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17 August 2021

To: Australian Securities Exchange New York Stock Exchange

RESULTS PRESENTATION YEAR ENDED 30 JUNE 2021

Attached are the presentation slides for a presentation by the Chief Executive Officer and Chief Financial Officer.

Further information on BHP can be found at bhp.com .

Authorised for lodgement by: Stefanie Wilkinson Group Company Secretary

BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne Victoria 3000 Tel +61 1300 55 4757 Fax +61 3 9609 3015

BHP Group Plc Registration number 3196209 LEI 549300C116EOWV835768 Registered in England and Wales Registered Office: Nova South, 160 Victoria Street, London SW1E 5LB United Kingdom Tel +44 20 7802 4000 Fax +44 20 7802 4111

The BHP Group is headquartered in Australia

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Growing value and positioning for the future Full year ended 30 June 2021

Mike Henry Chief Executive Officer

Jansen

Disclaimer

The information in this presentation is current as at 17 August 2021. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the year ended 30 June 2021.

Forward-looking statements

This presentation contains forward-looking statements, including statements regarding: trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; closure or divestment of certain assets, operations or facilities (including associated costs); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax and regulatory developments.

Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘intend’, ‘aim’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘may’, ‘should’, ‘will’, ‘would’, ‘continue’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of assets or financial conditions, or provide other forward-looking information.

The forward-looking statements are based on the information available as at the date of this presentation and/or the date of the Group’s planning processes or scenario analysis processes. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenarios do not constitute definitive outcomes for us. Scenario analysis relies on assumptions that may or may not be, or prove to be, correct and may or may not eventuate, and scenarios may be impacted by additional factors to the assumptions disclosed.

Additionally, forward-looking statements in this release are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. BHP cautions against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with COVID-19.

For example, our future revenues from our assets, projects or mines described in this release will be based, in part, upon the market price of the minerals, metals or petroleum produced, which may vary significantly from current levels. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.

Other factors that may affect the actual construction or production commencement dates, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and transport the minerals, petroleum and/or metals extracted to applicable markets; the impact of foreign currency exchange rates on the market prices of the minerals, petroleum or metals we produce; activities of government authorities in the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes; changes in environmental and other regulations; the duration and severity of the COVID-19 pandemic and its impact on our business; political uncertainty; labour unrest; and other factors identified in the risk factors discussed in BHP’s filings with the U.S. Securities and Exchange Commission (the ‘SEC’) (including in Annual Reports on Form 20-F) which are available on the SEC’s website at www.sec.gov.

Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Presentation of data

Unless specified otherwise: variance analysis relates to the relative performance of BHP and/or its operations during the year ended 30 June 2021 compared with the year ended 30 June 2020; operations includes operated assets and non-operated assets; total operations refers to the combination of continuing and discontinued operations; continuing operations refers to data presented excluding the impacts of Onshore US from the 2017 financial year onwards; copper equivalent production based on 2021 financial year average realised prices; references to Underlying EBITDA margin exclude third party trading activities; data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP’s share; medium term refers to our five year plan. Queensland Coal comprises the BHP Mitsubishi Alliance (BMA) asset, jointly operated with Mitsubishi, and the BHP Mitsui Coal (BMC) asset, operated by BHP. Numbers presented may not add up precisely to the totals provided due to rounding. All footnote content (except in the Annexures) is contained on slide 27.

Alternative performance measures

We use various alternative performance measures to reflect our underlying performance. For further information please refer to alternative performance measures set out on pages 62 – 77 of the BHP Results for the year ended 30 June 2021.

No offer of securities

Nothing in this presentation should be construed as either an offeror a solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Reliance on third party information

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP.

BHP and its subsidiaries

In this presentation, the terms ‘BHP’, the ‘Company’, the ‘Group’, ‘our business’, ‘organization’, ‘Group’, ‘we’, ‘us’ and ‘our’ refer to BHP Group Limited, BHP Group Plc and, except where the context otherwise requires, their respective subsidiaries set out in note 13 ‘Related undertaking of the Group’ in section 5.2 of BHP’s Annual Report and Form 20-F. Those terms do not include non-operated assets. This presentation includes references to BHP’s assets (including those under exploration, projects in development or execution phases, sites and closed operations) that have been wholly owned and/or operated by BHP and that have been owned as a joint venture operated by BHP (referred to as ‘operated assets’ or ‘operations’) during the period from 1 July 2020 to 30 June 2021. Our functions are also included.

BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this release as ‘non-operated joint ventures’ or ‘non-operated assets’). Our non-operated assets include Antamina, Cerrejón, Samarco, Atlantis, Mad Dog, Bass Strait and North West Shelf. Notwithstanding that this presentation may include production, financial and other information from non-operated assets, non-operated assets are not included in the Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless otherwise stated. References in this release to a ‘joint venture’ are used for convenience to collectively describe assets that are not wholly owned by BHP. Such references are not intended to characterise the legal relationship between the owners of the asset.

Financial results

17 August 2021

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Financial results Full year ended 30 June 2021 Mike Henry Chief Executive Officer

Spence Growth Option

Delivering on our strategy

Strong operational performance and intended portfolio changes enhance long-term value

Continued operational excellence and project delivery

Strong financial results, record FY dividend

Jansen grows value and increases future facing commodities exposure

Petroleum merger to create a global top 10 independent energy company

Unification of corporate structure to make BHP simpler and more agile

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Financial results 17 August 2021

FY21 operational highlights

We were safe, more reliable and more productive

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Safety Production Unit costs
Zero fatalities Records Delivered
TRIF [1]  11% to 3.7 per million hours WAIO, OD [2] , Goonyella, and concentrator FY21 guidance across WAIO, Escondida
worked compared to FY20 throughput at Escondida Petroleum and Queensland Coal
Reliability Portfolio Major projects
On time
Adding options
No major operational
and budget
disruptions Jansen sanctioned; exploration advances
with new options and JVs Spence Growth Option,
South Flank, Ruby and Atlantis Phase 3
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Notes: TRIF – Total Recordable Injury Frequency; WAIO – Western Australia Iron Ore; OD – Olympic Dam

Financial results

17 August 2021

FY21 financial highlights

A strong set of results enables higher shareholder returns

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Earnings EBITDA margin Free cash flow
US$ 37.4 bn 64% US$ 19.4 bn
Underlying EBITDA  69%  11% points  140%
Net debt Shareholder returns ROCE
200
US cps
US$ 4.1 bn 32.5%
Final dividend determined,
 66%  15.6% points
payout ratio of 92%
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Note: All comparisons are against FY20. Net debt excludes vessel lease contracts that are priced with reference to a freight index.

Financial results

17 August 2021

FY21 social value highlights

We have made significant progress across our social value goals and targets

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Operational emissions Inclusion and diversity
On track 29.8%
to reduce GHG emissions by at least female representation across Group
30% by FY30 [3]  69% compared to FY16 [4]
Value chain emissions Local procurement
7 day
Partnerships
payment terms for small, local and
to support our 2030 Scope 3 goals [5]
Indigenous suppliers [6]
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Social investment
US$ 175 m
including a US$50 million donation
to the BHP Foundation
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Freshwater withdrawals
 27%
from FY17 baseline [7] , ahead of our FY22
target reduction of 15%
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Financial results 17 August 2021

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Financial results Full year ended 30 June 2021 David Lamont Chief Financial Officer

BMA

Financial performance

Operational excellence supported EBITDA margin of 64%, ROCE to 32.5%, record dividend and strong earnings per share

Summary income statement (US$ billion)	FY21	% change	Strong earnings delivery (US cents per share)	Strong earnings delivery (US cents per share)	Strong earnings delivery (US cents per share)			(Index, FY16=100)	(Index, FY16=100)	(Index, FY16=100)
Underlying EBITDA	37.4	69%	250
Underlying EBITDA margin Underlying EBIT	64% 30.3	91%	200							200
Adjusted effective tax rate8 Adjusted effective tax rate incl. royalties8	34.1% 40.7%		150
Underlying attributable profit Net exceptional items Attributable profit	17.1 (5.8) 11.3	88%	50 100							100
Underlying basic earnings per share	337.7 US cps	88%	0							0
Dividend per share	301 US cps	151%		FY16	FY17	FY18	FY19	FY20	FY21
						Underlying basic EPS (H1)
						Underlying basic EPS (H2)
						Revenue (RHS)

Note: Presented on a total operations basis.

Financial results

17 August 2021

Segment performance

Delivered on our production and cost guidance. We are systematically unlocking even greater performance from our assets

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Iron Ore[10]

Copper

Petroleum

Metallurgical Coal

EBITDA: EBITDA margin:	US$26.3 bn 77% 7% points	US$8.5 bn 62% 17% points	US$2.3 bn 58% 3% points	US$593 m 14% 22% points
Unit cost9: Achieved guidance:
	WAIO (US$/t)	Escondida (US$/lb)	Petroleum (US$/boe)	Queensland Coal (US$/t)
	14.82 	1.00 	10.83 	81.81 

 Represents unit costs for FY21 that were within or better than the guidance range at guidance exchange rates[9] .

Financial results

17 August 2021

Continued capital allocation discipline

We generated record free cash flow. Our balance sheet is strong

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FY21
Operating Capital
productivity productivity
Net operating cash flow
US$27.2 bn
Maintenance capital US$2.3 bn
Strong balance sheet 
Minimum 50% payout ratio dividend US$5.0 bn
Excess cash
US$17.6 bn Includes net cash outflow of US$2.3 bn
Additional Organic Acquisitions/
Balance sheet Buy-backs
dividends [11] development (Divestments)
US$9.4 bn US$2.9 bn US$0.0 bn US$4.8 bn US$0.5 bn
H2 FY20 • US$2.7 bn improvement
H1 FY21 • US$0.2 bn latent capacity
•
US$1.4 bn major projects
•
US$0.5 bn exploration
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Note: Includes total net cash out flow of US$2.3 billion (FY20: US$1.1 billion) which comprises dividends paid to non-controlling interests of US$2.1 billion (FY20: US$1.0 billion); net investment and funding of equity accounted investments of US$0.6 billion (FY20: US$0.6 billion) and an adjustment for exploration expenses of US$(0.4) billion (FY20: US$(0.5) billion) which is classified as organic development in accordance with the Capital Allocation Framework.

Financial results

17 August 2021

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Strategic update Full year ended 30 June 2021

South Flank

Delivering on our objectives

Driving BHP to deliver leading financial returns



Delivered

Safe, more reliable and more productive operations

Operational

Performance improvement Continued roll out of the BHP Operating System
SGO project, sanction of Jansen S1

Portfolio

Increased future facing Sale of Cerrejón and Neptune commodity exposure • Exploration options added
Capital allocation US$38 bn returned to shareholders in last 3 years •
Remaining disciplined High return projects delivered

Continued progress

…

Enabling our people and investing in capability
Harnessing technology and innovation to bring resource to market sooner
Creation of a global top 10 independent energy company
Process for BMC and NSWEC progressing
Offer for Noront Resources
Petroleum merger allows for greater allocation of capital to future facing commodities or shareholder returns
• Projects with competitive returns and optionality

Financial results 17 August 2021

Sustainability shapes our approach

Resources are essential for global economic growth and the energy transition

Environmental accountability

Committed to material positive impact in decarbonisation of our sector.

Targeting lower operational emissions: At least 30% by FY30 from FY20 levels[3] ; goal of net zero by 2050

Partnering: Decarbonisation pathways for our value chain

Impact investing: Renewable power and desalination

Creating Social value

Providing skilled jobs for our people and support for our communities.

Social investment: No less than 1% of pre-tax profit[12]

Indigenous employment: 8% in Australia by end-FY25; 10% in Chile by end-FY26; 20% in Potash by end-FY27

Health and safety: Target fatality elimination (technology and contractor partnerships); support wellbeing (mental health framework)

Leading Governance practices

All the while remaining accountable. Our progress will be a key metric for success.

Gender balance: Executive Leadership Team at 50% and Board at 33%; goal to achieve whole-of-company gender balance by 2025

Executive remuneration: Linked to safety, returns and climate targets (where weighting increased in FY21)

Climate change: Non-binding advisory Say on Climate to shareholders at our 2021 AGMs; commitment to deliver new Climate Transition Action Plan (CTAP)

Financial results 17 August 2021

Our portfolio benefits in a decarbonising world

Focused on increasing future facing commodity exposure

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Cumulative demand in the next 30 years compared to the last 30 years [13]
(%)
400
1.5°C Scenario
Central Energy View
Lower Carbon View
Climate Crisis
300
200
100
0
Nickel 14 Potash Copper 14 Iron ore 15 Metallurgical 15
coal
Source: BHP; Vivid Economics.
Financial results
17 August 2021 15
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Sector leading assets across our commodities

We are actively managing our portfolio for long-term value creation

Maximising value Iron ore Lowest cost iron ore major globally[16] , with improved product quality Metallurgical coal World class resource with a high quality product

Increasing exposure to future facing commodities Copper Growth at some of the largest[17] , most sustainable copper mines globally Nickel Options to grow from the second largest nickel sulphide resource globally Potash Developing a high margin asset with embedded optionality

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Exploration

Adding potential growth options across our commodities

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Petroleum Creation of a global top 10 independent energy company Energy & lower quality met coal Sale of Cerrejón Process for BMC and NSWEC progressing

Financial results

17 August 2021

Jansen is a top tier asset in a future facing commodity

Significant resource base gives us exposure to potash’s attractive long term, differentiated fundamentals

Potash market has highly attractive characteristics

6+ Bt resource in world’s best potash basin

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Transitioning towards
Large market
inducement pricing size
 
Differentiated Value creation;
demand drivers Return potential
 
Value is enhanced in a Paris-aligned world 
Financial results
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Mine
BHP
Nutrien
Mosaic
K+S
Other Companies
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A large-scale, high grade resource which supports ~100 year operation
Full life of mine plan already optimised based on 3D seismic resource interpretation

Financial results

17 August 2021

Modern, high margin, long life and expandable

Jansen S1 is a large, low cost asset that will enter the market at the bottom of the global cost curve

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Stage 1 investment
Well defined
US$5.7 bn / C$7.5 bn
Large scale
4.35 Mtpa
production
Hard-to-replicate Across mining system
design and processing
~US$100/t FOB Vancouver
Low-cost
~US$15/t sustaining capex
Embedded Potential expansions de-risked by
optionality existing shaft capacity
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Jansen S1’s competitive position against peers

(Average asset age in 2025)

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Note: Bubble size
80
represents average asset Europe and
production in 2025
Middle East
70
60
Canada
Clusters
50
of single
CIS assets
40
built over
time
30
South America
China and
20
Southeast Asia
10
0
1 [st] 2 [nd] 3 [rd] 4 [th]
Average asset cost curve position (2025 equivalent CRU) (quartile)
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Jansen S1[18] Peers

Notes:

Figures on this slide refers to Jansen S1; Jansen S1 sustaining capex +/-20% on any given year. Jansen S1 forecast to be first quartile when it reaches full production. Canada excludes Jansen.

Source: BHP; CRU.

Financial results

17 August 2021

Jansen S1 is resilient with through the cycle returns

Margins and returns robust even under short-run marginal cost scenarios

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EBITDA margin IRR Payback
~70% 12-14% 7 years
Underlying EBITDA margin [19] Stage 1 Internal Rate of Return [19] from 1 [st] production
Operating Cost Optionality Carbon Emissions
~US$100/t Stage 2-4 Low
bottom of the cost curve Low capital intensity, higher returning CO2 Scope 1 and 2 [20] emissions; Scope 3 [21]
expansion potential low relative to other fertiliser products
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Note: Operating costs based on FOB Vancouver.

Financial results 17 August 2021

Creating a global top 10 independent energy company

Merger provides choice and delivers benefits for BHP shareholders

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Combination provides BHP shareholders choice

Provides shareholders choice to weight exposure between BHP and Petroleum via Woodside

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Merger delivers a number of benefits for BHP shareholders

Greater scale and diversity of geographies, products and end markets
Enables shareholders to retain exposure to the attractive outlook for Petroleum
Allows for reallocation of capital towards the rest of the portfolio and enhanced shareholder returns
Growth optionality and capacity to phase
Combined experience and proven capabilities
Shared values towards sustainable operations
Estimated synergies
Financial resilience to fund shareholder returns

Financial results 17 August 2021

Combined business creates significant scale

High-quality, complementary asset portfolios combining high margin oil and long life LNG

Global top 10 independent energy producer[22] (FY21 production, MMboe)

Global top 10 independent energy producer and largest on the ASX
Global scale Global top 10 LNG producer
Production of ~200 MMboe supported by resilient foundation assets
Highly complementary product mix: - High margin oil with attractive upside
Diversified, - Low-cost and long-life LNG
low risk • Conventional portfolio primarily in OECD
portfolio countries
Key exposures in Australia and Gulf of Mexico

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300
Combined
200
BHP Woodside
100
0
Diversified product mix
(MMboe production)
Domestic gas
41 MMboe
BHP
Woodside Woodside
LNG
93 MMboe
BHP
Oil [23]
65 MMboe
BHP
Woodside
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Financial results

17 August 2021

Merger creates platform for strong returns

A resilient asset base to generate strong returns with significant optionality

Strong Balance sheet with low gearing[24]

Strong balance sheet
Committed to an investment grade credit rating
Financial throughout the investment cycle •
strength and Enhanced cash flows to underpin attractive returns franked dividends
Synergies of more than US$400m per annum expected
Optionality to phase development opportunities
Over 2 Bboe of 2P reserves and 8 Bboe in 2C resources
Growth • Plan to achieve targeted Scarborough FID in
optionality CY21
Increased capacity to deliver the energy transition

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(%, FY21)
100
Majors Other independents
50
Combined
12%
0
High margin opportunities across a range of growth projects
(Bubble size = 2P, 2C)
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Growth [25] Base [25]
Calypso Bass
Strait APU [26]
Sangomar Trion Greater Gas
Sunrise T&T Shenzi Wheatstone Pluto Oil
Scarborough /
Browse Mad Dog Pluto T2 Sangomar NWS
ROD
Greater Atlantis
Other [27] Pluto Shenzi North & Wildling APU [26] StraitBass
Bubble size =
Canada
NWS Mad Dog Shenzi T&T Greater 100 net MMboe
ROD GreaterEnfield Atlantis Enfield
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Financial results

17 August 2021

Unification to drive simplicity and flexibility

Changes to our portfolio mean the time is right to unify

Setting BHP up for the future

Right time to unify

Underlying business unchanged

Simplification, a natural extension of initiatives on our portfolio, makes BHP more efficient
Provides strategic flexibility, certain transactions can be executed more efficiently (including Petroleum separation)
Creates a single global share for BHP removing complexity of managing the DLC

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Continued reduction in Plc earnings contribution
(%, Underlying EBIT)
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50
25
0
FY01128 FY21 [29]
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No change to:

Underlying assets or operations
Workforce, executive leadership team and Board
Cash flow generation
Dividend policy or ability to frank dividends

Significant reduction in unification costs

(US$ bn)

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US$1.2 billion reduction
2.0
1.0
US$400 – 500m
0.0
Before30 Now
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Financial results

17 August 2021

Growing value and positioning for the future

We will be even better-placed to deliver long-term value and returns

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Operational excellence

Disciplined capital allocation

Value and returns

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Increasing our leverage towards the world’s changing needs More streamlined and agile

Financial results 17 August 2021

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Appendix

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Footnotes

Slide 5: TRIF – Total Recordable Injury Frequency; being the sum of (fatalities + lost-time cases + restricted work cases + medical treatment cases) multiplied by 1 million/actual hours worked by our employees and contractors. Stated in units of per million hours worked. We adopt the US Government’s Occupational Safety and Health Administration Guidelines for the recording.
Slide 5: OD achieved both highest annual copper production since the acquisition by BHP in 2005 and the highest annual gold production ever for the operation.
Slide 7: From FY20 baseline (15.8 Mt CO2-e), which will be adjusted for any material acquisitions and divestments based on GHG emissions at the time of the transaction. Carbon offsets will be used as required.
Slide 7: Female representation in FY16 was 17.6%.
Slide 7: 2030 Scope 3 goals to contribute to decarbonisation in our value chain are 1) supporting industry to develop technologies and pathways capable of 30% emissions intensity reduction in integrated steelmaking, with widespread adoption expected post-2030; and 2) supporting 40% emissions intensity reduction of BHP-chartered shipping of our products.
Slide 7: To support 4,000 supply partners across 31 countries
Slide 7: In FY17, our fresh water withdrawals were 156.1 GL (on an adjusted basis, excluding Onshore US). The FY17 baseline data has been adjusted to account for: the materiality of the strike affecting water withdrawals at Escondida in FY17 and improvements to water balance methodologies at WAIO and Queensland Coal and exclusion of hypersaline, wastewater, entrainment, supplies from desalination and Discontinued operations (Onshore US assets) in FY19 and FY20.
Slide 9: Adjusted effective tax rate and Adjusted effective tax rate incl. royalties: excludes the influence of exchange rate movements and exceptional items.
Slide 10: Exchange rates for FY21 of AUD/USD 0.75 (guidance rate AUD/USD 0.70) and USD/CLP 746 (guidance rate USD/CLP 769). Costs related to the impact from COVID-19 are reported as an exceptional item and are not included in unit costs FY21. At our major assets these additional costs were: US$0.91 per tonne at Queensland Coal, US$0.51 per tonne at WAIO (including US$25 per tonne of demurrage), US$0.27 per barrel of oil equivalent at Petroleum and US$0.03 per pound at Escondida.
Slide 10: Iron ore: unit cost, EBITDA margin: refers to Western Australia Iron Ore.
Slide 11: Dividend: represents final dividend determined by the Board for FY20 and paid in September 2020, and interim dividend determined by the Board for HY FY21 and paid in March 2021.
Slide 14: No less than 1% pre-tax profit (3 year rolling average).
Slide 15: Our portfolio is tested across a range of futures. Refer to the BHP Climate Change Report 2020 for more information about these climate-related scenarios, including our 1.5°C scenario, and their assumptions, outputs and limitations. Scenarios were developed prior to the impacts of the COVID-19 pandemic, and therefore any possible effects of the pandemic were not considered in the modelling.
Slide 15: Nickel and copper demand references primary metal.
Slide 15: Iron ore and metallurgical coal demand based on Contestable Market (global seaborne market plus Chinese domestic demand).
Slide 16: Based on published unit costs by major iron ore producers.
Slide 16: Based on production.
Slide 18: Jansen S1 production begins in CY27.
Slide 19: Expected Stage One IRR of investment decision across 100 year mine life analysis was conducted on the average of CRU and Argus prices. Jansen S1 IRR is post tax and nominal, and excludes remaining funded investment of ~US$0.35 billion for completion of the shafts and installation of essential service infrastructure and utilities.
Slide 19: Scope 1+2 emissions of ~60kg CO2e/t.
a) Scope 1+2 emissions for flotation-based MOP 50-80 kg CO2e/t, other production routes are 100-500kg. High nutrient concentration (60% K2O) maximises efficiency in transportation and spreading.
b) From BHP research conducted so far, nitrogen-based fertilisers rather than potash appear to have a larger downstream emissions impact. However, trying to estimate the GHG contribution impact of fertiliser on soils and crops is very complicated. We continue to develop and improve our knowledge in this area.
Slide 19: Scope 3 impact relates only to emissions associated with downstream processing and use, not other considerations such as transportation.
Slide 20: Peer group comprises: Aker BP, Apache, Cabot, Canadian N.R, Cenovus, Cimarex, ConocoPhillips, Continental Resources, Devon, Diamondback, EOG, EQT, Hess, Inpex, Lundin, Marathon, Murphy, Occidental, Ovintiv, Pioneer, Santos, Suncor. Pro-forma used for Cabot / Cimarex and Santos / Oil Search proposed mergers.
Excludes NOCs and large international integrated oil companies.
Slide 20: Includes crude, condensate and NGLs.
Slide 21: Source: Dataset. Peer group comprises: BP, Chevron, Conoco, Continental, Devon, Diamondback, ENI, EOG, Exxon, Hess, Inpex, Occidental, Pioneer, Repsol, Santos, Shell, Total and Woodside. Pro-forma used for Santos / Oil Search proposed mergers.
Slide 21: Source: Combined portfolio Reserves and Contingent Resources. BHP as of 30 June 2021. Woodside as of 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021. Base represents 2P reserves from producing and sanctioned assets. Growth represents 2C resources.
Slide 21: APU includes Pyrenees and Macedon.
Slide 21: Other includes Myanmar, Scafell/Skiddaw and Wheatstone
Slide 23: FY01 represents Plc’s share of Profit from ordinary activities before income tax, sourced from the Proforma Consolidated Statement of Financial Performance for FY01. Excludes allocation of Proforma adjustments.
Slide 23: FY21 represents reported Underlying EBIT contribution from assets held under BHP Group Plc, where these are individually reported in the asset tables, as a percentage of Underlying EBIT for the Group (excluding Underlying EBITDA from third party products, intercompany, statutory adjustments or group and unallocated).
Slide 23: Represents unification cost before recent portfolio and corporate structure changes, including BHP’s settlement of the marketing dispute with the ATO and the recently updated assessment of the likelihood of recovering NSWEC associated tax losses.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Investment proposition

We grow shareholder value through operational excellence, optimal allocation of capital and creating sustainable returns

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Operational
excellence
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World class Continuous Successful assets improvement project in culture and delivery capabilities

Disciplined capital allocation Strong Embedded Pipeline of balance Capital organic sheet Allocation opportunities Framework

Value and returns

Sustainability Increasing Exceptional and social exposure to shareholder value industry future facing returns leadership commodities

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

A compelling outlook for value

Continued signs of recovery and renewal in the near term; further opportunity emerges beyond that

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Macro environment
The resources cycle
Decarbonisation
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Policy makers Fears of Growth & inflation
Synchronised
remain growth austerity and expectations
upswing
focused deflation recede increase
Demand Disciplined Tightens market BHP
recovery supply balances opportunity
- -
Climate strategies Easier to abate Widespread carbon Increased likelihood
take shape sectors “take-off” pricing of Paris outcomes
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Financial results 17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Jansen S1 capital expenditure and operating costs

US$5.7 billion over 6 years of construction, first production CY27

Investment spend profile

(US$ billion)

Capital cost breakdown of Jansen S1 (US$5.7 billion, %)

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1.6
1.2
0.8
0.4
0.0
FY22 FY23 FY24 FY25 FY26 FY27 FY28
Existing approved spend Jansen S1 Investment
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20%
34% Mining
Processing
Logistics
46%
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Potash cost curve, Jansen S1 to produce at ~$100/t FOB cost

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(US$/t)
300
200
100
0
0 20 40 60 80
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Cash cost breakdown of Jansen S1

(US$100/t FOB Vancouver, %)

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19% 19%
Mining
Processing
26% Logistics
36% Other
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Business cost at effective capacity in 2025; Y axis effective capacity in Mt. Source: CRU.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Outbound logistics support Jansen S1 and beyond

Agreements and investment set to deliver efficient path to market for Jansen’s product

Rail

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Jansen S1 includes construction of railway spur linking to both class 1 rail networks in Canada
BHP to operate with dedicated fleet of rail cars
Continuous high-speed loading and unloading systems to maximise efficiency and reduce loading and unloading times

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Port

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Agreement struck with Westshore Terminal in Delta, BC Canada, ~2,000km from the Jansen site
Agreement captures Jansen S1 and S2 production, with additional expansion potential
Term to 2051, with options to extend
BHP capital investment will be used for Westshore development of new facilities including rail car dumper, 200kt of product storage and upgraded shiploading system

Location of Westshore Terminal ~2,000km from Jansen

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Vancouver
Westshore Terminal
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25 km
Rail route
Canada
United States
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Artist render of Jansen infrastructure at Westshore terminals

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Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Jansen S1 Financial Modelling

Operator and BHP, 100% interest ownership Royalty US$5.7 bn, C$7.5 bn Capex Capex spend over six years - peak spend in FY25 and FY26 ~US$15/t (real) long term average; +/- 20% in any Sustaining capital given year First production / ~6 years construction timeframe Project delivery ~2 years ramp up from first production Volumes 4.35 Mtpa (Potassium chloride, KCL) Potash Mine life / Reserves ~100 years Production Tax and resources 1.1 bt reserve 6.5 bt resource ~US$100/t FOB Vancouver • Mining: $18/t Unit costs • Processing: $25/t • Port & Rail Freight: $35/t • Other: $18/t Federal and Pink standard and pink granular MOP with a provincial Product Grade guaranteed minimum 60% K2O corporate tax Average Recovery ~92% Withholding

3% crown royalty calculation = (K20 tonnes produced) x (average realised price) x (3% royalty rate) 3% resource Surcharge = (Gross revenue + transportation charged - transportation costs) x 3%

A base payment levied at a rate of 35% on the producer’s annual resource profits, subject to minimum payment of CAD$11.00 and a maximum of CAD$12.33 per K2O tonne sold. New producers may qualify for a base payment holiday for the first 10 years of production.

A profit tax imposed on the producer’s gross annual profit tax determined by rates, which increase with profits per tonne sold: 15% of the profit per tonne below CAD $71.36 and 35% of the profit per tonne above CAD $71.36 (tax brackets indexed for inflation). Profit tax is assessed on a max of 35% of total tonnes sold, but producers may claim a base payment credit with respect to amount of tonnes that are subject to both the base payment and the profit tax. No tax holidays available.

Federal and	Combined top rate 27% (carried forward losses from pre-
provincial corporate tax	production years can be utilised to decrease future taxable profits).
Withholding tax	5%

Note: KCL is used interchangeably with MOP, fertiliser grade MOP is 95% KCL. The conversion from pure KCL to K20 is 0.631.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Petroleum merger mechanics

Merger with Woodside will create a global top 10 independent energy company and largest energy company on the ASX

Existing BHP shareholders would own 48% of combined business. Woodside shares to be immediately distributed to BHP shareholders

Woodside will remain listed on the Australian Securities Exchange with additional listings being considered

Subject to confirmatory due diligence, negotiation and execution of full form transaction documents, and satisfaction of conditions precedent including shareholder, regulatory and other approvals

Each party has agreed to certain exclusivity arrangements and a reimbursement fee of approximately US$160 million in certain circumstances

Merger expected to be completed in Q2 CY22

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North West Shelf
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Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Combined business provides size, scale and diversity

Significant resources across two heartlands with emerging options

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Australia [4] Combined Resource [1]
BHP Woodside
Greater Pluto
North West Shelf (NWS) Proved 2P
Wheatstone ~3 2P Rest of ~7
Nguyjima-Yin & Okha Bboe Portfolio [5] Probable 6 Bboe
Pyrenees 2C 2P 2C
Macedon
~10
Bass Strait
Bboe
Greater Scarborough
Browse Greater
2C
Scarborough
~80% Gas
161 5.0 Australia
MMboe Bboe
FY21 Production 2P + 2C resources Sangomar
T&T Trion
US GOM
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Trinidad & Tobago

Angostura Ruby Calypso (T&T North) T&T South

9 ~95% Gas 0.6 MMboe Bboe FY21 Production 2P + 2C resources

Growth Options

Base

Gulf of Mexico US Gulf of Mexico

Mad Dog Atlantis Shenzi / Wildling Trion 26 ~95% Oil~95% Liquids 1.3 MMboe Bboe FY21 Production[2] 2P + 2C resources

Other[3] 3 3.3 MMboe Bboe FY21 Production[2] 2P + 2C resources

Combined portfolio Reserves and Contingent Resources. BHP as of 30 June 2021. Woodside as of 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021.
FY21 Production includes Neptune and Overriding Royalty Interest.
Other includes Algeria production and Algeria, Sangomar, Myanmar, Greater Sunrise and Liard Basin resources

Financial results

The ‘Greater Pluto’ region comprises the Pluto-Xena, Pyxis, Larsen, Martell, Martin, Noblige and Remy fields. The ‘Wheatstone’ region comprises the Julimar and Brunello fields. The ‘Greater Scarborough’ region comprises the Jupiter, Scarborough and Thebe fields.
Rest of Portfolio includes Algeria, Myanmar, Greater Sunrise and Liard Basin
BHP estimates Proved Reserve volumes according to SEC regulations and files these in its annual reports on Form 20-F with the SEC. All other reserve and resource estimates in this communication, including Western estimates, are estimated on a different basis than that prescribed by the SEC. US investors are urged to consider closely the disclosure in BHP’s annual report on Form 20-F for further information.

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Petroleum portfolio | Producing assets and growth projects

Quality assets concentrated in key heartlands in the Gulf of Mexico, Trinidad & Tobago and Australia

Producing Assets1
Asset	Description	Operator	BHP ownership	FY21 Production (MMboe)	End of field life	1P3 (MMboe)	2P3 (MMboe)	2P+2C3 (MMboe)
Shenzi2	Oil asset located in the US Gulf of Mexico with TLP (tension leg platform) development operated by BHP.	BHP	72%	8.1	2030s	74	105	294
Atlantis	One of the largest fields in the US Gulf of Mexico, with field production average of ~93,000 bopd over last 5 years and base decline offset via infill drilling and successful workovers.	BP	44%	12.1	2040s	79	175	398
North West Shelf	Integrated LNG project with material remaining resource position. Five LNG trains allowing transition towards a third party gas tolling facility extending operations for decades to come.	Woodside	12.5% – 16.67% across 9 separate joint venture agreements	24.8	2040s	151	186	222
Mad Dog	Original development with a Truss Spar host (A-Spar): Dry trees, floating spar hull, with integrated drilling and production capabilities of ~4,400 feet of water depth.	BP	23.9%	4.8	2040s	137	192	365
ROD Integrated Development	The Rhourde Ouled Djemma (ROD) Integrated Development, which consists of the ROD, Sif Fatima – Sif Fatima North East (SF SFNE) and four satellite oil fields.	Joint Sonatrach/ENI	29.3% effective interest in the ROD Integrated Development	3.1	2020s	9	13	45
Bass Strait	Major integrated asset consisting of offshore facilities, onshore plants and associated pipeline infrastructure. Advantaged gas position with with modest investable opportunities.	Exxon	Gippsland Basin Joint Venture (GBJV): 50.0% Kipper Unit Joint Venture (KUJV): 32.5%	28.5	2030s	107	179	387
Pyrenees	Subsea oil development in 200m water depth tied back to FPSO.	BHP	WA-42-L permit: 71.43% WA-43-L permit: 39.999%	3.0	2030s	12	21	36
Macedon	Subsea gas development in 200m water depth tied back to onshore domestic gas plant.	BHP	71.43%	8.4	2030s	43	54	72
	Angostura: Discovered by BHP in 1999, phase 2 included a new gas export platform and two pipelines
Trinidad and Tobago (Angostura and Ruby)	with gas sales to Trinidad & Tobago commencing in 2011. Ruby: Developed through a wellhead program, tied back to the Angostura infrastructure. Offsets	BHP	45.0% Block 2(c) 68.46% effective interest in Block 3(a) Project Ruby	9.3	2030s	52	86	120
	declining production from Angostura.

Growth projects

Asset	Description	Operator	BHP ownership	Potential execution timing (FID)	Potential first production	FY22 – FY30 Capex (BHP share, nominal US$bn)	1P3 (MMboe)	2P3 (MMboe)	2P+2C3 (MMboe)
Scarborough	Large offshore gas development exporting gas from a floating production unit to Pluto LNG facility for onshore processing.	Woodside	26.5%	CY21	CY26	~2 bn	-	-	532
Trion	Large greenfield development in the deepwater Mexico GoM. Resource uncertainty reduced with recent successful appraisal drilling of 2DEL and 3DEL wells. Recently moved into FEED phase.	BHP	60%	CY22	CY26	<5 bn	-	-	275
	Operated deepwater advantaged gas discovery in Trinidad & Tobago, well positioned to existing regional
Calypso	infrastructure and with low CO2content / low greenhouse gas intensity. Multiple development concepts	BHP	70%	CY26	CY27-28	~3 bn	-	-	409
	under evaluation.

Includes all sanctioned and brownfield projects.
Includes Shenzi North & Wildling.
Net BHP Reserves and Contingent Resources as of 30 June 2021. Scarborough estimates include Thebe & Jupiter.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Petroleum portfolio | Embedded growth within producing assets

Suite of quality projects in key heartlands to support production longevity

Sanctioned Projects (in execution)
					Estimated peak	FY22 – FY30 Capex
Asset	Description	Operator	BHP ownership	Potential first production	production capacity	(BHP share, nominal
					(gross)	US$bn)
Shenzi SSMPP	Shenzi Subsea Multi-Phase Pumping (SSMPP); subsea pumping to increase production rates from existing wells.	BHP	72%	CY22	6.5 kbpd in CY22	<0.25bn
Mad Dog A Spar	3-4 infill wells tied to Mad Dog A Spar.	BP	23.9%	CY23	18 kbpd in CY26	<0.25bn
Mad Dog Phase 2	Semi-submersible platform with 22 subsea wells (14 producing wells and 8 water injection wells).	BP	23.9%	CY22	140 kbpd in CY23	~0.75bn
Atlantis Phase 3	8-well subsea tieback achieved first production in CY20.	BP	44%	CY20	35 kbpd in CY24	<0.5bn
Pyrenees Phase 4	Well re-entry program comprising infill drilling and water shut off operation.	BHP	71.43%	CY23	13.5 kbpd in CY23	<0.25bn
NWS Lambert Deep & GWF 3	4-well subsea tieback to existing infrastructure	Woodside	17%	CY22	250 MMscfd in CY22	<0.25bn
Shenzi North	2-well subsea tieback to Shenzi TLP. IRR of over 35%1, a breakeven of ~$25/bbl and a payback of <2 years.	BHP	72%	CY24	30 kbpd in CY24	<0.5bn
Unsanctioned Projects
Asset	Description	Operator	BHP ownership	Potential execution timing (FID)	Potential first production	FY22 – FY30 Capex (BHP share, nominal US$bn)
Wildling	2-well subsea tieback to Shenzi TLP via Shenzi North.	BHP	100%	CY22 – 23	CY24 – 25	<0.75bn
Shenzi growth opportunities	Additional infill opportunities to increase production with 3 producing and 2 water injection wells tied back to Shenzi TLP.	BHP	72%	CY22 – 25	CY24 – 26	~0.5bn
	Additional development opportunities for 12 infill producing wells and 6 additional water
Atlantis growth opportunities	injection wells. Opportunity to increase production via Subsea Multi-Phase Pumping	BP	44%	CY23 – 28	CY25 – 29	~2bn
	(SSMPP) and topside modification.
Mad Dog Phase 2 growth opportunities	Additional opportunities to increase the Mad Dog Phase 2 production beyond the initial investment scope with 9 new wells tied back to existing facility.	BP	23.9%	CY25 – 26	CY26 – 28	~0.5bn
Mad Dog WI expansion	Two water injector wells providing water from Mad Dog Phase 2 facility to increase production at existing A Spar facility.	BP	23.9%	CY24	CY25	<0.25bn
NWS growth opportunities	Low risk investment opportunity to maximise Karratha Gas Plant value through processing other resource owner gas; benefits through tolling fees, cost recovery and life extension.	Woodside	17%	CY24 – 26	CY26 – 28	<0.25bn
Bass Strait growth opportunities	Kipper expansion (additional Phase 1B well & compression) for acceleration and incremental resource capture from the Kipper field.	Exxon	GBJV: 50.0% KUJV: 32.5%	CY24 – 27	CY27 – 28	~0.5bn

At consensus pricing, 10% nominal discount rate.

Financial results

17 August 2021

Footnotes and Outlook Jansen S1

Social Value

Petroleum

Unification

Financial

Petroleum portfolio | Woodside assets

Diversified, quality portfolio with growth optionality

Producing Assets
Asset	Description	Operator		Woodside ownership		CY20 Production (MMboe)	2P1 (MMboe)	2C1 (MMboe)	2P+2C1 (MMboe)
Pluto LNG	LNG facility processing gas from the offshore Pluto, Xena and Pyxis gas fields in Western Australia. Gas is piped from the offshore Pluto-A platform to a 4.9 Mtpa LNG processing train.	Woodside			90%	44.6	419	234	653
Wheatstone	8.9 Mtpa LNG facility processing gas from the offshore Wheatstone, Iago, Julimar and Brunello gas fields. The onshore plant consists of two LNG trains, a domestic gas plant and associated infrastructure.	Chevron			13%	15.2	224	4	228
	LNG facility processing gas and condensate from the offshore North Rankin and Goodwyn-A offshore
North West Shelf Project	platforms. Onshore facilities include 5 LNG trains with 16.9 Mtpa capacity, condensate trains and a	Woodside			16.67%	30.8	189	78	266
	domestic gas plant.
Australia Oil	Two stand-alone oil developments offshore Western Australia, comprising the Nguyjima-Yin FPSO and Okha FPSO.	Woodside			Various	9.7	30	88	118
Projects and Growth Options
Asset	Description	Operator	Woodside	ownership	Potential execution timing (FID)	Potential first production	2P1 (MMboe)	2C1 (MMboe)	2P+2C1 (MMboe)
Key projects:
Scarborough / Pluto T2	The proposed development of the 11.1 Tcf (100%) Scarborough offshore gas resource comprises a new floating production facility, trunkline to shore and expansion of the existing Pluto LNG onshore facility (including construction of Pluto Train 2).	Woodside	73.5% / 100%		H2 CY21	CY26 (first cargo)	-	1,598	1,598
Sangomar	Senegal's first oil development comprises a stand-alone FPSO and subsea infrastructure, located approximately 100km south of Dakar. FID was taken in 2020 and first oil is targeted for 2023.	Woodside	82%		Jan 2020	CY23	149	270	419

Options:
Browse	Located in the offshore Browse Basin, approximately 425km north of Broome in Western Australia, comprising the Brecknock, Calliance and Torosa fields.	Woodside	30.6%				-	866	866
Sunrise	Comprises the Sunrise and Troubadour gas and condensate fields, collectively known as Greater Sunrise, located between Australia and Timor-Leste.	Woodside	33.44%				-	377	377
Myanmar Block A6	Offshore gas-prone resource in the Bay of Bengal, offshore Myanmar	Woodside	40%				-	110	110
Liard Basin	Upstream gas resource in British Columbia, Canada, provides an option to investigate potential future natural gas, ammonia and hydrogen opportunities.	Chevron	50%				-	2,345	2,345

Woodside as at 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Statement of petroleum resources

The estimates of Petroleum Reserves and Contingent Resources contained in this presentation are based on, and fairly represent, information and supporting documentation prepared under the supervision of Mr. A. G. Gadgil, who is employed by BHP. Mr. Gadgil is a member of the Society of Petroleum Engineers and has the required qualifications and experience to act as a qualified Petroleum Reserves and Resources evaluator under the ASX Listing Rules. This presentation is issued with the prior written consent of Mr. Gadgil who agrees with the form and context in which the Petroleum Reserves and Contingent Resources are presented. Reserves and Contingent Resources are net of royalties owned by others and have been estimated using deterministic methodology. Aggregates of Reserves and Contingent Resources estimates contained in this presentation have been calculated by arithmetic summation of field/project estimates by category with the exception of the North West Shelf (NWS) Gas Project in Australia. Probabilistic methodology has been utilised to aggregate the NWS Reserves and Contingent Resources for the reservoirs dedicated to the gas project only and represents an incremental 6 MMboe of Proved Reserves. The barrel of oil equivalent conversion is based on 6000 scf of natural gas equals 1 boe. The Reserves and Contingent Resources contained in this presentation are inclusive of fuel required for operations. The respective amounts of fuel for each category are provided by the following table. Production volumes exclude fuel. The custody transfer point(s)/point(s) of sale applicable for each field or project are the reference point for Reserves and Contingent Resources. Reserves and Contingent Resources estimates have not been adjusted for risk. Unless noted otherwise, Reserves and Contingent Resources are as of 30 June 2021. Where used in this presentation, the term Resources represents the sum of 2P reserves and 2C Contingent Resources. BHP estimates Proved Reserve volumes according to SEC disclosure regulations and files these in our annual 20-F report with the SEC. All Unproved volumes are estimated using SPE-PRMS guidelines, which among other things, allow escalations to prices and costs, and as such, would be on a different basis than that prescribed by the SEC, and are therefore excluded from our SEC filings. All Resources and other Unproved volumes may differ from and may not be comparable to the same or similarly-named measures used by other companies. Non-proved estimates are inherently more uncertain than proved.

Net BHP Petroleum Reserves and Contingent Resources (MMboe) as of 30 June 2021

	Australia	United States	Trinidad & Tobago Trinidad & Tobago Mexico Algeria	Other Assets	BHP Total
	Bass Strait NWS Pyrenees Macedon Scarborough Thebe + Jupiter	Shenzi Shenzi North Wildling Atlantis Mad Dog	Angostura + Ruby Calypso Trion ROD
1P 2P 2C 2P+2C Fuel Included Above 1P 2P 2C 2P+2C	107 151 12 43 0 0 179 186 21 54 0 0 209 35 16 18 390 142 387 222 36 72 390 142 9.5 21.4 0.2 2.8 0.0 0.0 11.4 26.3 0.2 5.4 0.0 0.0 6.8 0.1 0.0 1.5 43.9 18.5 18.2 26.5 0.2 6.9 43.9 18.5	74 0 0 79 137 105 0 0 175 192 94 31 64 223 173 199 31 64 398 365 2.9 0.0 0.0 4.0 4.2 3.2 0.0 0.0 7.0 6.1 0.0 0.0 0.0 0.0 0.0 3.2 0.0 0.0 7.0 6.1	52 0 0 9 86 0 0 13 34 409 275 33 120 409 275 45 1.4 0.0 0.0 0.8 2.3 0.0 0.0 0.8 0.0 0.0 0.0 0.0 2.3 0.0 0.0 0.8	0 0 50 50 0.0 0.0 0.2 0.2	665 1011 2195 3206 47.3 62.6 71.1 133.7

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only Proved, Probable and Possible Reserves, and only when such Reserves have been determined in accordance with SEC guidelines. We use certain terms in this presentation such as “Resources,” “Contingent Resources,” “2C Contingent Resources” and similar terms not determined in accordance with the SEC’s guidelines, all of which measures we are strictly prohibited from including in filings with the SEC. These measures include Reserves and Resources with substantially less certainty than Proved Reserves. US investors are urged to consider closely the disclosure in our Form 20-F for the fiscal year ended 30 June 2021, File No. 001-09526 and in our other filings with the SEC, available from us at http://www.bhp.com/. These forms can also be obtained from the SEC as described above.

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Unification overview, timeline and approvals

Indicative timeline	•	If approved, unification is expected to occur in H1 CY22, with the proposed Petroleum with Woodside to follow.
Approvals	• •	Final Board decision to be made once necessary government, regulatory and other third party approvals are received on satisfactory terms Shareholder votes to approve unification
	•	Unification would be implemented by way of a UK scheme of arrangement whereby BHP Ltd would acquire all shares in BHP Plc
	•	BHP Plc shareholders would be entitled to receive one Ltd share for each Plc share they own and implementation would require both Ltd and Plc
Implementation		shareholder support ‒ UK scheme of arrangement requires approval by a simple majority by number of shareholders voting and 75% of the votes cast by Plc shareholders;
		and
		‒ 75% of votes cast by Limited shareholders
Ownership	•	Ltd and Plc shareholders would have equivalent voting and economic interests in BHP as they do under the current DLC structure
Listing Locations	• •	BHP would have its primary listing on the ASX Standard listing on the LSE and secondary listing on the JSE (and a Level II ADR program on the NYSE)
Capital	•	Unification would not change BHP’s ability to fully frank dividends
Management	•	No adverse impact on BHP’s ability to execute off-market or on-market buybacks
Transaction Costs	•	Total one-off costs expected to range between US$400m to US$500m

Financial results 17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Unification impact on corporate structure

Unification would be implemented by way of UK scheme of arrangement, whereby BHP Group Limited would acquire BHP Group Plc

Current Structure

Proposed Structure

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Ltd Shareholders Plc Shareholders
(~58% combined (~42% combined
shares) shares)
BHP Plc
BHP Ltd
DLC Sharing (LSE primary listing,
(ASX primary listing,
Agreement JSE secondary listing,
NYSE Level II ADR)
NYSE Level II ADR)
Ltd Operations Plc Operations
Key Assets Key Assets
• WAIO • Samarco • Pampa Norte
• Escondida • Petroleum • Antamina
• Olympic Dam • BMC • NSWEC
• BMA • Jansen • Cerrejon [1]
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Ltd & Plc
Shareholders
BHP Ltd
(ASX primary listing,
LSE standard listing,
JSE secondary listing,
NYSE Level II ADR)
Ltd & Plc Operations
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Retained Assets Other Assets • WAIO • Antamina • Escondida • Cerro Colorado • Petroleum • Olympic Dam • Samarco • BMC[2] • BMA • Jansen • NSWEC[2] • Spence

In June 2021, we announced the divestment of our 33.3 per cent interest in Cerrejón.
Process for BMC and NSWEC progressing.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Unification will not change ability to fully frank dividends

Unification will remove the DDS[1] and enable all dividends and franking credits to be paid directly to BHP shareholders

Franking credit (FC) balance and significant generation of credits from strong operations will sustain franked returns[2] (US$ billion)

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36
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FY16-20
FY21
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FY21
0
FY16 opening FC generation FC distributed FC consumed FC distributed FY21 closing
FC balance from operations through dividends through DDS through buy-backs FC balance
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24
12
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FY16 – FY21

DDS refers to DLC Dividend Share.
All balances have been translated using an exchange rate of AUD/USD 0.75.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Social value scorecard

We are making good progress on our social value commitments

Category1	Key indicators FY21 H2 FY21 H1 FY21 FY20 Target
Safety and Health	Fatalities 0 0 0 0 Zero work-related fatalities
	High Potential Injury (HPI) frequency (per million hours worked) 0.20 0.20 0.20 0.24 Year-on-year improvement of our HPI frequency
	Total Recordable Injury Frequency (TRIF) (per million hours worked) 3.7 3.7 3.6 4.2 Year-on-year improvement in TRIF
Environment	Operational greenhouse gas (GHG) emissions (Mt CO2-e) 16.2 8.0 8.2 15.8 Maintain FY22 operational GHG emissions at or below FY17 levels2,3 , while we continue to grow our business and reduce emissions by at least 30% from FY20 levels3 by FY30
	Value chain emissions – steelmaking    - 2030 goal to support industry to develop technologies and pathways capable of 30 per cent emissions intensity reduction in integrated steelmaking, with widespread adoption expected post-2030
	Value chain emissions – maritime transportation    - 2030 goal to support 40 per cent emissions intensity reduction of BHP-chartered shipping of our products
	Fresh water withdrawals (GL) 113.5 60.9 52.6 127.0 Reduce FY22 fresh water withdrawal by 15% from FY17 levels4
Community	Social investment (US$m) 174.8 144.3 30.5 149.6 No less than one per cent of pre-tax profit (three-year rolling average)
	Local procurement spend (US$m) 2,176 1,064 1,112 1,922 Support the growth of local businesses in the regions where we operate
Inclusion and Diversity	Female workforce representation (%) 29.8 29.8 27.4 26.5 Aspirational goal for gender balance by the end of FY25
	Australia Indigenous workforce participation (%) 7.2 7.2 6.7 6.5 Aim to achieve 8.0% by the end of FY25
	Chile Indigenous workforce participation (%) 7.5 7.5 6.8 6.6 Aim to achieve 10.0% by the end of FY265
	Canada Potash Indigenous workforce participation (%) 13.56 13.56 12.8 15.0 Aim to achieve 20.0% by the end of FY275

All data points are subject to non-financial assurance reviews. Some previously reported data points have been re-stated as a result of audit and assurance reviews completed subsequent to release of information or reclassification. Re-stated figures are shown in italics. 2. In FY17, our operational GHG emissions were 14.6 Mt CO2-e (excluding Onshore US). Greenhouse gas emissions are subject to final sustainability assurance review.
FY17 and FY20 baselines will be adjusted for any material acquisitions and divestments based on GHG emissions at the time of the transaction. Carbon offsets will be used as required. FY17 baseline is on a continuing operations basis and has been adjusted for divestments. 4. In FY17, our fresh water withdrawals were 156.1 GL (on an adjusted basis, excluding Onshore US). The FY17 baseline data has been adjusted to account for: the materiality of the strike affecting water withdrawals at Escondida in FY17 and improvements to water balance methodologies at WAIO and Queensland Coal and exclusion of hypersaline, wastewater, entrainment, supplies from desalination and Discontinued operations (Onshore US assets) in FY19 and FY20.
New medium term target established.
Includes data for employees & embedded contractors as at 30 June 2021 and data for service contractors as at 30 April 2021.

Financial results

17 August 2021

Footnotes and Outlook Jansen S1

Social Value

Petroleum

Unification

Financial

Samarco and Renova Foundation

Renova has spent R14 billion on remediation and compensation programs; resettlement progressing

Compensation

~R4.7 billion (~US$1.1 billion) paid in indemnification and financial aid to about 336,000 people
17,000 payments totalling R1.6 billion (US$300 million) paid since August 2020
Renova continues to assist more than 10,500 families with ongoing financial support.

Bento Rodrigues

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Resettlement

Resettlement progress continues with controls implemented to address COVID-19 challenges
Bento Rodrigues: civil works, healthcare centre complete, public buildings nearing completion, 79 houses either complete or under construction
Paracatu: construction of public buildings and houses underway
Gesteira: Continuing negotiations for alternatives to urban resettlement

Paracatu school

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Samarco

Resumed operations with one concentrator in December 2020.
Samarco successfully filed for judicial reorganisation (JR) process in Brazil in April 2021 to restructure its financial debts. The JR process is important for Samarco to achieve a sustainable independent financial position so it can continue to rebuild its operations safely and meet its Renova Foundation obligations

Samarco’s operations

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Note: Compensation payments are as at June 30 2021. Total R$4.7 billion in indemnification and financial aid paid includes “novel system” payments. R$4.7 billion is approximately US$1.1 billion at actual transactional (historical) exchange rates related to Renova funding.

Financial results

17 August 2021

Footnotes and Outlook

Jansen Stage 1

Social Value

Petroleum

Unification

Financial

Australian Cultural Heritage management update

Consistent with our Indigenous Peoples Policy Statement, Indigenous Peoples Strategy and Reconciliation Action Plan commitments

Category	Milestones
People and culture	Part of a new global Indigenous Engagement team, this includes a permanent Minerals Americas Indigenous Engagement Team
	A stronger Australian Indigenous Cultural Respect Framework
	Australian Government’s Indigenous Voice co-design consultation process
Law reform	The Joint Standing Committee on Northern Australia’s inquiry into matters
and	relevant to the Juukan Gorge events
advocacy	Western Australia’s Aboriginal Cultural Heritage Bill 2020 (WA)
	consultation process
	Enhanced cultural heritage management systems and processes
Cultural	Strengthened engagement with Traditional Owners and other
heritage	representative Indigenous bodies, including the First Nations Heritage
management	Protection Alliance
	A Heritage Advisory Council comprising Banjima Elders and senior BHP
	representatives at South Flank
	Indigenous procurement, employment and social investment core
Economic	components of our Indigenous Peoples Strategy
participation	Minerals Australia saw 17% growth against FY20 levels in our direct
	spend with Indigenous businesses

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Financial results 17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Exceptional items

Attributable profit of US$11.3 billion includes an exceptional loss of US$5.8 billion

	Gross	Tax	Net
Year ended 30 June 2021	US$M	US$M	US$M
Exceptional items by category
Samarco dam failure	(1,087)	(71)	(1,158)
COVID-19 related costs2	(546)	146	(400)
Impairment of Energy coal assets3	(1,523)	(651)	(2,174)
Impairment of Potash assets4	(1,314)	(751)	(2,065)
Total	(4,470)	(1,327)	(5,797)
Attributable to non-controlling interests	(34)	10	(24)
Attributable to BHP shareholders	(4,436)	(1,337)	(5,773)

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Year ended 30 June 2021 US$M
Other income 34
Expenses excluding net finance costs:
Costs incurred directly by BHP Brasil and other BHP entities
(46)
in relation to the Samarco dam failure
Loss from equity accounted investments, related impairments
and expenses:
Samarco impairment expense (111)
Samarco Germano dam decommissioning (15)
Samarco dam failure provision (1,000)
Fair value change on forward exchange derivatives 136
Net finance costs (85)
Income tax expense (71)
Total (1,158)
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Additional commentary is included within Results for the year ended 30 June 2021, Financial Information, note 2.
COVID-19 is considered a single protracted globally pervasive event with financial impacts being experienced over a number of reporting periods. The exceptional item reflects the directly attributable COVID-19 pandemic related additional costs for the Group for the year ended 30 June 2021, including costs associated with the increased provision of health and hygiene services, the impacts of maintaining social distancing requirements and demurrage and other standby charges related to delays caused by COVID-19.
The Group recognised an impairment charge of US$1,704 million (after tax) in relation to NSWEC reflecting the status of the divestment process and forecast market conditions for thermal coal, the strengthening Australian dollar and changes to the mine plan. In addition, the Group recognised an impairment charge of US$470 million (after tax) for Cerrejón, reflecting the expected net sales proceeds.
The Group recognised an impairment charge of US$2,065 million (after tax) in relation to Potash. The impairment charge reflects an analysis of recent market perspectives and the value that we would now expect a market participant to attribute to our investments to date.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Return on Capital Employed

FY21 ROCE of 32.5%

ROCE

(%, excluding Onshore US)

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35
30
25
20
15
10
5
0
FY16 FY17 FY18 FY19 FY20 FY21
Half year results Full year results
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Note: ROCE represents profit after tax excluding exceptional items and net finance costs (after tax), which are annualised for half year results, divided by average capital employed. Average capital employed is net assets less net debt for the last two reporting periods.

ROCE by asset FY21

(%)

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9060 Antamina [2]
50
40
WAIO [1]
30
Escondida Pampa
20 Norte
Petroleum
ex-
Exploration NSWEC [1]
10 Olympic
Dam Potash Exploration [1]
QCoal
0
Cerrejón [2]
(10)
0 10 20 30 40 50 60
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Average capital employed (US$ billion)

WAIO, NSWEC & Petroleum exploration: ROCE truncated for illustrative purposes.
Antamina and Cerrejón: average capital employed represents BHP’s equity interest.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Balance sheet

Net debt of US$4.1 billion and gearing of 6.9%

Movements in net debt

(US$ billion)

Debt maturity profile[3]

(US$ billion)

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8
15
1.1 (19.4)
12.0
10
6
12.0 2.1 0.4 4.1
5
7.9 4
0 - - - - - -
2
(5)
(10) FY20 Lease additions Free cash flow Dividends paid Dividends paid 1 Other 2 FY21 0 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Post
to NCI movements FY31
US$ Euro Sterling C$
Bonds [4] Bonds [4] Bonds [4] Bonds Subsidiaries
36% 25% 20% 5% 14%
% of portfolio Capital markets 86% Asset financing 14%
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NCIs: dividends paid to non-controlling interests of US$2.1 billion predominantly relate to Escondida.
Other: Mainly relates impact of the loss on bond repurchase program.
Debt maturity profile: all debt balances are represented in notional USD inception values and based on financial years; as at 30 June 2021; subsidiary debt is presented in accordance with IFRS 10 and IFRS 11. 4. Debt maturity profile: includes hybrid bonds (7% of portfolio: 2% in Euro, 5% in Sterling) with maturity shown at first call date.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

BHP guidance

Group	FY22e
Capital and exploration expenditure (US$bn)	~9.0		Cash basis; FY22: Minerals - ~US$6.7 bn; Petroleum – US$ 2.3 bn.
Including:
Maintenance	3.2		Maintenance: Includes non-discretionary capital expenditure to maintain asset integrity, reduce risks, and meet compliance
			requirements. Also includes capitalised deferred development and production stripping (FY21: US$0.8b; FY22e: US$0.8b).
Improvement	3.2		Includes Petroleum infill drilling.
Latent capacity	0.1		Includes WAIO to 290 Mtpa and West Barracouta.
Growth Projects	1.7		Includes Jansen, Mad Dog Phase 2, Shenzi North, Atlantis Phase 3, Spence Growth Option and Ruby.
Exploration	0.8		Includes ~US$540 million Petroleum, and ~US$100 million Copper exploration programs planned for FY22.
Petroleum	FY22e	Medium term
Petroleum production (MMboe)	99 – 106	~109	FY22 volumes reflect a full year of the additional 28% working capital interest acquired in Shenzi, increased production at Shenzi from
			infill wells and increased volumes from Ruby.
			Medium term production guidance increased from ~106 Mmboe to reflect approval of the Shenzi North development, and the potential
			sanction of the Scarborough gas development later in the 2021 calendar year.
Capital expenditure (US$bn)	1.8		Sanctioned Capex First production	Production
			(BHP share)	(100% basis at peak)
			Mad Dog Phase 2 February 2017 US$2.2 bn CY22	140,000 boe/d
Exploration expenditure (US$m)	~540		Focused on Trinidad & Tobago (including two Calypso appraisal wells) and the US Gulf of Mexico.
Unit cost (US$/boe)	11 – 12	<13	Costs to increase in medium term as a result of natural field decline. Excludes inventory movements, embedded derivatives movements,
			freight, third party product purchases and exploration expense. Based on exchange rate of AUD/USD 0.78.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

BHP guidance (continued)

Copper	FY22e	Medium term
Copper production (kt)	1,590 – 1,760		Escondida: 1,000 - 1080 kt; Pampa Norte 330-370 kt; Olympic Dam: 140 - 170 kt; Antamina: 120-140 kt (zinc 115 – 130 kt).
Capital and exploration expenditure (US$bn)	2.9		Includes ~US$87 million exploration expenditure.
Escondida
Copper production (kt, 100% basis)	1,000 – 1,080	~1,200	~1,200 kt represents average copper production per annum over medium term.
Unit cash costs (US$/lb)	1.20 – 1.40	<1.10	Excludes freight; net of by-product credits; based on an exchange rate of USD/CLP 727.

Iron Ore	FY22e	Medium term
Iron ore production (Mt)	249 – 259		Western Australia Iron Ore: 246 – 255 Mt; Samarco 3 -4 Mt.
Capital and exploration expenditure (US$bn)	2.1
Western Australia Iron Ore
Iron ore production (Mt, 100% basis)	278-288	290	WAIO’s current licenced export capacity is 290 Mtpa.
Unit cash costs (US$/t)	17.5 – 18.5	<16	Excludes freight and government royalties; based on an exchange rate of AUD/USD 0.78.
Sustaining capital expenditure (US$/t)		~4.5	Medium term average; +/- 50% in any given year. Includes South Flank; Excludes costs associated with automation programs.

Financial results 17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

BHP guidance (continued)

Coal	FY22e	Medium term
Metallurgical coal production (Mt)	39 - 44
Energy coal production (Mt)	13 - 15
Capital and exploration expenditure (US$bn)	0.6
Queensland Coal
Production (Mt, 100% basis)	70 – 78
Unit cash costs (US$/t)	80 - 90		Excludes freight and royalties; based on an exchange rate of AUD/USD 0.78.
Sustaining capital expenditure (US$/t)		~10	Medium term average; +/- 50% in any given year. Excludes costs associated with automation programs.
Other	FY22e
Other capex (US$bn)	1.1		Includes Nickel West and Jansen.
Including: Jansen S1 (US$m)	~420		Includes ~US$100m related to the current US$2.97bn scope of work at Jansen.

Note: Queensland Coal production guidance for the 2021 financial year remains on track, subject to any potential impacts on volumes from restrictions on coal imports into China and further significant wet weather during the remainder of the 2021 financial year.

Financial results

17 August 2021

Footnotes and Outlook

Jansen S1

Social Value

Petroleum

Unification

Financial

Key Underlying EBITDA sensitivities

Approximate impact1 on FY22 Underlying EBITDA of changes of:	US$ million
US$1/t on iron ore price2	234
US$1/bbl on oil price3	41
US$1/t on metallurgical coal price	36
US¢1/lb on copper price2	36
US$1/t on energy coal price2	14
US¢1/lb on nickel price	1.5
AUD (US¢1/A$) operations4	146
CLP (US¢0.10/CLP) operations4	36

EBITDA sensitivities: assumes total volume exposed to price; determined on the basis of BHP’s existing portfolio.
EBITDA sensitivities: excludes impact of equity accounted investments.
EBITDA sensitivities: excludes impact of change in input costs across the Group.
EBITDA sensitivities: based on average exchange rate for the period

Financial results

17 August 2021

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AI assistant

BHP Group Limited — Investor Presentation 2021

14787_rns_2021-08-16_b83a1a0a-6768-44f8-b30c-e6a1e67d9cf9.pdf

RESULTS PRESENTATION YEAR ENDED 30 JUNE 2021

Disclaimer

Forward-looking statements

Presentation of data

Alternative performance measures

No offer of securities

Reliance on third party information

BHP and its subsidiaries

Delivering on our strategy

FY21 operational highlights

We were safe, more reliable and more productive

FY21 financial highlights

A strong set of results enables higher shareholder returns

FY21 social value highlights

Financial performance

Operational excellence supported EBITDA margin of 64%, ROCE to 32.5%, record dividend and strong earnings per share

Segment performance

Delivered on our production and cost guidance. We are systematically unlocking even greater performance from our assets

Petroleum

Metallurgical Coal

Continued capital allocation discipline

Delivering on our objectives

Driving BHP to deliver leading financial returns

Delivered

Operational

Portfolio

Continued progress

…

Sustainability shapes our approach

Environmental accountability

Creating Social value

Leading Governance practices

Our portfolio benefits in a decarbonising world

Focused on increasing future facing commodity exposure

Sector leading assets across our commodities

We are actively managing our portfolio for long-term value creation

Increasing exposure to future facing commodities Copper Growth at some of the largest[17] , most sustainable copper mines globally Nickel Options to grow from the second largest nickel sulphide resource globally Potash Developing a high margin asset with embedded optionality

Exploration

Jansen is a top tier asset in a future facing commodity

Potash market has highly attractive characteristics

6+ Bt resource in world’s best potash basin

Modern, high margin, long life and expandable

Jansen S1 is a large, low cost asset that will enter the market at the bottom of the global cost curve

Jansen S1’s competitive position against peers

Notes:

Financial results

Jansen S1 is resilient with through the cycle returns

Margins and returns robust even under short-run marginal cost scenarios

Creating a global top 10 independent energy company

Combination provides BHP shareholders choice

Merger delivers a number of benefits for BHP shareholders

Combined business creates significant scale

High-quality, complementary asset portfolios combining high margin oil and long life LNG

Merger creates platform for strong returns

A resilient asset base to generate strong returns with significant optionality

Strong Balance sheet with low gearing[24]

Unification to drive simplicity and flexibility

Changes to our portfolio mean the time is right to unify

Setting BHP up for the future

Right time to unify

Underlying business unchanged

No change to:

Significant reduction in unification costs

Growing value and positioning for the future

Appendix

Footnotes

Investment proposition

A compelling outlook for value

Continued signs of recovery and renewal in the near term; further opportunity emerges beyond that

Jansen S1 capital expenditure and operating costs

US$5.7 billion over 6 years of construction, first production CY27

Investment spend profile

Potash cost curve, Jansen S1 to produce at ~$100/t FOB cost

Cash cost breakdown of Jansen S1

Outbound logistics support Jansen S1 and beyond

Agreements and investment set to deliver efficient path to market for Jansen’s product

Rail

BHP Group Limited Investor Presentation 2021