are pursuing Tier 1 oil plays. In March 2016, BHP Billiton was the apparent high bidder on four blocks in the Central Gulf of Mexico Lease Sale 241. The award of the blocks remain subject to regulatory approval.

Petroleum exploration expenditure for the nine months ended March 2016 was US$390 million, of which US$177 million was expensed. A US$640 million exploration program is now planned for the 2016 financial year to fund additional access and testing of our future growth opportunities.

BHP Billiton Operational Review for the nine months ended 31 March 2016

4

Copper

Production

Production
	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16
	2016	2016	vs	vs	vs
	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15
Copper (kt)	1,167	405	(8%)	(12%)	5%
Zinc (t)	48,964	11,913	(3%)	(12%)	(28%)
Silver (troy koz)	9,525	3,469	39%	45%	21%
Uranium oxide concentrate (t)	3,508	961	38%	58%	(31%)

Copper – Total copper production for the nine months ended March 2016 decreased by eight per cent to 1.2 Mt as continued strong operating performance across the business was offset by grade decline at Escondida, as anticipated. Guidance for the 2016 financial year remains unchanged at 1.5 Mt.

Escondida copper production for the nine months ended March 2016 decreased by 20 per cent to 711 kt, despite an 18 per cent increase during the March 2016 quarter. Strong operating performance, including improvements in truck availability, utilisation and maintenance, and record material mined, was more than offset by a 28 per cent decline in grade. Production increased by 18 per cent from the December 2015 quarter as higher concentrator throughput was achieved as a result of improved water availability. The Escondida Bioleach Pad Extension project, which includes the expansion of the leach pad to four layers, was completed as planned during the March 2016 quarter.

Production guidance for Escondida remains unchanged at approximately 940 kt for the 2016 financial year as the ramp up of Organic Growth Project 1 progresses ahead of plan and is expected to reach full capacity in the June 2016 quarter. The Los Colorados concentrator was placed on care and maintenance in the March 2016 quarter. In the medium term, completion of the Escondida Water Supply project and the potential life extension of Los Colorados will enable the utilisation of three concentrators[(2)] .

Pampa Norte copper production for the nine months ended March 2016 decreased by three per cent to 186 kt as record ore milled at Spence and Cerro Colorado, and higher grades at Spence, were offset by the impact of planned maintenance at Spence and industrial action at Cerro Colorado in the March 2016 quarter. Production at Pampa Norte for the 2016 financial year is expected to be ahead of the prior year. In the short to medium term, the Spence Recovery Optimisation project will enable the full utilisation of approximately 200 ktpa of tankhouse capacity. The Spence Growth Option remains in feasibility with the potential to extend mining operations by more than 50 years and increase copper capacity by approximately 200 ktpa.

Olympic Dam copper production for the nine months ended March 2016 increased by 46 per cent to a record 162 kt and reflects improved smelter and mill utilisation, and the Svedala mill outage in the prior period. Copper production decreased by 13 per cent from the December 2015 quarter following planned mill maintenance. Olympic Dam copper production remains on track to exceed 200 kt for the 2016 financial year with planned smelter maintenance scheduled for the June 2016 quarter.

Antamina copper production for the nine months ended March 2016 increased by 35 per cent to 108 kt as higher grades and recoveries, supported by record material mined and milled, more than offset the impact of planned maintenance in the March 2016 quarter. Antamina copper production of 136 kt is forecast for the 2016 financial year.

Project

	Capital	Initial
Project and	expenditure	production
ownership	(US$m)	**target date **	Capacity	Progress
Escondida Water Supply	3,430	CY17	New desalination facility to ensure	On schedule and budget. The overall
(Chile)			continued water supply to Escondida.	project is 86% complete.
57.5%

BHP Billiton Operational Review for the nine months ended 31 March 2016

5

Iron Ore

Production

Production
	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16
	2016	2016	vs	vs	vs
	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15
Iron ore (kt)	171,332	53,057	(1%)	(10%)	(7%)

Iron ore – Total iron ore production for the nine months ended March 2016 was broadly unchanged at 171 Mt. Production for the 2016 financial year is now expected to be approximately 229 Mt, three per cent below prior guidance, and reflects a reduction in guidance at WAIO.

WAIO production for the nine months ended March 2016 increased by two per cent to a record 193 Mt (100 per cent basis) and reflected the Jimblebar mining hub operating at full capacity and improved ore handling plant utilisation at Newman. This was partially offset by one-off operational issues in the December 2015 quarter, along with the impact of adverse weather conditions and the initiation of an accelerated rail network maintenance program in the March 2016 quarter. WAIO production of approximately 260 Mt is now anticipated for the 2016 financial year, four per cent below prior guidance, however unit cost guidance remains unchanged at US$15 per tonne[(3)] .

Our WAIO business remains focused on productivity in our integrated supply chain and this is further supported by the 24 month rail renewal and maintenance program that has been initiated. These improvements in our supply chain along with the ramp-up of additional capacity at the Jimblebar mining hub, will deliver an increase in system capacity to 290 Mtpa over time.

Samarco production for the nine months ended March 2016 was 11 Mt (100 per cent basis). Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015. Sales from the final shipment of pellets from stockpiles will be settled in the June 2016 quarter.

BHP Billiton Operational Review for the nine months ended 31 March 2016

6

Coal

Production

Production
	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16
	2016	2016	vs	vs	vs
	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15
Metallurgical coal (kt)	31,010	10,076	(1%)	4%	(4%)
Energy coal (kt)	27,295	7,911	(10%)	(24%)	(17%)

Metallurgical coal – Metallurgical coal production for the nine months ended March 2016 remained broadly in line at 31 Mt. Guidance for the 2016 financial year remains unchanged at 40 Mt.

Queensland Coal production was flat as record production at six mines, underpinned by increased plant and equipment utilisation, offset the completion of longwall mining at Crinum which is now under care and maintenance, a convergence event at the Broadmeadow mine and unfavourable weather conditions.

First shipment from the Haju mine in Indonesia was achieved during the March 2016 quarter. BHP Billiton is conducting a strategic review of the long-term future options for its Indonesian coal interests, IndoMet Coal, which comprises seven coal contracts of work within the provinces of Central and East Kalimantan.

Energy coal – Energy coal production for the nine months ended March 2016 decreased by 10 per cent to 27 Mt. Guidance for the 2016 financial year remains unchanged at 37 Mt.

New South Wales Energy Coal production for the nine months ended March 2016 declined by 10 per cent due to the impact of heavy rainfall, blasting constraints and the progression of the mine plan through a higher strip ratio zone. Cerrejón volumes declined by seven per cent as drought conditions continued to constrain production.

Navajo Coal production for the nine months ended March 2016 was broadly unchanged, despite a 51 per cent decline during the March 2016 quarter reflecting lower customer demand. The transfer of management and operatorship for Navajo Coal to Navajo Transitional Energy Company remains on track for 31 December 2016. The sale of the San Juan Mine to Westmoreland Coal Company was completed on 31 January 2016.

BHP Billiton Operational Review for the nine months ended 31 March 2016

7

Other

Nickel production

Nickelproduction
	Mar	Mar	Mar YTD16	Mar Q16	Mar Q16
	2016	2016	vs	vs	vs
	YTD	Qtr	Mar YTD15	Mar Q15	Dec Q15
Nickel (kt)	57.3	20.0	(19%)	(9%)	32%

Nickel – Nickel West production for the nine months ended March 2016 decreased by 19 per cent to 57 kt and reflected planned major maintenance outages at the Kalgoorlie smelter and Kwinana refinery during the December 2015 quarter, and a reduction in third party ore delivered to the Kambalda concentrator . Higher nickel metal production during the March 2016 quarter was underpinned by throughput improvements at the Kwinana refinery.

Potash project

Potashproject
Project and	Investment
ownership	(US$m)	Scope	Progress
Jansen Potash	2,600	Investment to finish the excavation and lining of the	The project is 58% complete and within the
(Canada)		production and service shafts, and to continue the	approved budget. Shaft excavation is
100%		installation of essential surface infrastructure and	progressing.
		utilities.

Minerals exploration

Minerals exploration expenditure for the nine months ended March 2016 was US$126 million, of which US$109 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Peru and the South-West United States.

Variance analysis relates to the relative performance of BHP Billiton and/or its operations during the nine months ended March 2016 compared with the nine months ended March 2015, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis.

The following footnotes apply to this Operational Review:

• (1) Represents the average reduction in 2016 financial year guidance for Escondida grade-adjusted, Western Australia Iron Ore and Queensland Coal unit costs relative to the 2015 financial year.

• (2) Subject to Escondida Owners Council approval.

• (3) WAIO unit cash cost excludes freight and royalties. 2016 financial year guidance is based on an exchange rate of AUD/USD 0.72.

The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).

BHP Billiton Operational Review for the nine months ended 31 March 2016

8

F u rther info r mation on BHP Billit o n can be found at: bhpbilliton.com

Media Relations

Australia and Asia

El e anor Colonic o Tel: +61 3 9609 2360 Mobile +61 407 064 748 E m ail: Eleanor. C olonico@bh p billiton.com

Paul Hitchins Tel: +61 3 9609 2592 Mobile +61 419 315 001 E m ail: Paul.Hitc h ins@bhpbilli t on.com

Fi o na Hadley Tel: +61 3 9609 2211 Mobile +61 427 777 908 E m ail: Fiona.Ha d ley@bhpbilli t on.com

United Kingdom and South Africa

Ruban Yogarajah Tel: +44 207 80 2 4033 Mobil e +44 7827 0 8 2 022 E m ail: Ruban.Y o garajah@bh p billiton.com

Je n nifer White Tel : +44 207 802 7462 Mobile +44 7827 253 764 E m ail: Jennifer. W hite@bhpbilliton.com

North America

Ja r yl Strong Tel: +1 713 499 5548 Mobile: +1 281 222 6 627 E m ail: Jaryl.Str o ng@bhpbillit o n.com

BH P Billiton Limited A BN 49 004 028 0 77 Re g istered in Australia Re g istered Office: L e vel 18, 171 Colli n s Street Melbourne Victoria 3 0 00 Australia Tel +61 1300 55 475 7 Fax +61 3 960 9 3015

Investor Relations

Australia and Asia

Tara Di n es Tel: +61 3 9609 2222 Mobile: +61 4 99 249 005 Email: Tara.Dines@b h pbilliton.com Andrew Gunn Tel: +61 3 9609 3575 Mobile: +61 4 02 087 354 Email: A ndrew.Gunn @ bhpbilliton.c o m

United Kingdom and South Africa

Jonatha n Price Tel: +44 20 7802 413 1 Mobile: +4 4 7990 527 726 Email: J o nathan.H.Price@bhpbillit o n.com

Rob Clif f ord Tel: +44 20 7802 413 1 Mobile: +4 4 7788 308 844 Email: R ob.Clifford@ b hpbilliton.co m

Americas

James W ear Tel: +1 2 12 310 1421 Mobile: +1 3 4 7 882 3011 Email: J a mes.Wear@bhpbilliton.co m

Joseph S uarez Tel: +1 2 12 310 1422 Mobile: +1 6 4 6 400 3803 Email: J o seph.Suarez@bhpbilliton. c om

BHP Billiton Plc Registration number 31962099 Registere d in England and W ales Registere d Office: Neathou s e Place London S W 1V 1LH United K ingdom Tel +44 20 7802 4000 Fax + 44 20 7802 4111

Me m bers of the BHP Billiton Group w h ich is he a dquartered in Au s tralia

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BHP Billiton Oper a tional Review for the nine mo n ths ended 31 M arch 2016

9

PRODUCTION SUMMARY

BHP Billiton MAR JUN SEP DEC MAR interest 2015 2015 2015 2015 2016 ~~Mar-15~~ ~~Jun-15~~ ~~Sep-15~~ ~~Dec-15~~ ~~Mar-16~~ QUARTER ENDED	BHP Billiton MAR JUN SEP DEC MAR interest 2015 2015 2015 2015 2016 ~~Mar-15~~ ~~Jun-15~~ ~~Sep-15~~ ~~Dec-15~~ ~~Mar-16~~ QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Petroleum (1)
Petroleum Crude oil, condensate and NGL (Mboe) Onshore US Conventional Total Natural gas (bcf) Onshore US Conventional Total Total petroleum production (MMboe)	15,848 15,413 13,453 12,805 12,454 15,450 15,759 17,259 16,976 16,727 31,298 31,172 30,712 29,781 29,181 99.9 96.4 98.2 94.4 89.9 81.6 95.4 104.6 88.4 91.5 181.5 191.8 202.8 182.8 181.4 61.5 63.2 64.5 60.2 59.4	38,712 40,213 50,962 53,193
		89,674 93,406
		282.5 323.8 284.5 271.0
		567.0 594.8
		184.1 192.5
Copper (2)
Copper Payable metal in concentrate (kt) Escondida(3) 57.5% Antamina 33.8% Total Cathode (kt) Escondida(3) 57.5% Pampa Norte(4) 100% Olympic Dam 100% Total Total copper Lead Payable metal in concentrate (t) Antamina 33.8% Total Zinc Payable metal in concentrate (t) Antamina 33.8% Total Gold Payable metal in concentrate (troy oz) Escondida(3) 57.5% Olympic Dam (refined gold) 100% Total Silver Payable metal in concentrate (troy koz) Escondida(3) 57.5% Antamina 33.8% Olympic Dam (refined silver) 100% Total Uranium Payable metal in concentrate (t) Olympic Dam 100% Total Molybdenum Payable metal in concentrate (t) Antamina 33.8% Total	260.9 247.0 159.6 131.7 174.9 26.7 28.0 35.1 37.2 35.4 287.6 275.0 194.7 168.9 210.3 77.3 88.8 70.9 89.3 84.8 66.5 57.7 56.8 69.0 59.8 28.6 13.7 54.9 57.4 49.8 172.4 160.2 182.6 215.7 194.4 460.0 435.2 377.3 384.6 404.7 493 448 857 1,024 1,193 493 448 857 1,024 1,193 13,571 15,857 20,597 16,454 11,913 13,571 15,857 20,597 16,454 11,913 21,265 25,554 23,805 17,889 31,408 26,441 9,438 29,349 39,299 29,028 47,706 34,992 53,154 57,188 60,436 1,355 1,314 1,181 962 1,544 872 1,115 1,766 1,636 1,751 172 55 246 265 174 2,399 2,484 3,193 2,863 3,469 607 595 1,161 1,386 961 607 595 1,161 1,386 961 151 206 92 232 227 151 206 92 232 227	466.2 669.1 107.7 79.7
		573.9 748.8
		245.0 221.6 185.6 191.9 162.1 110.8
		592.7 524.3
		1,166.6 1,273.1
		3,074 1,612
		3,074 1,612
		48,964 50,578
		48,964 50,578
		73,102 55,955 97,676 95,342
		170,778 151,297
		3,687 3,472 5,153 2,711 685 669
		9,525 6,852
		3,508 2,549
		3,508 2,549
		551 266
		551 266

BHP Billiton Operational Review for the nine months ended 31 March 2016

10

PRODUCTION SUMMARY

PRODUCTION SUMMARY	PRODUCTION SUMMARY
BHP Billiton MAR JUN SEP DEC MAR interest 2015 2015 2015 2015 2016 QUARTER ENDED		YEAR TO DATE
		MAR MAR 2016 2015
Iron Ore
Iron Ore Production (kt)(5) Newman 85% Area C Joint Venture 85% Yandi Joint Venture 85% Jimblebar(6) 85% Wheelarra 85% Samarco 50% Total	14,916 16,062 18,006 17,003 15,817 13,201 12,214 12,163 11,723 11,002 16,798 17,452 16,886 15,960 16,204 4,513 5,462 3,262 4,852 5,472 5,965 5,159 7,259 5,757 4,562 3,586 3,737 3,739 1,665 - 58,979 60,086 61,315 56,960 53,057	50,826 47,635 34,888 37,780 49,050 51,099 13,586 11,297 17,578 13,835 5,404 10,776
		171,332 172,422
Coal
Metallurgical coal Production (kt) (7) BMA 50% BHP Billiton Mitsui Coal(8) 80% Haju (9) 75% Total Energy coal Production (kt) USA 100% Australia 100% Colombia 33.3% Total	7,602 9,023 8,087 8,207 7,894 2,057 2,370 2,347 2,191 2,015 - - 15 87 167 9,659 11,393 10,449 10,485 10,076 2,247 2,574 2,676 2,632 1,112 5,252 5,086 4,644 4,277 4,189 2,975 2,944 2,527 2,628 2,610 10,474 10,604 9,847 9,537 7,911	24,188 24,839 6,553 6,389 269 -
		31,010 31,228
		6,420 7,449 13,110 14,612 7,765 8,347
		27,295 30,408
Other
Nickel Saleable production (kt) Nickel West 100% Total	21.9 19.3 22.1 15.2 20.0 21.9 19.3 22.1 15.2 20.0	57.3 70.6
		57.3 70.6

(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe.

(2) Metal production is reported on the basis of payable metal.

(3) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.

(4) Includes Cerro Colorado and Spence.

(5) Iron ore production is reported on a wet tonnes basis.

(6) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.

(7) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.

(8) Shown on a 100% basis. BHP Billiton interest in saleable production is 80%.

(9) Shown on a 100% basis. BHP Billiton interest in saleable production is 75%.

BHP Billiton Operational Review for the nine months ended 31 March 2016

11

PRODUCTION AND SALES REPORT

	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Petroleum (1)
Bass Strait Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) North West Shelf Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Stybarrow (2) Crude oil and condensate (Mboe) Total petroleum products (MMboe) Pyrenees Crude oil and condensate (Mboe) Total petroleum products (MMboe) Other Australia(3) Crude oil and condensate (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Atlantis(4) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Mad Dog (4) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Shenzi (4) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Eagle Ford (5) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Permian (5) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Haynesville(5) (6) Crude oil and condensate (Mboe) Natural gas (bcf) Total petroleum products (MMboe)	1,156 1,707 1,877 1,390 1,813 961 1,548 2,091 1,307 1,455 18.3 31.9 38.7 23.9 30.3 5.2 8.6 10.4 6.7 8.3 1,355 1,215 1,362 1,423 1,124 268 198 227 235 259 32.8 29.9 33.9 34.9 33.8 7.1 6.4 7.2 7.5 7.0 194 93 (8) - - 0.2 0.1 (0.0) - - 1,709 1,435 2,096 2,331 2,093 1.7 1.4 2.1 2.3 2.1 11 13 13 9 8 14.1 16.0 16.6 14.4 16.2 2.4 2.7 2.8 2.4 2.7 3,645 3,110 3,637 4,257 4,056 245 209 231 278 270 1.7 1.7 1.6 2.0 1.9 4.2 3.6 4.1 4.9 4.6 720 651 588 648 880 37 20 23 41 41 0.1 0.1 0.1 0.1 0.1 0.8 0.7 0.6 0.7 0.9 3,283 3,369 3,277 3,185 3,094 235 174 236 269 206 0.7 0.7 0.7 0.8 0.6 3.6 3.7 3.6 3.6 3.4 10,837 9,363 7,700 7,156 7,018 3,868 4,183 3,799 3,806 3,649 27.7 26.1 25.8 25.4 25.1 19.3 17.9 15.8 15.2 14.9 856 1,447 1,481 1,354 1,499 287 420 473 488 288 2.1 3.0 3.9 3.4 2.4 1.5 2.4 2.6 2.4 2.2 - - - 1 - 37.8 35.4 36.4 34.7 34.4 6.3 5.9 6.1 5.8 5.7	5,080 6,258 4,853 4,634 92.9 70.4
		25.4 22.6
		3,909 4,251 721 834 102.6 103.1
		21.7 22.3
		(8) 667
		(0.0) 0.7
		6,520 5,719
		6.5 5.7
		30 39 47.2 43.5
		7.9 7.3
		11,950 11,560 779 787 5.5 5.7
		13.6 13.3
		2,116 1,987 105 100 0.3 0.3
		2.3 2.1
		9,556 10,315 711 766 2.1 2.3
		10.6 11.5
		21,874 25,995 11,254 10,927 76.3 82.5
		45.8 50.7
		4,334 2,264 1,249 1,007 9.7 7.9
		7.2 4.6
		1 20 105.5 127.1
		17.6 21.2

BHP Billiton Operational Review for the nine months ended 31 March 2016

12

PRODUCTION AND SALES REPORT

Fayetteville (5) Natural gas (bcf) Total petroleum products (MMboe) Trinidad/Tobago Crude oil and condensate (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Other Americas (4) (7) Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) UK Crude oil and condensate (Mboe) NGL (Mboe) Natural gas (bcf) Total petroleum products (MMboe) Algeria Crude oil and condensate (Mboe) Total petroleum products (MMboe) Pakistan(8) Crude oil and condensate (Mboe) Natural gas (bcf) Total petroleum products (MMboe)	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED 32.3 31.9 32.1 30.9 28.0 5.4 5.3 5.4 5.2 4.7 196 562 242 185 120 7.2 9.1 7.6 7.4 7.4 1.4 2.1 1.5 1.4 1.4 348 348 361 360 334 14 11 12 16 12 0.2 0.1 0.2 0.2 0.2 0.4 0.4 0.4 0.4 0.4 64 76 59 74 65 7 83 (4) 27 10 1.1 1.0 1.0 1.0 1.0 0.3 0.3 0.2 0.3 0.2 975 912 916 922 887 1.0 0.9 0.9 0.9 0.9 27 25 23 19 - 5.4 4.9 4.2 3.7 - 0.9 0.8 0.7 0.6 -	YEAR TO DATE
		MAR MAR 2016 2015
		91.0 106.3
		15.2 17.7
		547 675 22.4 23.8
		4.3 4.6
		1,055 1,197 40 77 0.6 0.6
		1.2 1.4
		198 175 33 18 3.0 3.2
		0.7 0.7
		2,725 3,036
		2.7 3.0
		42 98 7.9 18.1
		1.4 3.1
Total petroleum products Crude oil and condensate Onshore US (Mboe) Conventional (Mboe) Total (Mboe) NGL Onshore US (Mboe) Conventional (Mboe) Total (Mboe) Natural gas Onshore US (bcf) Conventional (bcf) Total (bcf)	11,693 10,810 9,181 8,511 8,517 13,683 13,516 14,443 14,803 14,474 25,376 24,326 23,624 23,314 22,991 4,155 4,603 4,272 4,294 3,937 1,767 2,243 2,816 2,173 2,253 5,922 6,846 7,088 6,467 6,190 99.9 96.4 98.2 94.4 89.9 81.6 95.4 104.6 88.4 91.5 181.5 191.8 202.8 182.8 181.4	26,209 28,279 43,720 45,977
		69,929 74,256
		12,503 11,934 7,242 7,216
		19,745 19,150
		282.5 323.8 284.5 271.0
		567.0 594.8

(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures represent finalisation adjustments.

(2) Stybarrow ceased production on 26 June 2015.

(3) Other Australia includes Minerva and Macedon.

(4) Gulf of Mexico volumes are net of royalties.

(5) Onshore US volumes are net of mineral holder royalties.

(6) Haynesville includes North Louisiana Conventional.

(7) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.

(8) BHP Billiton completed the sale of the Pakistan gas business on 16 February 2015.

BHP Billiton Operational Review for the nine months ended 31 March 2016

13

PRODUCTION AND SALES REPORT

	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Copper
Escondida, Chile (1) Material mined (kt) 91,139 96,337 110,067 109,200 105,970 Sulphide ore milled (kt) 21,382 22,909 22,820 18,076 21,188 Average copper grade (%) 1.49% 1.32% 1.00% 0.99% 0.99% Production ex mill (kt) 266.3 249.6 169.7 142.8 175.8 Production Payable copper (kt) 260.9 247.0 159.6 131.7 174.9 Copper cathode (EW) (kt) 77.3 88.8 70.9 89.3 84.8 Payable gold concentrate (troy oz) 21,265 25,554 23,805 17,889 31,408 Payable silver concentrate (troy koz) 1,355 1,314 1,181 962 1,544 Sales Payable copper (kt) 269.6 243.0 157.6 123.8 181.7 Copper cathode (EW) (kt) 64.9 101.4 63.8 101.1 80.3 Payable gold concentrate (troy oz) 21,265 25,554 23,805 17,889 31,408 Payable silver concentrate (troy koz) 1,355 1,314 1,181 962 1,544 (1) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%. Metals production is payable metal unless otherwise stated.		325,237 288,363 62,084 60,387 0.99% 1.38% 488.3 687.3 466.2 669.1 245.0 221.6 73,102 55,955 3,687 3,472 463.1 676.1 245.2 208.8 73,102 55,955 3,687 3,473
Pampa Norte, Chile Cerro Colorado Material mined (kt) 15,030 14,211 13,870 14,930 12,415 Ore milled (kt) 4,501 4,798 4,703 4,856 4,012 Average copper grade (%) 0.68% 0.70% 0.64% 0.82% 0.84% Production Copper cathode (EW) (kt) 21.5 20.4 13.7 18.8 20.0 Sales Copper cathode (EW) (kt) 22.0 20.8 13.0 19.7 18.6 Spence Material mined (kt) 21,429 21,062 22,922 21,593 22,549 Ore milled (kt) 3,783 4,082 4,919 5,146 4,355 Average copper grade (%) 1.06% 1.24% 1.41% 1.30% 1.39% Production Copper cathode (EW) (kt) 45.0 37.3 43.1 50.2 39.8 Sales Copper cathode (EW) (kt) 45.0 40.6 38.2 56.1 38.4		41,215 46,671 13,571 13,136 0.76% 0.72% 52.5 57.8 51.3 63.0 67,064 69,089 14,420 12,752 1.36% 1.20% 133.1 134.1 132.7 133.7

BHP Billiton Operational Review for the nine months ended 31 March 2016

14

PRODUCTION AND SALES REPORT

	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Copper (continued)
Metals production is payable metal unless otherwise stated. Antamina, Peru Material mined (100%) (kt) 49,787 56,944 56,793 52,130 55,183 Sulphide ore milled (100%) (kt) 12,880 14,831 14,300 14,184 12,414 Average head grades - Copper (%) 0.79% 0.74% 0.88% 0.92% 1.02% - Zinc (%) 0.69% 0.56% 0.79% 0.55% 0.54% Production Payable copper (kt) 26.7 28.0 35.1 37.2 35.4 Payable zinc (t) 13,571 15,857 20,597 16,454 11,913 Payable silver (troy koz) 872 1,115 1,766 1,636 1,751 Payable lead (t) 493 448 857 1,024 1,193 Payable molybdenum (t) 151 206 92 232 227 Sales Payable copper (kt) 26.5 26.3 30.8 42.9 29.3 Payable zinc (t) 15,545 13,645 18,747 20,423 12,097 Payable silver (troy koz) 915 911 1,522 2,048 1,331 Payable lead (t) 461 624 266 1,056 1,073 Payable molybdenum (t) 163 157 156 138 178		164,106 148,255 40,898 38,844 0.94% 0.78% 0.63% 0.73% 107.7 79.7 48,964 50,578 5,153 2,711 3,074 1,612 551 266 103.0 82.6 51,267 49,916 4,901 2,837 2,395 1,492 472 303
Olympic Dam, Australia Material mined(1) (kt) 2,186 1,773 2,357 2,372 2,210 Ore milled (kt) 1,477 1,469 2,727 2,767 2,174 Average copper grade (%) 1.88% 1.97% 1.64% 2.22% 2.01% Average uranium grade (kg/t) 0.56 0.62 0.60 0.62 0.61 Production Copper cathode (ER and EW) (kt) 28.6 13.7 54.9 57.4 49.8 Uranium oxide concentrate (t) 607 595 1,161 1,386 961 Refined gold (troy oz) 26,441 9,438 29,349 39,299 29,028 Refined silver (troy koz) 172 55 246 265 174 Sales Copper cathode (ER and EW) (kt) 30.7 14.5 52.5 57.3 49.4 Uranium oxide concentrate (t) 877 818 677 1,013 1,261 Refined gold (troy oz) 31,938 9,064 25,598 39,168 32,052 Refined silver (troy koz) 206 61 213 265 198		6,939 7,545 7,668 6,459 1.95% 1.83% 0.61 0.56 162.1 110.8 3,508 2,549 97,676 95,342 685 669 159.2 112.8 2,951 2,850 96,818 97,583 676 671

(1) Material mined refers to run of mine ore mined and hoisted.

BHP Billiton Operational Review for the nine months ended 31 March 2016

15

PRODUCTION AND SALES REPORT

	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.

Pilbara, Australia

Pilbara, Australia
Production Newman (kt) 14,916 16,062 18,006 17,003 15,817 Area C Joint Venture (kt) 13,201 12,214 12,163 11,723 11,002 Yandi Joint Venture (kt) 16,798 17,452 16,886 15,960 16,204 Jimblebar(1) (kt) 4,513 5,462 3,262 4,852 5,472 Wheelarra (kt) 5,965 5,159 7,259 5,757 4,562 Total production (kt) 55,393 56,349 57,576 55,295 53,057 Total production (100%) (kt) 64,372 65,330 67,161 64,197 61,454 Sales Lump (kt) 12,617 13,234 14,003 13,886 13,380 Fines (kt) 42,635 43,430 43,587 40,917 40,078 Total (kt) 55,252 56,664 57,590 54,803 53,458 Total sales (100%) (kt) 64,201 65,703 67,177 63,625 61,927 (1) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.	50,826 47,635 34,888 37,780 49,050 51,099 13,586 11,297 17,578 13,835
	165,928 161,646
	192,812 188,179
	41,269 38,044 124,582 125,453
	165,851 163,497
	192,729 190,352
Samarco, Brazil (1) Production (kt) 3,586 3,737 3,739 1,665 - Sales (kt) 2,876 3,627 3,531 2,425 224	5,404 10,776 6,180 10,330

(1) Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.

BHP Billiton Operational Review for the nine months ended 31 March 2016

16

PRODUCTION AND SALES REPORT

	MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
		MAR MAR 2016 2015
Coal
Queensland Coal Production (1) BMA Blackwater (kt) 1,569 1,873 1,803 1,861 1,756 Goonyella (kt) 1,951 2,065 1,868 1,941 2,478 Peak Downs (kt) 1,263 1,469 1,164 1,323 1,159 Saraji (kt) 1,033 1,194 1,037 1,000 1,046 Gregory Joint Venture(2) (kt) 607 885 707 609 13 Daunia (kt) 489 649 698 616 626 Caval Ridge (kt) 690 888 810 857 816 Total BMA (kt) 7,602 9,023 8,087 8,207 7,894 BHP Billiton Mitsui Coal (3) South Walker Creek (kt) 1,282 1,384 1,511 1,275 1,268 Poitrel (kt) 775 986 836 916 747 Total BHP Billiton Mitsui Coal (kt) 2,057 2,370 2,347 2,191 2,015 Total Queensland Coal (kt) 9,659 11,393 10,434 10,398 9,909 Sales Coking coal (kt) 7,118 7,616 7,015 7,642 7,348 Weak coking coal (kt) 2,720 2,850 3,246 2,695 2,681 Thermal coal (kt) 182 375 86 290 241 Total (kt) 10,020 10,841 10,347 10,627 10,270 Coal production is reported on the basis of saleable product.		5,420 5,121 6,287 6,445 3,646 3,642 3,083 3,312 1,329 2,409 1,940 1,734 2,483 2,176
		24,188 24,839
		4,054 3,909 2,499 2,480
		6,553 6,389
		30,741 31,228
		22,005 22,803 8,622 8,249 617 396
		31,244 31,448

(1) Production figures include some thermal coal.

(2) Longwall mining at Crinum completed during the December 2015 quarter.

(3) Shown on a 100% basis. BHP Billiton interest in saleable production is 80%.

Haju, Indonesia (1)
Production	(kt)	-	-	15	87	167	269	-
Sales - export	(kt)	-	-	-	-	148	148	-

(1) Shown on 100% basis. BHP Billiton interest in saleable production is 75%.

New Mexico, USA Production Navajo Coal(1) (kt) San Juan Coal(2) (kt) Total (kt) Sales thermal coal - local utility	1,156 1,395 1,270 1,403 694 1,091 1,179 1,406 1,229 418 2,247 2,574 2,676 2,632 1,112 2,177 2,539 2,671 2,661 1,106	3,367 3,463 3,053 3,986
		6,420 7,449
		6,438 7,492

(1) BHP Billiton completed the sale of Navajo Mine on 30 December 2013. As BHP Billiton will retain control of the mine until full consideration is received, production will continue to be reported by the Group.

(2) BHP Billiton completed the sale of San Juan Mine on 31 January 2016.

NSW Energy Coal, Australia Production (kt) Sales Export thermal coal (kt) Inland thermal coal (kt) Total (kt)	5,252 5,086 4,644 4,277 4,189 4,897 4,550 4,130 5,081 3,410 337 286 253 229 234 5,234 4,836 4,383 5,310 3,644	13,110 14,612 12,621 14,309 716 936
		13,337 15,245
Cerrejón, Colombia Production (kt) Sales thermal coal - export (kt)	2,975 2,944 2,527 2,628 2,610 3,005 2,766 2,853 2,565 2,339	7,765 8,347 7,757 8,814

BHP Billiton Operational Review for the nine months ended 31 March 2016

17

PRODUCTION AND SALES REPORT

MAR JUN SEP DEC MAR 2015 2015 2015 2015 2016 QUARTER ENDED	YEAR TO DATE
	MAR MAR 2016 2015

Other

Nickel production is reported on the basis of saleable product

Nickel West, Australia Production Nickel contained in concentrate (kt) Nickel contained in finished matte (kt) Nickel metal (kt) Total nickel production (kt) Sales Nickel contained in concentrate (kt) Nickel contained in finished matte (kt) Nickel metal (kt) Total nickel sales (kt)	1.9 1.5 0.7 0.2 0.3 6.1 3.9 5.0 2.6 2.8 13.9 13.9 16.4 12.4 16.9 21.9 19.3 22.1 15.2 20.0 2.0 1.6 0.7 0.2 0.3 6.4 4.4 4.2 3.7 2.7 13.5 15.7 15.6 12.1 17.8 21.9 21.7 20.5 16.0 20.8	1.2 5.8 10.4 20.7 45.7 44.1
		57.3 70.6
		1.2 5.7 10.6 20.4 45.5 42.9
		57.3 69.0

BHP Billiton Operational Review for the nine months ended 31 March 2016

18