Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2019shares | |
Document information [line items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BHP Group Ltd |
Entity Central Index Key | 0000811809 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 171 COLLINS STREET |
Entity Address, City or Town | MELBOURNE |
Entity Address, Country | AU |
BHP Group Limited [member] | |
Document information [line items] | |
Entity Common Stock, Shares Outstanding | 2,945,851,394 |
BHP Group Plc [member] | |
Document information [line items] | |
Entity Common Stock, Shares Outstanding | 2,112,071,796 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Continuing operations | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Other income | 393 | 247 | 662 |
Expenses excluding net finance costs | (28,022) | (27,527) | (24,120) |
(Loss)/profit from equity accounted investments, related impairments and expenses | (546) | 147 | 272 |
Profit from operations | 16,113 | 15,996 | 12,554 |
Financial expenses | (1,510) | (1,567) | (1,560) |
Financial income | 446 | 322 | 143 |
Net finance costs | (1,064) | (1,245) | (1,417) |
Profit before taxation | 15,049 | 14,751 | 11,137 |
Income tax expense | (5,335) | (6,879) | (4,276) |
Royalty-related taxation (net of income tax benefit) | (194) | (128) | (167) |
Total taxation expense | (5,529) | (7,007) | (4,443) |
Profit after taxation from Continuing operations | 9,520 | 7,744 | 6,694 |
Discontinued operations | |||
Loss after taxation from Discontinued operations | (335) | (2,921) | (472) |
Profit after taxation | 9,185 | 4,823 | 6,222 |
Attributable to non-controlling interests | 879 | 1,118 | 332 |
Attributable to BHP shareholders | $ 8,306 | $ 3,705 | $ 5,890 |
Basic earnings per ordinary share (cents) | $ 1.603 | $ 0.696 | $ 1.107 |
Diluted earnings per ordinary share (cents) | 1.599 | 0.694 | 1.104 |
Basic earnings from Continuing operations per ordinary share (cents) | 1.669 | 1.250 | 1.198 |
Diluted earnings from Continuing operations per ordinary share (cents) | $ 1.665 | $ 1.246 | $ 1.195 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of comprehensive income [abstract] | |||
Profit after taxation from Continuing and Discontinued operations | $ 9,185 | $ 4,823 | $ 6,222 |
Items that may be reclassified subsequently to the income statement: | |||
Net valuation gains/(losses) on investments taken to equity | 11 | (1) | |
Hedges: | |||
(Losses)/gains taken to equity | (327) | 82 | 351 |
Losses/(gains) transferred to the income statement | 299 | (215) | (432) |
Exchange fluctuations on translation of foreign operations taken to equity | 1 | 2 | (1) |
Exchange fluctuations on translation of foreign operations transferred to income statement | (6) | ||
Tax recognised within other comprehensive income | 8 | 36 | 24 |
Total items that may be reclassified subsequently to the income statement | (25) | (84) | (59) |
Items that will not be reclassified to the income statement: | |||
Re-measurement (losses)/gains on pension and medical schemes | (20) | 1 | 36 |
Equity investments held at fair value | 1 | ||
Tax recognised within other comprehensive income | 19 | (14) | (26) |
Total items that will not be reclassified to the income statement | (13) | 10 | |
Total other comprehensive loss | (25) | (97) | (49) |
Total comprehensive income | 9,160 | 4,726 | 6,173 |
Attributable to non-controlling interests | 878 | 1,118 | 332 |
Attributable to BHP shareholders | $ 8,282 | $ 3,608 | $ 5,841 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 15,613 | $ 15,871 |
Trade and other receivables | 3,462 | 3,096 |
Other financial assets | 87 | 200 |
Inventories | 3,840 | 3,764 |
Assets held for sale | 11,939 | |
Current tax assets | 124 | 106 |
Other | 247 | 154 |
Total current assets | 23,373 | 35,130 |
Non-current assets | ||
Trade and other receivables | 313 | 180 |
Other financial assets | 1,303 | 999 |
Inventories | 768 | 1,141 |
Property, plant and equipment | 68,041 | 67,182 |
Intangible assets | 675 | 778 |
Investments accounted for using the equity method | 2,569 | 2,473 |
Deferred tax assets | 3,764 | 4,041 |
Other | 55 | 69 |
Total non-current assets | 77,488 | 76,863 |
Total assets | 100,861 | 111,993 |
Current liabilities | ||
Trade and other payables | 6,717 | 5,977 |
Interest bearing liabilities | 1,661 | 2,736 |
Liabilities held for sale | 1,222 | |
Other financial liabilities | 127 | 138 |
Current tax payable | 1,546 | 1,773 |
Provisions | 2,175 | 2,025 |
Deferred income | 113 | 118 |
Total current liabilities | 12,339 | 13,989 |
Non-current liabilities | ||
Trade and other payables | 5 | 3 |
Interest bearing liabilities | 23,167 | 24,069 |
Other financial liabilities | 896 | 1,093 |
Non-current tax payable | 187 | 137 |
Deferred tax liabilities | 3,234 | 3,472 |
Provisions | 8,928 | 8,223 |
Deferred income | 281 | 337 |
Total non-current liabilities | 36,698 | 37,334 |
Total liabilities | 49,037 | 51,323 |
Net assets | 51,824 | 60,670 |
EQUITY | ||
Treasury shares | (32) | (5) |
Reserves | 2,285 | 2,290 |
Retained earnings | 42,819 | 51,064 |
Total equity attributable to BHP shareholders | 47,240 | 55,592 |
Non-controlling interests | 4,584 | 5,078 |
Total equity | 51,824 | 60,670 |
BHP Group Limited [member] | ||
EQUITY | ||
Share capital | 1,111 | 1,186 |
BHP Group Plc [member] | ||
EQUITY | ||
Share capital | $ 1,057 | $ 1,057 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | |||
Profit before taxation | $ 15,049 | $ 14,751 | $ 11,137 |
Adjustments for: | |||
Depreciation and amortisation expense | 5,829 | 6,288 | 6,184 |
Impairments of property, plant and equipment, financial assets and intangibles | 264 | 333 | 193 |
Net finance costs | 1,064 | 1,245 | 1,417 |
Loss/(profit) from equity accounted investments, related impairments and expenses | 546 | (147) | (272) |
Other | 308 | 597 | 194 |
Changes in assets and liabilities: | |||
Trade and other receivables | (211) | (662) | 267 |
Inventories | 298 | (182) | (687) |
Trade and other payables | 406 | 719 | 512 |
Provisions and other assets and liabilities | (125) | 7 | (333) |
Cash generated from operations | 23,428 | 22,949 | 18,612 |
Dividends received | 516 | 709 | 636 |
Interest received | 443 | 290 | 164 |
Interest paid | (1,346) | (1,177) | (1,148) |
Proceeds/(settlements) of cash management related instruments | 296 | (292) | (140) |
Net income tax and royalty-related taxation refunded | 59 | 17 | 337 |
Net income tax and royalty-related taxation paid | (5,999) | (4,935) | (2,585) |
Net operating cash flows from Continuing operations | 17,397 | 17,561 | 15,876 |
Net operating cash flows from Discontinued operations | 474 | 900 | 928 |
Net operating cash flows | 17,871 | 18,461 | 16,804 |
Investing activities | |||
Purchases of property, plant and equipment | (6,250) | (4,979) | (3,697) |
Exploration expenditure | (873) | (874) | (966) |
Exploration expenditure expensed and included in operating cash flows | 516 | 641 | 610 |
Net investment and funding of equity accounted investments | (630) | 204 | (234) |
Proceeds from sale of assets | 145 | 89 | 529 |
Proceeds from divestment of subsidiaries, operations and joint operations, net of their cash | 4 | 187 | |
Other investing | (289) | (141) | (153) |
Net investing cash flows from Continuing operations | (7,377) | (5,060) | (3,724) |
Net investing cash flows from Discontinued operations | (443) | (861) | (437) |
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Net investing cash flows | 2,607 | (5,921) | (4,161) |
Financing activities | |||
Proceeds from interest bearing liabilities | 250 | 528 | 1,577 |
(Settlements)/proceeds of debt related instruments | (160) | (218) | 36 |
Repayment of interest bearing liabilities | (2,604) | (4,188) | (7,114) |
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts | (188) | (171) | (108) |
Share buy-back - BHP Group Limited | (5,220) | ||
Dividends paid | (11,395) | (5,220) | (2,921) |
Dividends paid to non-controlling interests | (1,198) | (1,582) | (575) |
Net financing cash flows from Continuing operations | (20,515) | (10,851) | (9,105) |
Net financing cash flows from Discontinued operations | (13) | (40) | (28) |
Net financing cash flows | (20,528) | (10,891) | (9,133) |
Net (decrease)/increase in cash and cash equivalents from Continuing operations | (10,495) | 1,650 | 3,047 |
Net increase/(decrease) in cash and cash equivalents from Discontinued operations | 18 | (1) | 463 |
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Cash and cash equivalents, net of overdrafts, at the beginning of the financial year | 15,813 | 14,108 | 10,276 |
Foreign currency exchange rate changes on cash and cash equivalents | (170) | 56 | 322 |
Cash and cash equivalents, net of overdrafts, at the end of the financial year | $ 15,593 | $ 15,813 | $ 14,108 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Share capital [member]BHP Group Limited [member] | Share capital [member]BHP Group Plc [member] | Treasury shares [member]BHP Group Limited [member] | Treasury shares [member]BHP Group Plc [member] | Reserves [member] | Retained earnings [member] | Attributable to BHP shareholders [member] | Non-controlling interests [member] |
Balance at Jun. 30, 2016 | $ 60,071 | $ 1,186 | $ 1,057 | $ (7) | $ (26) | $ 2,538 | $ 49,542 | $ 54,290 | $ 5,781 |
Total comprehensive income | 6,173 | (59) | 5,900 | 5,841 | 332 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (108) | (105) | (3) | (108) | |||||
Employee share awards exercised net of employee contributions | 110 | 28 | (167) | 29 | |||||
Employee share awards forfeited | (18) | 18 | |||||||
Accrued employee entitlement for unexercised awards | 106 | 106 | 106 | ||||||
Distribution to non-controlling interests | (16) | (16) | |||||||
Dividends | (3,472) | (2,871) | (2,871) | (601) | |||||
Divestment of subsidiaries, operations and joint operations | (28) | (28) | |||||||
Balance at Jun. 30, 2017 | 62,726 | 1,186 | 1,057 | (2) | (1) | 2,400 | 52,618 | 57,258 | 5,468 |
Total comprehensive income | 4,726 | (87) | 3,695 | 3,608 | 1,118 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (171) | (159) | (12) | (171) | |||||
Employee share awards exercised net of employee contributions | 156 | 13 | (139) | (30) | |||||
Employee share awards forfeited | (2) | 2 | |||||||
Accrued employee entitlement for unexercised awards | 123 | 123 | 123 | ||||||
Distribution to non-controlling interests | (14) | (14) | |||||||
Dividends | (6,720) | (5,221) | (5,221) | (1,499) | |||||
Transfer to non-controlling interests | (5) | (5) | 5 | ||||||
Balance (Restated balance [member]) at Jun. 30, 2018 | 60,663 | 1,186 | 1,057 | (5) | 2,290 | 51,057 | 55,585 | 5,078 | |
Balance at Jun. 30, 2018 | 60,670 | 1,186 | 1,057 | (5) | 2,290 | 51,064 | 55,592 | 5,078 | |
Total comprehensive income | 9,160 | (24) | 8,306 | 8,282 | 878 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (188) | (182) | (6) | (188) | |||||
Employee share awards exercised net of employee contributions | 155 | $ 6 | (100) | (61) | |||||
Employee share awards forfeited | (18) | 18 | |||||||
Accrued employee entitlement for unexercised awards | 138 | 138 | 138 | ||||||
Dividends | (12,507) | (11,302) | (11,302) | (1,205) | |||||
BHP Group Limited shares bought back and cancelled | (5,274) | (75) | (5,199) | (5,274) | |||||
Divestment of subsidiaries, operations and joint operations | (168) | (168) | |||||||
Transfer to non-controlling interests | (1) | (1) | 1 | ||||||
Balance at Jun. 30, 2019 | 51,824 | $ 1,111 | $ 1,057 | $ (32) | $ 2,285 | 42,819 | 47,240 | $ 4,584 | |
Impairment provision resulting from application of the Expected Credit Loss model | Impact of adopting IFRS 9 [member] | $ (7) | $ (7) | $ (7) |
Segment reporting
Segment reporting | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Segment reporting | 1 Segment reporting Reportable segments The Group operated four reportable segments during FY2019, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group. Reportable segment Principal activities Petroleum Exploration, development and production of oil and gas Copper Mining of copper, silver, zinc, molybdenum, uranium and gold Iron Ore Mining of iron ore Coal Mining of metallurgical coal and energy coal Unless otherwise noted, the segment reporting information excludes Discontinued operations, being the Petroleum Onshore US operations comprising the Eagle Ford, Haynesville, Permian and Fayetteville oil and gas assets. Group and unallocated items includes functions and other unallocated operations, including Potash, Nickel West and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments. Year ended 30 June 2019 US$M Petroleum Copper Iron Ore Coal Group and Group Revenue 5,853 10,838 17,251 9,121 1,225 44,288 Inter-segment revenue 77 – 4 – (81 ) – Total revenue 5,930 10,838 17,255 9,121 1,144 44,288 Underlying EBITDA 3,801 4,550 11,129 4,067 (389 ) 23,158 Depreciation and amortisation (1) (1,560 ) (1,835 ) (1,653 ) (632 ) (149 ) (5,829 ) Impairment losses (2) (21 ) (128 ) (79 ) (35 ) (1 ) (264 ) Underlying EBIT 2,220 2,587 9,397 3,400 (539 ) 17,065 Exceptional items (3) – – (971 ) – 19 (952 ) Net finance costs (1,064 ) Profit before taxation 15,049 Capital expenditure (cash basis) 645 2,735 1,611 655 604 6,250 (Loss)/profit from equity accounted investments, related impairments and expenses (2 ) 303 (945 ) 103 (5 ) (546 ) Investments accounted for using the equity method 239 1,472 – 853 5 2,569 Total assets 12,465 27,428 22,592 12,124 26,252 100,861 Total liabilities 5,237 3,340 5,106 2,450 32,904 49,037 Year ended 30 June 2018 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 5,333 12,781 14,797 8,889 1,329 43,129 Inter-segment revenue 75 – 13 – (88 ) – Total revenue 5,408 12,781 14,810 8,889 1,241 43,129 Underlying EBITDA 3,341 6,522 8,930 4,397 (7 ) 23,183 Depreciation and amortisation (1) (1,719 ) (1,920 ) (1,721 ) (686 ) (242 ) (6,288 ) Impairment losses (2) (76 ) (213 ) (14 ) (29 ) (1 ) (333 ) Underlying EBIT 1,546 4,389 7,195 3,682 (250 ) 16,562 Exceptional items (3) – – (539 ) – (27 ) (566 ) Net finance costs (1,245 ) Profit before taxation 14,751 Capital expenditure (cash basis) 656 2,428 1,074 409 412 4,979 (Loss)/profit from equity accounted investments, related impairments and expenses (4 ) 467 (509 ) 192 1 147 Investments accounted for using the equity method 249 1,335 – 883 6 2,473 Total assets 12,938 26,824 22,208 12,257 37,766 111,993 Total liabilities 4,886 3,145 3,888 2,404 37,000 51,323 Year ended 30 June 2017 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,639 7,942 14,606 7,578 975 35,740 Inter-segment revenue 83 – 18 – (101 ) – Total revenue 4,722 7,942 14,624 7,578 874 35,740 Underlying EBITDA 3,117 3,545 9,077 3,784 (173 ) 19,350 Depreciation and amortisation (1) (1,648 ) (1,525 ) (1,828 ) (719 ) (252 ) (5,972 ) Impairment losses (2) (102 ) (14 ) (52 ) (15 ) (5 ) (188 ) Underlying EBIT 1,367 2,006 7,197 3,050 (430 ) 13,190 Exceptional items (3) – (546 ) (203 ) 164 (51 ) (636 ) Net finance costs (1,417 ) Profit before taxation 11,137 Capital expenditure (cash basis) 917 1,484 805 246 245 3,697 (Loss)/profit from equity accounted investments, related impairments and expenses (3 ) 295 (172 ) 152 – 272 Investments accounted for using the equity method 264 1,306 – 873 5 2,448 Total assets 13,726 26,743 22,781 11,996 41,760 117,006 Total liabilities 4,715 2,643 3,606 1,860 41,456 54,280 (1) Depreciation and amortisation excludes exceptional items of US$ nil (FY2018: US$ nil; FY2017: US$212 million). (2) Impairment losses excludes exceptional items of US$ nil (FY2018: US$ nil; FY2017: US$5 million). (3) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(31) million (FY2018: US$(27) million; FY2017: US$(51) million) and Samarco related other income of US$50 million (FY2018: US$ nil; FY2017: US$ nil). Refer to note 3 ‘Exceptional items’ for further information. (4) Total assets and total liabilities include balances for the years ended 30 June 2018 and 2017 relating to Onshore US assets. Geographical information Revenue by location of customer 2019 2018 2017 US$M US$M US$M Australia 2,568 2,304 2,037 Europe 1,875 1,886 1,641 China 24,274 22,660 18,644 Japan 4,193 4,628 3,036 India 2,479 2,439 1,891 South Korea 2,550 2,588 2,271 Rest of Asia 2,940 2,620 3,152 North America 2,442 2,715 2,233 South America 662 1,054 649 Rest of world 305 235 186 44,288 43,129 35,740 Non-current 2019 2018 2017 US$M US$M US$M Australia 45,013 45,157 46,949 North America (1) 8,633 8,246 22,860 South America 18,404 18,267 18,899 Rest of world 371 154 173 Unallocated assets (2) 5,067 5,039 7,069 77,488 76,863 95,950 (1) Balance for the year ended 30 June 2017 includes non-current (2) Unallocated assets comprise deferred tax assets and other financial assets. Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense. Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Revenue | 2 Revenue Revenue by segment and asset 2019 US$M 2018 2017 Australia Production Unit 507 568 601 Bass Strait 1,237 1,285 1,096 North West Shelf 1,657 1,400 1,190 Atlantis 979 833 677 Shenzi 540 576 509 Mad Dog 319 229 202 Trinidad/Tobago 287 161 110 Algeria 258 234 212 Third party products 10 12 9 Other 136 110 116 Total Petroleum (1) 5,930 5,408 4,722 Escondida 6,876 8,346 4,242 Pampa Norte 1,502 1,831 1,401 Olympic Dam 1,351 1,255 1,287 Third party products 1,109 1,349 1,012 Total Copper (2) 10,838 12,781 7,942 Western Australia Iron Ore 17,066 14,596 14,395 Third party products 32 54 81 Other 157 160 148 Total Iron Ore 17,255 14,810 14,624 Queensland Coal 7,679 7,388 6,316 New South Wales Energy Coal 1,421 1,499 1,251 Third party products 19 2 – Other 2 – 11 Total Coal (3) 9,121 8,889 7,578 Group and unallocated items (4) 1,225 1,329 975 Inter-segment adjustment (81 ) (88 ) (101 ) Total revenue 44,288 43,129 35,740 (1) Total Petroleum revenue includes: crude oil US$3,171 million (2018: US$2,933 million; 2017: US$2,528 million), natural gas US$1,259 million (2018: US$1,124 million; 2017: US$1,029 million), LNG US$1,179 million (2018: US$920 million; 2017: US$858 million), NGL US$263 million (2018: US$294 million; 2017: US$265 million) and other US$58 million (2018: US$137 million; 2017: US$42 million). (2) Total Copper revenue includes: copper US$10,215 million (2018: US$12,059 million; 2017: US$7,323 million) and other US$623 million (2018: US$722 million; 2017: US$619 million). Other consists of silver, zinc, molybdenum, uranium and gold. (3) Total Coal revenue includes: metallurgical coal US$7,568 million (2018: US$7,331 million; 2017: US$6,266 million) and thermal coal US$1,553 million (2018: US$1,558 million; 2017: US$1,312 million). (4) Group and unallocated items revenue includes: Nickel West US$1,193 million (2018: US$1,297 million; 2017: US$950 million) and other revenue US$32 million (2018: US$32 million; 2017: US$25 million). Revenue consists of revenue from contracts with customers of US$44,361 million (2018: US$42,748 million; 2017: US$35,036 million) and other revenue of US$(73) million (2018: US$381 million; 2017: US$704 million). Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer’s appointed vessel. Revenue from the provision of services is recognised over time, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for the goods or services. Where the Group’s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 ‘Financial Instruments’ (IFRS 9) and separately recorded as other revenue. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from concentrate is net of treatment costs and refining charges. Revenue from the sale of significant by-products by-product The Group applies the practical expedient to not adjust the expected consideration for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less. For commodity sales contracts, each individual metric unit is a separate performance obligation. Where the Group has contracts with unfulfilled performance obligations at period end, it is required to disclose the transaction price allocated to these performance obligations. The Group applies the practical expedient to not disclose this information for contracts with an expected duration of one year or less. The Group has a number of long-term contracts which are primarily priced on variable terms, based on quoted index prices near the time of delivery, and at times include fixed pricing components. Fixed pricing components, such as premiums and other charges, do not represent a significant proportion of the total price. Any estimate of the future transaction price would exclude estimated amounts of variable consideration. The amount of future consideration from fixed pricing components has not been disclosed, as the Group does not consider this relevant or useful information. |
Exceptional items
Exceptional items | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Exceptional items | 3 Exceptional items Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 27 ‘Discontinued operations’: Year ended 30 June 2019 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (1,060 ) – (1,060 ) Global taxation matters – 242 242 Total (1,060 ) 242 (818 ) Attributable to non-controlling – – – Attributable to BHP shareholders (1,060 ) 242 (818 ) Samarco Mineração S.A. (Samarco) dam failure The FY2019 exceptional loss of US$1,060 million related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2019 US$M Other income 50 Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (96 ) Samarco Germano dam decommissioning (263 ) Samarco dam failure provision (586 ) Net finance costs (108 ) Total (1) (1,060 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Global taxation matters Global taxation matters includes amounts released from provisions for tax matters and other claims resolved during the period. Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (650 ) – (650) US tax reform – (2,320 ) (2,320) Total (650 ) (2,320 ) (2,970) Attributable to non-controlling – – – Attributable to BHP shareholders (650 ) (2,320 ) (2,970) Samarco Mineração S.A. (Samarco) dam failure The FY2018 exceptional loss of US$650 million related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2018 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (80 ) Samarco dam failure provision (429 ) Net finance costs (84 ) Total (1) (650 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. US tax reform On 22 December 2017, the US President signed the Tax Cuts and Jobs Act (the TCJA) into law. The TCJA (effective 1 January 2018) includes a broad range of tax reforms affecting the Group, including, but not limited to, a reduction in the US corporate tax rate from 35 per cent to 21 per cent and changes to international tax provisions. Following enactment of the TCJA, the Group has recognised an exceptional income tax charge of US$2,320 million, primarily relating to the reduced US corporate income tax rate, which resulted in re-measurement non-US Year ended 30 June 2018 US$M Re-measurement (1,390 ) Impairment of foreign tax credits (834 ) Net impact of tax charges on deemed repatriation of accumulated earnings of non-US (194 ) Recognition of Alternative Minimum Tax Credits 95 Other impacts 3 Total (1) (2,320 ) (1) Refer to note 6 ‘Income tax expense’ for further information. Year ended 30 June 2017 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (381 ) – (381 ) Escondida industrial action (546 ) 179 (367 ) Cancellation of the Caroona exploration licence 164 (49 ) 115 Withholding tax on Chilean dividends – (373 ) (373 ) Total (763 ) (243 ) (1,006 ) Attributable to non-controlling (232 ) 68 (164 ) Attributable to BHP shareholders (531 ) (311 ) (842 ) Samarco Mineração S.A. (Samarco) dam failure The FY2017 exceptional loss of US$381 million related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2017 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (134 ) Samarco dam failure provision (38 ) Net finance costs (127 ) Total (1) (381 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Escondida industrial action Our Escondida asset in Chile began negotiations with Union N°1 on a new collective agreement in December 2016, as the existing agreement was expiring on 31 January 2017. Negotiations, including government-led 44-day Industrial action through this period resulted in a reduction to FY2017 copper production of 214 kt and gave rise to idle capacity charges of US$546 million, including depreciation of US$212 million. Cancellation of the Caroona exploration licence Following the Group’s agreement with the New South Wales Government in August 2016 to cancel the exploration licence of the Caroona Coal project, a net gain of US$115 million (after tax expense) has been recognised. Withholding tax on Chilean dividends BHP Billiton Chile Inversiones Limitada paid a one-off |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2019 | |
Samarco dam failure [member] | |
Statement [LineItems] | |
Provisions | 4 Significant events – Samarco dam failure On 5 November 2015, the Samarco Mineração S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the Samarco dam failure). Refer to section 1.7 ‘Samarco’. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Billiton Brasil) and Vale S.A. (Vale). BHP Billiton Brasil’s 50 per cent interest is accounted for as an equity accounted joint venture investment. BHP Billiton Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead records the investment as one line on the balance sheet. Each period, BHP Billiton Brasil recognises its 50 per cent share of Samarco’s profit or loss and adjusts the carrying value of the investment in Samarco accordingly. Such adjustment continues until the investment carrying value is reduced to US$ nil, with any additional share of Samarco losses only recognised to the extent that BHP Billiton Brasil has an obligation to fund the losses, or when future investment funding is provided. After applying equity accounting, any remaining carrying value of the investment is tested for impairment. Any charges relating to the Samarco dam failure incurred directly by BHP Billiton Brasil or other BHP entities are recognised 100 per cent in the Group’s results. The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2019 are shown in the table below and have been treated as an exceptional item. Financial impacts of Samarco dam failure 2019 2018 2017 US$M US$M US$M Income statement Other income (1) 50 – – Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure (2) (57 ) (57 ) (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (3) (96 ) (80 ) (134 ) Samarco Germano dam decommissioning (263 ) – – Samarco dam failure provision (4) (586 ) (429 ) (38 ) Loss from operations (952 ) (566 ) (254 ) Net finance costs (5) (108 ) (84 ) (127 ) Loss before taxation (1,060 ) (650 ) (381 ) Income tax benefit – – – Loss after taxation (1,060 ) (650 ) (381 ) Balance sheet movement Trade and other payables 4 4 (3 ) Provisions (629 ) (228 ) 143 Net (liabilities)/assets (625 ) (224 ) 140 2019 2018 2017 US$M US$M US$M Cash flow statement Loss before taxation (1,060 ) (650 ) (381 ) Adjustments for: Share of loss relating to the Samarco dam failure (3) 96 80 134 Samarco Germano dam decommissioning 263 – – Samarco dam failure provision (4) 586 429 38 Net finance costs (5) 108 84 127 Changes in assets and liabilities: Trade and other payables (4 ) (4 ) 3 Net operating cash flows (11 ) (61 ) (79 ) Net investment and funding of equity accounted investments (6) (424 ) (365 ) (442 ) Net investing cash flows (424 ) (365 ) (442 ) Net decrease in cash and cash equivalents (435 ) (426 ) (521 ) (1) Proceeds from insurance settlements. (2) Includes legal and advisor costs incurred. (3) Loss from working capital funding provided during the period. (4) US$(579) million change in estimate and US$(7) million exchange translation. (5) Amortisation of discounting of provision. (6) Includes US$(96) million funding provided during the period and US$(328) million utilisation of the Samarco dam failure provision, of which US$(313) million allowed for the continuation of reparatory and compensatory programs in relation to the Framework Agreement and a further US$(15) million for dam stabilisation and expert costs. Equity accounted investment in Samarco BHP Billiton Brasil’s investment in Samarco remains at US$ nil. BHP Billiton Brasil provided US$96 million funding under a working capital facility during the period and recognised additional share of losses of US$96 million. No dividends have been received by BHP Billiton Brasil from Samarco during the period. Samarco currently does not have profits available for distribution and is legally prevented from paying previously declared and unpaid dividends. Provisions related to the Samarco dam failure 2019 2018 US$M US$M At the beginning of the financial year 1,285 1,057 Movement in provisions 629 228 Comprising: Utilised (328 ) (285 ) Adjustments charged to the income statement: Change in estimate 579 560 Samarco Germano dam decommissioning 263 – Amortisation of discounting impacting net finance costs 108 84 Exchange translation 7 (131 ) At the end of the financial year 1,914 1,285 Comprising: Current 440 313 Non-current 1,474 972 At the end of the financial year 1,914 1,285 Samarco dam failure provisions and contingencies As at 30 June 2019, BHP Billiton Brasil has identified provisions and contingent liabilities arising as a consequence of the Samarco dam failure as follows: Provisions Provision for Samarco dam failure On 2 March 2016, BHP Billiton Brasil, Samarco and Vale, entered into a Framework Agreement with the Federal Government of Brazil, the states of Espírito Santo and Minas Gerais and certain other public authorities to establish a foundation (Fundação Renova) that will develop and execute environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure. Key Programs include those for financial assistance and compensation of impacted persons, including fisherfolk impacted by the dam failure, and those for remediation of impacted areas and resettlement of impacted communities. A committee (Interfederative Committee) comprising representatives from the Brazilian Federal and State Governments, local municipalities, environmental agencies, impacted communities and Public Defence Office oversees the activities of the Fundação Renova in order to monitor, guide and assess the progress of actions agreed in the Framework Agreement. The term of the Framework Agreement is 15 years, renewable for periods of one year successively until all obligations under the Framework Agreement have been performed. Under the Framework Agreement, Samarco is responsible for funding Fundação Renova’s annual calendar year budget for the duration of the Framework Agreement. The funding amounts for each calendar year will be dependent on the remediation and compensation projects to be undertaken in a particular year. Annual contributions may be reviewed under the Framework Agreement. To the extent that Samarco does not meet its funding obligations, each of BHP Billiton Brasil and Vale has funding obligations under the Framework Agreement in proportion to its 50 per cent shareholding in Samarco. Mining and processing operations remain suspended and Samarco is currently progressing plans to resume operations, however significant uncertainties surrounding the nature and timing of ongoing future operations remain. In light of these uncertainties and based on currently available information, BHP Billiton Brasil’s provision for its obligations under the Framework Agreement Programs is US$1.7 billion before tax and after discounting at 30 June 2019 (30 June 2018: US$1.3 billion). Under a Governance Agreement ratified on 8 August 2018, BHP Billiton Brasil, Samarco and Vale will establish a process to renegotiate the Programs over two years to progress settlement of the R$155 billion (approximately US$40 billion) Federal Public Prosecution Office claim (described below). BHP Billiton Brasil, Samarco and Vale maintain security comprising R$1.3 billion (approximately US$340 million) in insurance bonds, R$100 million (approximately US$25 million) in liquid assets and a charge of R$800 million (approximately US$210 million) over Samarco’s assets. The security is maintained for a period of 30 months from ratification of the Governance Agreement, after which BHP Billiton Brasil, Vale and Samarco will be required to provide security of an amount equal to the Fundação Renova’s annual budget up to a limit of R$2.2 billion (approximately US$575 million). Samarco Germano dam decommissioning Due to legislative changes in Brazil in the current year, Samarco is currently progressing plans for the accelerated decommissioning of its upstream tailings dams (the Germano dam complex). Given the significant uncertainties surrounding the nature and timing of Samarco’s future operations, BHP Billiton Brasil has recognised a provision of US$263 million for a 50 per cent share of the expected Germano decommissioning cost. Plans for the decommissioning are at an early stage and as a result, further engineering work and required validation by Brazilian authorities could lead to material changes to estimates in future reporting periods. If Samarco successfully restarts and generates sufficient cash flows during the period in which the Germano decommissioning activity occurs, BHP Billiton Brasil may not be required to provide funding for the decommissioning, resulting in a reversal of the provision in future reporting periods. Key judgements and estimates Judgements The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management have determined that a provision can only be recognised for obligations under the Framework Agreement and Samarco Germano dam decommissioning as at 30 June 2019. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted below, given their status. Estimates The provisions for Samarco dam failure and Samarco Germano dam decommissioning currently reflect the estimated remaining costs to complete Programs under the Framework Agreement and estimated costs to complete the Germano dam decommissioning and require the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 45 per cent of remaining costs for Programs under the Framework Agreement will be incurred by December 2020. While the provisions have been measured based on information available as at 30 June 2019, likely changes in facts and circumstances in future reporting periods may lead to revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore the possible revisions in future reporting periods cannot be reliably measured. The key estimates that may have a material impact upon the provisions in the next and future reporting periods include: • timing of repealing the fishing ban along the Rio Doce, which is subject to certain regulatory approvals and could impact upon the length of financial assistance and compensation payments; • number of people eligible for financial assistance and compensation, as duration of registration periods and changes to geographical boundaries or eligibility criteria could impact estimated future costs; • costs to complete resettlement of the Bento Rodrigues, Gesteira and Paracatu communities; • costs to complete the Germano dam decommissioning. The provision may also be affected by factors including but not limited to: • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis and community participation required under the Governance Agreement; • the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Fundação Renova’s Programs as provided in the Governance Agreement; • actual costs incurred; • resolution of uncertainty in respect of operational restart; • updates to discount and foreign exchange rates; • resolution of existing and potential legal claims. Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in the next and future reporting periods. Contingent liabilities The following matters are disclosed as contingent liabilities and given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of potential future exposures for BHP, unless otherwise stated. Ultimately, all the legal matters disclosed as contingent liabilities could have a material adverse impact on BHP’s business, competitive position, cash flows, prospects, liquidity and shareholder returns. Federal Public Prosecution Office claim BHP Billiton Brasil is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$40 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. The 12th Federal Court previously suspended the Federal Public Prosecution Office claim, including a R$7.7 billion (approximately US$2 billion) injunction request. Suspension of the claim continues for a period of two years from the date of ratification of the Governance Agreement on 8 August 2018. United States class action complaint – Samarco bond holders On 14 November 2016, a putative class action complaint (Bondholder Complaint) was filed in the U.S. District Court for the Southern District of New York on behalf of purchasers of Samarco’s ten-year bond notes (Plaintiff) due 2022-2024 between 31 October 2012 and 30 November 2015. The Bondholder Complaint was initially filed against Samarco and the former chief executive officer of Samarco. The Bondholder Complaint was subsequently amended to include BHP Group Limited, BHP Group Plc, BHP Billiton Brasil Ltda, Vale S.A. and officers of Samarco, including four of Vale S.A. and BHP Billiton Brasil Ltda’s nominees to the Samarco Board. On 5 April 2017, the Plaintiff discontinued its claims against the individual defendants. On 7 March 2018, the District Court granted a joint motion from the remaining corporate defendants to dismiss the Bondholder Complaint. A second amended Bondholder Complaint was also dismissed by the Court on 18 July 2019. The Plaintiff has filed a motion, which remains pending before the Court, for reconsideration of that decision or leave to file a third amended complaint. The amount of damages sought by the putative class is unspecified. Australian class action complaints Three separate shareholder class actions were filed in the Federal Court of Australia on behalf of persons who acquired shares in BHP Group Ltd on the Australian Securities Exchange or shares in BHP Group Plc on the London Stock Exchange and Johannesburg Stock Exchange in periods prior to the Samarco dam failure. Following an appeal to the Full Court of the Federal Court, two of the actions have been consolidated into one action and the third action is expected to be dismissed. The amount of damages sought in the consolidated action is unspecified. United Kingdom group action complaint BHP Group Plc and BHP Group Ltd are named as defendants in group action claims for damages that have been filed in the courts of England. These claims have been filed on behalf of certain individuals, governments, businesses and communities in Brazil allegedly impacted by the Samarco dam failure. On 7 August 2019, the BHP parties filed a preliminary application to strike out or stay this action on jurisdictional and other procedural grounds. The amount of damages sought in these claims is unspecified. Criminal charges The Federal Prosecutors’ Office has filed criminal charges against BHP Billiton Brasil, Samarco and Vale and certain employees and former employees of BHP Billiton Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. On 3 March 2017, BHP Billiton Brasil filed its preliminary defences. The Federal Court granted Habeas Corpus petitions in favour of three of the Affected Individuals terminating the charges against those individuals. The Federal Prosecutors’ Office appealed two of those decisions. BHP Billiton Brasil rejects outright the charges against the company and the Affected Individuals and will defend the charges and fully support each of the Affected Individuals in their defence of the charges. Other claims The civil public actions filed by State Prosecutors in Minas Gerais (claiming damages of approximately R$7.5 billion, US$2 billion), State Prosecutors in Espírito Santo (claiming damages of approximately R$2 billion, US$520 million), and public defenders in Minas Gerais (claiming damages of approximately R$10 billion, US$2.6 billion), have been consolidated before the 12th Federal Court and suspended. The Governance Agreement provides for a process to review whether these civil public claims should be terminated or suspended. BHP Billiton Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The other defendants include Vale, Samarco and Fundação Renova. The lawsuits include claims for compensation, environmental rehabilitation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including rehabilitation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of the Brazilian government and are ongoing. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Billiton Brasil and possibly other BHP entities in Brazil or other jurisdictions. BHP insurance BHP has various third party liability insurances for claims related to the Samarco dam failure made directly against BHP Billiton Brasil or other BHP entities, their directors and officers, including class actions. External insurers have been notified of the Samarco dam failure, the third party claims and the class actions referred to above. In the year ended 30 June 2019, BHP recognised income of US$50 million relating to proceeds from insurance settlements. As at 30 June 2019, an insurance receivable has not been recognised for any potential recoveries in respect of ongoing matters. Commitments Under the terms of the Samarco joint venture agreement, BHP Billiton Brasil does not have an existing obligation to fund Samarco. For the year ended 30 June 2019, BHP Billiton Brasil has provided US$96 million funding to support Samarco’s operations and a further US$15 million for dam stabilisation and prosecutor experts costs, with undrawn amounts of US$17 million expiring as at 30 June 2019. In June 2019, BHP Billiton Brasil made available a new short-term facility of up to US$79 million to carry out remediation and stabilisation work and support Samarco’s operations. Funds will be released to Samarco only as required and subject to the achievement of key milestones with amounts undrawn expiring at 31 December 2019. Any additional requests for funding or future investment provided would be subject to a future decision accounted for at that time. The following section includes disclosure required by IFRS of Samarco Mineração S.A.’s provisions, contingencies and other matters arising from the dam failure for matters in addition to the above-mentioned claims to which Samarco is a party. Samarco Dam failure related provisions and contingencies In addition to its obligations under the Framework Agreement as at 30 June 2019, Samarco has recognised provisions of US$0.2 billion (30 June 2018: US$0.2 billion), based on currently available information. The magnitude, scope and timing of these additional costs are subject to a high degree of uncertainty and Samarco has indicated that it anticipates that it will incur future costs beyond those provided. These uncertainties are likely to continue for a significant period and changes to key assumptions could result in a material change to the amount of the provision in future reporting periods. Any such unrecognised obligations are therefore contingent liabilities and, at present, it is not practicable to estimate their magnitude or possible timing of payment. Accordingly, it is also not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures at this time. Samarco is also named as a defendant in a number of other legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The lawsuits include claims for compensation, environmental rehabilitation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including rehabilitation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of the Brazilian government and are ongoing. Given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures to Samarco. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against Samarco. Samarco insurance Samarco has standalone insurance policies in place with Brazilian and global insurers. In the year ended 30 June 2019, Samarco recognised income relating to proceeds from certain of its insurance policies. Insurers’ loss adjusters or claims representatives continue to investigate and assist with the claims process for matters not yet settled. As at 30 June 2019, an insurance receivable has not been recognised by Samarco in respect of ongoing matters. Samarco commitments At 30 June 2019, Samarco has commitments of US$0.5 billion (30 June 2018: US$1.1 billion). Following the dam failure Samarco invoked force majeure clauses in a number of long-term contracts with suppliers and service providers to suspend contractual obligations. Samarco non-dam failure related contingent liabilities The following non-dam failure related contingent liabilities pre-date and are unrelated to the Samarco dam failure. Samarco is currently contesting both of these matters in the Brazilian courts. Given the status of these tax matters, the timing of resolution and potential economic outflow for Samarco is uncertain. Brazilian Social Contribution Levy Samarco has received tax assessments for the alleged non-payment of Brazilian Social Contribution Levy for the calendar years 2007-2014 totalling approximately R$5.5 billion (approximately US$1.4 billion). Brazilian corporate income tax rate Samarco has received tax assessments for alleged incorrect calculation of Corporate Income Tax (IRPJ) in respect of the 2000-2003 and 2007-2014 income years totalling approximately R$4.3 billion (approximately US$1.1 billion). |
Closure and rehabilitation provisions [member] | |
Statement [LineItems] | |
Provisions | 14 Closure and rehabilitation provisions 2019 2018 US$M US$M At the beginning of the financial year 6,330 6,738 Capitalised amounts for operating sites: Change in estimate 494 35 Exchange translation (194 ) (122 ) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 318 132 Exchange translation (7 ) (11 ) Released during the year (33 ) (165 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 353 352 Expenditure on closure and rehabilitation activities (201 ) (178 ) Exchange variations impacting foreign currency translation reserve (2 ) – Divestment and demerger of subsidiaries and operations (80 ) – Transferred to liabilities held for sale – (450 ) Other movements (1 ) (1 ) At the end of the financial year 6,977 6,330 Comprising: Current 361 274 Non-current 6,616 6,056 Operating sites 5,535 5,120 Closed sites 1,442 1,210 The Group is required to rehabilitate sites and associated facilities at the end of, or in some cases, during the course of production, to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group’s environmental performance requirements as set out within Our Charter. The key components of closure and rehabilitation activities are: • the removal of all unwanted infrastructure associated with an operation; • the return of disturbed areas to a safe, stable, productive and self-sustaining condition, consistent with the agreed end land use. Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: • it has a present legal or constructive obligation as a result of past events; • it is more likely than not that an outflow of resources will be required to settle the obligation; • the amount can be reliably estimated. Initial recognition Subsequent remeasurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to rehabilitate the relevant site using current restoration standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using country specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors, including: • revisions to estimated reserves, resources and lives of operations; • developments in technology; • regulatory requirements and environmental management strategies; • changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates; • movements in interest rates affecting the discount rate applied. Changes to the closure and rehabilitation estimate are added to, or deducted from, the related asset and amortised on a prospective basis accordingly over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are charged/(credited) to the income statement in the period identified. This amounted to a charge of US$251 million in the year ended 30 June 2019 (2018: credit of US$(21) million; 2017: charge of US$33 million). Key estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: • the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities; • costs associated with future rehabilitation activities; • applicable real discount rates; • the timing of cash flows and ultimate closure of operations. Rehabilitation activities are generally undertaken at the end of the production life at the individual sites. Remaining production lives range from 1-98 years with an average for all sites, weighted by current closure provision, of approximately 32 years. A 0.5 per cent decrease in the real discount rates applied at 30 June 2019 would result in an increase to the closure and rehabilitation provision of US$618 million, an increase in property, plant and equipment of US$524 million in relation to operating sites and an income statement charge of US$94 million in respect of closed sites. In addition, the change would result in an increase of approximately US$42 million to depreciation expense and an immaterial reduction in net finance costs for the year ending 30 June 2020. Estimates can also be impacted by the emergence of new restoration techniques, changes in regulatory requirements for rehabilitation, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. |
Provision for dividends and other liabilities [member] | |
Statement [LineItems] | |
Provisions | 18 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 14 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 24 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and provisions related to the Samarco dam failure (refer to note 4 ‘Significant events – Samarco dam failure’). 2019 2018 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 944 984 Dividends determined 11,302 5,221 Charge/(credit) for the year: Underlying 372 337 Discounting 10 4 Exchange variations 101 3 Released during the year (391 ) (78 ) Utilisation (338 ) (150 ) Dividends paid (11,395 ) (5,325 ) Transferred to liabilities held for sale – (39 ) Transfers and other movements (104 ) (13 ) At the end of the financial year 501 944 Comprising: Current 220 290 Non-current 281 654 |
Employee benefits, restructuring and post-retirement employee benefits provisions [member] | |
Statement [LineItems] | |
Provisions | 24 Employee benefits, restructuring and post-retirement employee benefits provisions 2019 2018 US$M US$M Employee benefits (1) 1,140 1,232 Restructuring (2) 78 8 Post-retirement employee benefits 493 449 Total provisions 1,711 1,689 Comprising: Current 1,154 1,148 Non-current 557 541 2019 Employee Restructuring Post- (3) Total US$M US$M US$M US$M At the beginning of the financial year 1,232 8 449 1,689 Charge/(credit) for the year: Underlying 1,011 160 55 1,226 Discounting – – 42 42 Net interest expense – – (21 ) (21 ) Exchange variations (49 ) 1 (6 ) (54 ) Released during the year (146 ) (11 ) – (157 ) Remeasurement gains taken to retained earnings – – 20 20 Utilisation (908 ) (80 ) (46 ) (1,034 ) At the end of the financial year 1,140 78 493 1,711 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. (3) Refer to note 25 ‘Pension and other post-retirement obligations’. Recognition and measurement Provisions are recognised by the Group when: • there is a present legal or constructive obligation as a result of past events; • it is more likely than not that a permanent outflow of resources will be required to settle the obligation; • the amount can be reliably estimated and measured at the present value of management’s best estimate of the cash outflow required to settle the obligation at reporting date. Provision Description Employee benefits Liabilities for annual leave and any accumulating sick leave accrued up until the reporting date that are expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for long service leave are measured as the present value of estimated future payments for the services provided by employees up to the reporting date and disclosed within employee benefits. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group’s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for unpaid wages and salaries are recognised in other creditors. Restructuring Restructuring provisions are recognised when: • the Group has a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline; • the restructuring has either commenced or been publicly announced and can no longer be withdrawn. Payments falling due greater than 12 months after the reporting date are discounted to present value. |
Expenses and other income
Expenses and other income | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Expenses and other income | 5 Expenses and other income 2019 2018 2017 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 3,683 3,653 3,392 Employee share awards 138 123 105 Social security costs 4 4 3 Pension and other post-retirement obligations 292 292 273 Less employee benefits expense classified as exploration and evaluation expenditure (85 ) (82 ) (79 ) Changes in inventories of finished goods and work in progress 496 (142 ) (743 ) Raw materials and consumables used 4,591 4,389 3,830 Freight and transportation 2,378 2,294 1,786 External services 4,745 4,786 4,037 Third party commodity purchases 1,069 1,374 1,060 Net foreign exchange (gains)/losses (147 ) (93 ) 103 Government royalties paid and payable 2,538 2,168 1,986 Exploration and evaluation expenditure incurred and expensed in the current period 516 641 610 Depreciation and amortisation expense 5,829 6,288 6,184 Net impairments: Property, plant and equipment 250 318 160 Goodwill and other intangible assets 14 14 33 Available for sale financial assets – 1 – Operating lease rentals 405 421 391 All other operating expenses 1,306 1,078 989 Total expenses 28,022 27,527 24,120 (Gains)/losses on disposal of property, plant and equipment (22 ) 10 (286 ) Other income (371 ) (257 ) (376 ) Total other income (393 ) (247 ) (662 ) Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling Recognition and measurement Income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and they can be reliably measured. Dividends are recognised upon declaration. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2019 | |
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Income tax expense | 6 Income tax expense 2019 2018 2017 US$M US$M US$M Total taxation expense comprises: Current tax expense 5,408 5,052 4,412 Deferred tax expense 121 1,955 31 5,529 7,007 4,443 2019 2018 2017 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 15,049 14,751 11,137 Tax on profit at Australian prima facie tax rate of 30 per cent 4,515 4,425 3,341 Impact of US tax reform Tax rate changes – 1,390 – Non-tax – 834 – Tax on remitted and unremitted foreign earnings (1) – 194 – Recognition of previously unrecognised tax assets – (95 ) – Other – (3 ) – Subtotal – 2,320 – Other items not related to US tax reform Non-tax 742 721 242 Tax on remitted and unremitted foreign earnings 283 401 478 Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses (2) 164 (44 ) (82 ) Tax rate changes 6 (79 ) 25 Recognition of previously unrecognised tax assets (10 ) (170 ) (21 ) Amounts over provided in prior years (21 ) (51 ) 175 Foreign exchange adjustments (25 ) (152 ) 88 Investment and development allowance (94 ) (180 ) (53 ) Impact of tax rates applicable outside of Australia (312 ) (484 ) (136 ) Other 87 172 219 Income tax expense 5,335 6,879 4,276 Royalty-related taxation (net of income tax benefit) 194 128 167 Total taxation expense 5,529 7,007 4,443 (1) Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits. (2) The (loss)/profit from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such (loss)/profit, related impairments and expenses. Income tax recognised in other comprehensive income is as follows: 2019 2018 2017 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Available for sale investments: Net valuation losses taken to equity – (3 ) – Hedges: Gains/(losses) taken to equity 98 (25 ) (105 ) (Gains)/losses transferred to the income statement (90 ) 64 129 Income tax credit relating to items that may be reclassified subsequently to the income statement 8 36 24 Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes 7 (22 ) (12 ) Employee share awards transferred to retained earnings on exercise 12 8 (14 ) Income tax credit/(charge) relating to items that will not be reclassified to the income statement 19 (14 ) (26 ) Total income tax credit/(charge) relating to components of other comprehensive income (1) 27 22 (2 ) (1) Included within total income tax relating to components of other comprehensive income is US$15 million relating to deferred taxes and US$12 million relating to current taxes (2018: US$17 million and US$5 million; 2017: US$12 million and US$(14) million). Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case the tax effect is also recognised in equity. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: • initial recognition of goodwill; • initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit; • investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. Royalties and resource rent taxes are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current provisions and included in expenses. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes, particularly in relation to the Group’s cross-border operations and transactions. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. The Group has unresolved tax and royalty matters for which the timing of resolution and potential economic outflow are uncertain. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for at 30 June 2019. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 33 ‘Contingent liabilities’. Irrespective of whether the potential economic outflow of the matter has been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the Group. Transfer pricing – Sales of commodities to BHP Billiton Marketing AG in Singapore On 19 November 2018, BHP settled a long-standing transfer pricing dispute relating to its Sales and Marketing operations in Singapore with the Australian Taxation Office (ATO). The settlement fully resolved all prior years and provides certainty in relation to the future Australian taxation treatment of BHP’s Sales and Marketing operations. The settlement did not involve any admission of tax avoidance by BHP. As part of the settlement, BHP paid a total of approximately A$529 million (US$388 million) in additional taxes for the prior years, being 2003 to 2018 (BHP paid A$328 million (US$243 million) of this amount when the amended assessments were received in prior years, with the balance of A$201 million (US$145 million) paid in the December 2018 quarter). From the 2020 financial year, all profits made in Singapore in relation to the Australian assets owned by BHP Group Limited will be fully subject to Australian tax under the Controlled Foreign Company tax rules, due to a change in ownership of the main Sales and Marketing entity. Controlled Foreign Companies dispute The Group is currently in dispute with the ATO regarding whether profits earned globally by the Group’s Sales and Marketing organisation from the sale of commodities acquired from Australian subsidiaries of BHP Group Plc are subject to ‘top-up tax’ in Australia under the Controlled Foreign Companies rules. In June 2011 and December 2014, the Group received amended assessments relating to the 2006-2010 income years. Between May 2016 and August 2019, the Group received amended assessments relating to the 2012-2018 income years. The Group has formally objected or intends to formally object to all the amended assessments received. The earlier years (2006-2010) are the subject of litigation and the case will be heard by the High Court of Australia. It is estimated that the total primary tax subject to dispute for the 2006-2018 income years is US$87 million (A$125 million), of which US$30 million (A$43 million) relates to the 2006-2010 income years, which are being litigated. The ATO has not determined that the Group is liable for any penalties. Samarco tax assessments Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 ‘Significant events – Samarco dam failure’. Key judgements and estimates Income tax classification Judgements: Deferred tax Judgements: Estimates: Uncertain tax matters Judgements: Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 33 ‘Contingent liabilities’). |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2019 | |
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Earnings per share | 7 Earnings per share 2019 2018 2017 Earnings attributable to BHP shareholders (US$M) - Continuing operations 8,648 6,652 6,375 - Total 8,306 3,705 5,890 Weighted average number of shares (Million) - Basic 5,180 5,323 5,323 - Diluted 5,193 5,337 5,336 Basic earnings per ordinary share (US cents) - Continuing operations 166.9 125.0 119.8 - Total 160.3 69.6 110.7 Diluted earnings per ordinary share (US cents) - Continuing operations 166.5 124.6 119.5 - Total 159.9 69.4 110.4 Refer to note 27 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations. Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited or BHP Group Plc ordinary shares. Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. The calculation of the number of ordinary shares used in the computation of basic earnings per share is the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. For the purposes of calculating diluted earnings per share, the effect of 13 million dilutive shares has been taken into account for the year ended 30 June 2019 (2018: 14 million shares; 2017: 13 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 23 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2019, there are no instruments which are considered antidilutive (2018: nil; 2017: nil). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2019 | |
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Trade and other receivables | Working capital 2019 2018 US$M US$M Trade receivables 2,403 1,857 Loans to equity accounted investments 33 13 Other receivables 1,339 1,406 Total 3,775 3,276 Comprising: Current 3,462 3,096 Non-current 313 180 Recognition and measurement Trade receivables are recognised initially at fair value and subsequently at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through the income statement under IFRS 9. The collectability of trade receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance The 10 largest customers represented 34% (2018: 33%) of total credit risk exposures managed by the Group. Receivables are deemed to be past due or impaired in accordance with the Group’s terms and conditions. These terms and conditions are determined on a case-by-case At 30 June 2019, trade receivables are stated net of provisions for expected credit losses of US$3 million (2018: US$1 million). As at the reporting date, there are no indications that the debtors will not meet their payment obligations. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2019 | |
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Trade and other payables | 9 Trade and other payables 2019 2018 US$M US$M Trade creditors 5,162 4,574 Other creditors 1,560 1,406 Total 6,722 5,980 Comprising: Current 6,717 5,977 Non-current 5 3 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2019 | |
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Inventories | 10 Inventories 2019 2018 Definitions US$M US$M Raw materials and consumables 1,406 1,266 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 2,515 2,965 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 687 674 Commodities held-for-sale Total (1) 4,608 4,905 Comprising: Current 3,840 3,764 Non-current 768 1,141 Inventories classified as non-current (1) Inventory write-downs of US$16 million were recognised during the year (2018: US$18 million; 2017: US$112 million). Inventory write-downs of US$21 million made in previous periods were reversed during the year (2018: US$2 million; 2017: US$19 million). Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Minerals inventory quantities are assessed primarily through surveys and assays, while petroleum inventory quantities are derived through flow rate or tank volume measurement and the composition is derived via sample analysis. Key estimates Accounting for inventory involves the use of estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Critical estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. Resource assets |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2019 | |
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Property, plant and equipment | 11 Property, plant and equipment Land and Plant and Other Assets under Exploration Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2019 At the beginning of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 Additions (1)(2) 5 515 1,023 5,799 418 7,760 Depreciation for the year (585 ) (4,885 ) (277 ) – – (5,747 ) Impairments, net of reversals (3) (9 ) (234 ) – – (7 ) (250 ) Disposals (2 ) (40 ) (5 ) – – (47 ) Transferred to assets held for sale – – – (331 ) – (331 ) Exchange variations taken to reserve – (1 ) – – – (1 ) Transfers and other movements 324 1,934 (504 ) (1,873 ) (406 ) (525 ) At the end of the financial year 7,885 38,174 9,211 11,149 1,622 68,041 – Cost 12,825 92,090 13,681 11,149 2,404 132,149 – Accumulated depreciation and impairments (4,940 ) (53,916 ) (4,470 ) – (782 ) (64,108 ) Net book value – 30 June 2018 At the beginning of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 Additions (1)(2) (20 ) 110 873 5,423 258 6,644 Depreciation for the year (548 ) (6,467 ) (730 ) – – (7,745 ) Impairments, net of reversals (3) (9 ) (507 ) (260 ) – (62 ) (838 ) Disposals (7 ) (26 ) (36 ) (1 ) (9 ) (79 ) Transferred to assets held for sale (21 ) (4,426 ) (5,563 ) (662 ) – (10,672 ) Exchange variations taken to reserve – 1 – – – 1 Transfers and other movements 210 2,773 (867 ) (2,742 ) – (626 ) At the end of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 – Cost 12,525 91,037 13,212 7,554 2,400 126,728 – Accumulated depreciation and impairments (4,373 ) (50,152 ) (4,238 ) – (783 ) (59,546 ) (1) Includes net foreign exchange gains/(losses) related to the closure and rehabilitation provisions. Refer to note 14 ‘Closure and rehabilitation provisions’. (2) Property, plant and equipment of US$ nil (2018: US$3 million; 2017: US$593 million) was acquired under finance lease. This is a non-cash (3) Includes impairment charges related to Onshore US assets of US$ nil (2018: US$520 million). Refer to note 27 ‘Discontinued operations’. Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Equipment leases Assets held under lease, which result in the Group receiving substantially all of the risk and rewards of ownership are capitalised as property, plant and equipment at the lower of the fair value of the leased assets or the estimated present value of the minimum lease payments. Leased assets are depreciated on the same basis as owned assets or, where shorter, the lease term. The corresponding finance lease obligation is included within interest bearing liabilities. The interest component is charged to the income statement over the lease term to reflect a constant rate of interest over the remaining balance of the obligation. Operating leases are not capitalised and rental payments are included in the income statement on a straight-line basis over the lease term. Ongoing contracted commitments under finance and operating leases are disclosed within note 32 ‘Commitments’. From 1 July 2019, IFRS 16/AASB 16 ‘Leases’ became effective for the Group. Refer to note 38 ‘New and amended accounting standards and interpretations’. Exploration and evaluation Exploration costs are incurred to discover mineral and petroleum resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: In respect of minerals activities: • the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition; or • the existence of a commercially viable mineral deposit has been established. In respect of petroleum activities: • the exploration and evaluation activity is within an area of interest for which it is expected that the expenditure will be recouped by future exploitation or sale; or • exploration and evaluation activity has not reached a stage that permits a reasonable assessment of the existence of commercially recoverable reserves. A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Key judgements and estimates Judgements: Estimates: Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. Development expenditure is net of proceeds from the saleable material extracted during the development phase. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Key judgements and estimates Judgements: Estimates: Other mineral assets Other mineral assets comprise: • capitalised exploration, evaluation and development expenditure for assets in production; • mineral rights and petroleum interests acquired; • capitalised development and production stripping costs. Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body to which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group’s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: • the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised; • the component of the ore body for which access has been improved can be identified; • costs associated with that component can be measured reliably. Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of-component waste-to-ore life-of-component Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component Key judgements and estimates Judgements: Estimates: life-of-component waste-to-ore Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset’s benefits are expected to be used by the Group. The Group’s reported reserves are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset’s useful life. Where this occurs, alternative approaches to determining reserves are applied, such as using management’s expectations of future oil and gas prices rather than yearly average prices, to provide a phasing of periodic depreciation charges that better reflects the asset’s expected useful life. Where assets are dedicated to a mine or petroleum lease, the below useful lives are subject to the lesser of the asset category’s useful life and the life of the mine or petroleum lease, unless those assets are readily transferable to another productive mine or lease. Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves Impairment of non-current Recognition and measurement Impairment tests for all assets are performed when there is an indication of impairment, although goodwill is tested at least annually. If the carrying amount of the asset exceeds its recoverable amount, the asset is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or cash generating units (CGUs). There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s fair value less cost of disposal (FVLCD) and its value in use (VIU). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Valuation methods Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral and petroleum assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax post-tax Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Key judgements and estimates Judgements: Indicators of impairment may include changes in the Group’s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group’s commodity supply, demand and price forecasts (which include carbon price forecasts), or the possible additional impacts from emerging risks such as those related to climate change and the transition to a lower carbon economy. Additional impacts related to climate change and the transition to a lower carbon economy may include: • a proportion of a CGU’s reserves becoming incapable of extraction in an economically viable fashion; • demand for the Group’s commodities decreasing, due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change; • physical impacts related to acute risks resulting from increased severity of extreme weather events, and those related to chronic risks resulting from longer-term changes in climate patterns. Estimates: post-tax An indicator of impairment has been identified for the Jansen potash CGU at 30 June 2019 as the Group continues to assess project feasibility and the timing of project approval in accordance with the Group’s Capital Allocation Framework. Accordingly, the Group has assessed the recoverable amount of the Jansen CGU using FVLCD methodology including a market participant’s perspective of the net present value of future post-tax cash flows and other market-based indicators of fair value. The Jansen CGU carrying amount of US$3.0 billion as at 30 June 2019 is supported by the recoverable amount determination and as such, no impairment has been recognised. The recoverable amount estimate is most sensitive to assumptions regarding the long-term forecasts of potash prices and discount rates: • Potash price: prices are based on the latest internal forecasts taking into account expected demand and supply for potash globally (which includes, amongst a range of factors, carbon price forecasts), benchmarked with external sources of information; • Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows, including where appropriate a country risk premium. A real post-tax discount rate of 7.5 per cent was applied to post-tax cash flows. Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of non-current assets at future reporting dates. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2019 | |
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Intangible assets | 12 Intangible assets 2019 2018 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 247 531 778 3,269 699 3,968 Additions – 31 31 – 50 50 Amortisation for the year – (142 ) (142 ) – (197 ) (197 ) Impairments for the year (1) – (14 ) (14 ) (2,339 ) (14 ) (2,353 ) Disposals – – – (16 ) (7 ) (23 ) Transferred to assets held for sale – – – (667 ) – (667 ) Transfers and other movements – 22 22 – – – At the end of the financial year (2) 247 428 675 247 531 778 – Cost 247 1,697 1,944 247 1,665 1,912 – Accumulated amortisation and impairments – (1,269 ) (1,269 ) – (1,134 ) (1,134 ) (1) Includes impairment charges related to Onshore US assets of US$ nil (2018: US$2,339 million). Refer to note 27 ‘Discontinued operations’. (2) The Group’s aggregate net carrying value of goodwill for Continuing operations is US$247 million (2018: US$247 million), representing less than 1 per cent of net equity at 30 June 2019 (2018: less than 1 per cent). The goodwill is allocated across a number of CGUs. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Key judgements and estimates Judgements: Estimates: Where indicators of impairment exist for intangible assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Deferred tax balances
Deferred tax balances | 12 Months Ended |
Jun. 30, 2019 | |
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Deferred tax balances | 13 Deferred tax balances The movement for the year in the Group’s net deferred tax position is as follows: 2019 US$M 2018 2017 Net deferred tax asset At the beginning of the financial year 569 2,023 1,823 Income tax (charge)/credit recorded in the income statement (1) (81 ) (1,445 ) 188 Income tax credit/(charge) recorded directly in equity 15 17 12 Other movements 27 (26 ) – At the end of the financial year 530 569 2,023 (1) Includes Discontinued operations income tax credit to the income statement of US$40 million (2018: US$510 million, 2017: US$219 million). For recognition and measurement refer to note 6 ‘Income tax expense’. The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited) to the income statement is as follows: Deferred tax Deferred tax Charged/(credited) to 2019 2018 2019 2018 2019 2018 2017 US$M US$M US$M US$M US$M US$M US$M Type of temporary difference Depreciation (1,717 ) (2,756 ) 1,444 1,356 (951 ) (752 ) 391 Exploration expenditure 449 492 – – 43 51 (22 ) Employee benefits 310 321 (6 ) (2 ) 14 31 (37 ) Closure and rehabilitation 1,671 1,627 (203 ) (194 ) (53 ) 218 (151 ) Resource rent tax 431 468 1,112 1,328 (179 ) (194 ) (189 ) Other provisions 144 141 (1 ) (2 ) (2 ) (11 ) 14 Deferred income 24 21 (5 ) – (9 ) (13 ) 3 Deferred charges (416 ) (374 ) 286 272 56 (119 ) (77 ) Investments, including foreign tax credits 412 546 600 691 70 615 (17 ) Foreign exchange gains and losses (97 ) (120 ) (6 ) 16 (45 ) (20 ) (77 ) Tax losses 2,611 3,758 – – 1,147 1,595 (381 ) Other (58 ) (83 ) 13 7 (10 ) 44 355 Total 3,764 4,041 3,234 3,472 81 1,445 (188 ) The Group recognises the benefit of tax losses amounting to US$2,611 million (2018: US$3,758 million) only to the extent of anticipated future taxable income or gains in relevant jurisdictions. The amounts recognised in the Financial Statements in respect of each matter are derived from the Group’s best judgements and estimates as described in note 6 ‘Income tax expense’. The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows: 2019 2018 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 3,720 3,028 Investments in subsidiaries (2) 1,656 1,659 Deductible temporary differences relating to PRRT (3) 2,197 2,282 Mineral rights (4) 2,230 2,263 Other deductible temporary differences (5) 412 437 Total unrecognised deferred tax assets 10,215 9,669 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,253 2,216 Taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 659 685 Total unrecognised deferred tax liabilities 2,912 2,901 (1) At 30 June 2019, the Group had income and capital tax losses with a tax benefit of US$2,265 million (2018: US$1,946 million) and tax credits of US$1,455 million (2018: US$1,082 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry Total US$M Income tax losses Not later than one year 359 Later than one year and not later than two years 443 Later than two years and not later than five years 2,723 Later than five years and not later than 10 years 530 Later than 10 years and not later than 20 years 2,312 Unlimited 2,001 8,368 Capital tax losses Not later than one year – Later than two years and not later than five years – Unlimited 4,114 Gross amount of tax losses not recognised 12,482 Tax effect of total losses not recognised 2,265 Of the US$1,455 million of tax credits, US$1,449 million expires not later than 10 years and US$6 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets of US$1,656 million at 30 June 2019 (2018: US$1,659 million) and deferred tax liabilities of US$2,253 million (2018: US$2,216 million) associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. (3) The Group had US$2,197 million of unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT) at 30 June 2019 (2018: US$2,282 million relating to Australian PRRT), with a corresponding unrecognised deferred tax liability for income tax purposes of US$659 million (2018: US$685 million). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities. (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets of US$2,230 million at 30 June 2019 (2018: US$2,263 million) had not been recognised because it is not probable that future capital gains will be available, against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had other deductible temporary differences for which deferred tax assets of US$412 million at 30 June 2019 (2018: US$437 million) had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Share capital
Share capital | 12 Months Ended |
Jun. 30, 2019 | |
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Share capital | 15 Share capital BHP Group Limited BHP Group Plc 2019 shares 2018 2017 2019 shares 2018 2017 Share capital issued Opening number of shares 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (6,854,057 ) (7,469,236 ) (6,481,292 ) (274,069 ) (679,223 ) (225,646 ) Employee share awards exercised following vesting 5,902,588 7,339,522 6,945,570 275,984 711,705 940,070 Movement in treasury shares under Employee Share Plans 951,469 129,714 (464,278 ) (1,915 ) (32,482 ) (714,424 ) Shares bought back and cancelled (1) (265,839,711 ) – – – – – Closing number of shares (2) 2,945,851,394 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 2,944,703,079 3,211,494,259 3,211,623,973 2,112,032,077 2,112,030,162 2,111,997,680 Treasury shares 1,148,315 196,846 67,132 39,719 41,634 74,116 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) During December 2018, BHP completed an off-market buy-back program of US$5.2 billion of BHP Group Limited shares related to the disbursement of proceeds from the disposal of Onshore US. (2) No fully paid ordinary shares in BHP Group Limited or BHP Group Plc were issued on the exercise of Group Incentive Scheme awards during the period 1 July 2019 to 5 September 2019. Recognition and measurement Share capital of BHP Group Limited and BHP Group Plc is composed of the following classes of shares: Ordinary shares fully paid Special Voting shares Preference shares BHP Group Limited and BHP Group Plc ordinary shares fully paid of US$0.50 par value represent 99.99 per cent of the total number of shares. Any profit remaining after payment of preferred distributions is available for distribution to the holders of BHP Group Limited and BHP Group Plc ordinary shares in equal amounts per share. Each of BHP Group Limited and BHP Group Plc issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. There has been no movement in these shares. Preference shares have the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. The holders of preference shares have limited voting rights if payment of the preference dividends are six months or more in arrears or a resolution is passed changing the rights of the preference shareholders. There has been no movement in these shares, all of which are held by JP Morgan Limited. DLC Dividend share Treasury shares The DLC Dividend share supports the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited are paid equal cash dividends per share. This share enables efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. Treasury shares are shares of BHP Group Limited and BHP Group Plc and are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group’s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. |
Other equity
Other equity | 12 Months Ended |
Jun. 30, 2019 | |
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Other equity | 16 Other equity 2019 2018 2017 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 37 42 40 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 213 196 214 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Cash flow hedge reserve 114 58 153 The cash flow hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Cost of hedging reserve (74 ) – – The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Equity investments reserve 17 16 10 The financial assets reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Capital redemption reserve 177 177 177 The capital redemption reserve represents the par value of BHP Group Plc shares that were purchased and subsequently cancelled. The cancellation of the shares creates a non-distributable Non-controlling 1,283 1,283 1,288 The non-controlling non-controlling Total reserves 2,285 2,290 2,400 Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2019 2018 US$M Minera Other Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,456 2,751 Non-current 12,538 13,389 Current liabilities (1,826 ) (1,781 ) Non-current (4,122 ) (4,352 ) Net assets 9,046 10,007 Net assets attributable to NCI 3,845 739 4,584 4,253 825 5,078 Revenue 6,876 8,775 Profit after taxation 1,360 2,221 Other comprehensive income (1 ) (2 ) Total comprehensive income 1,359 2,219 Profit after taxation attributable to NCI 578 301 879 944 174 1,118 Other comprehensive income attributable to NCI – (1 ) (1 ) (1 ) 1 – Net operating cash flow 3,283 5,041 Net investing cash flow (1,034 ) (997 ) Net financing cash flow (2,517 ) (3,392 ) Dividends paid to NCI (1) 986 219 1,205 1,469 135 1,604 (1) Includes dividends paid to non-controlling While the Group controls Minera Escondida Limitada, the non-controlling non-controlling |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2019 | |
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Dividends | 17 Dividends Year ended 30 June 2019 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 63 3,356 43 2,291 14 746 Interim dividend 55 2,788 55 2,930 40 2,125 Special dividend 102 5,158 – – – – 220 11,302 98 5,221 54 2,871 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2018: 5.5 per cent; 2017: 5.5 per cent). Dividends paid during the period differs from the amount of dividends paid in the Cash Flow Statement as a result of foreign exchange gains and losses relating to the timing of equity distributions between the record date and the payment date. The Dual Listed Company merger terms require that ordinary shareholders of BHP Group Limited and BHP Group Plc are paid equal cash dividends on a per share basis. Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited or BHP Group Plc. Dividends determined on each ADS represent twice the dividend determined on BHP Group Limited or BHP Group Plc ordinary shares. Dividends are determined after period-end year-end, BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2019 2018 2017 US$M US$M US$M Franking credits as at 30 June 8,681 10,400 10,155 Franking credits arising from the payment of current tax 1,194 1,330 1,239 Total franking credits available (1) 9,875 11,730 11,394 (1) The payment of the final 2019 dividend determined after 30 June 2019 will reduce the franking account balance by US$984 million. |
Net debt
Net debt | 12 Months Ended |
Jun. 30, 2019 | |
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Net debt | Financial management The Group seeks to maintain a strong balance sheet and deploys its capital with reference to the Capital Allocation Framework. The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. 2019 2018 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 508 1,990 308 2,247 Notes and debentures 1,002 20,527 2,228 21,070 Finance leases 65 650 77 725 Bank overdraft and short-term borrowings 20 – 58 – Other 66 – 65 27 Total interest bearing liabilities 1,661 23,167 2,736 24,069 Less cash and cash equivalents Cash 2,210 – 1,065 – Short-term deposits 13,403 – 14,806 – Total cash and cash equivalents 15,613 – 15,871 – Net debt 9,215 10,934 Net assets 51,824 60,670 Gearing 15.1 % 15.3 % Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2019 2018 2017 US$M US$M US$M Total cash and cash equivalents 15,613 15,871 14,153 Bank overdrafts and short-term borrowing (20 ) (58 ) (45 ) Total cash and cash equivalents, net of overdrafts 15,593 15,813 14,108 Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short term to maturity. Cash and cash equivalents includes US$108 million (2018: US$98 million) restricted by legal or contractual arrangements. Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2019 2018 2019 2018 US$M US$M US$M US$M USD 12,485 12,981 9,214 7,024 EUR 7,680 9,070 6 5,845 GBP 3,118 3,104 48 1,560 AUD 951 1,077 3,023 9 CAD 594 573 3,092 1,301 Other – – 230 132 Total 24,828 26,805 15,613 15,871 The Group enters into derivative transactions to convert the majority of its exposures above into US dollars. Further information on the Group’s risk management activities relating to these balances is provided in note 21 ‘Financial risk management’. Liquidity risk The Group’s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group’s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. Standard & Poor’s credit rating of the Group remained at the A level with stable outlook throughout FY2019. Moody’s upgraded its credit rating of the Group from A3 to A2 on 31 October 2018 with a stable outlook thereafter in FY2019. There were no defaults on the Group’s liabilities during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Derivative fair values are inclusive of valuation adjustments that take into account consideration of both the counterparty and the Group’s risk of default. Standby arrangements and unused credit facilities The Group’s committed revolving credit facility operates as a back-stop to the Group’s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$6.0 billion. As at 30 June 2019, US$ nil commercial paper was drawn (2018: US$ nil). The revolving credit facility has a five-year maturity ending 7 May 2021. A commitment fee is payable on the undrawn balance and an interest rate comprising an interbank rate plus a margin applies to any drawn balance. The agreed margins are typical for a credit facility extended to a company with the Group’s credit rating. Maturity profile of financial liabilities The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2019 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 1,587 864 200 64 110 6,555 9,380 In more than one year but not more than two years 4,107 775 226 1 110 5 5,224 In more than two years but not more than five years 5,513 1,864 558 – 307 – 8,242 In more than five years 11,662 4,896 1,102 – 501 – 18,161 Total 22,869 8,399 2,086 65 1,028 6,560 41,007 Carrying amount 24,113 – 958 65 715 6,560 32,411 2018 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 2,647 682 302 17 127 5,788 9,563 In more than one year but not more than two years 1,545 957 188 1 113 3 2,807 In more than two years but not more than five years 8,019 2,203 823 – 335 – 11,380 In more than five years 13,287 5,519 1,191 – 590 – 20,587 Total 25,498 9,361 2,504 18 1,165 5,791 44,337 Carrying amount 26,003 – 1,213 18 802 5,791 33,827 (1) Excludes input taxes of US$162 million (2018: US$189 million) included in other payables. Refer to note 9 ‘Trade and other payables’. |
Net finance costs
Net finance costs | 12 Months Ended |
Jun. 30, 2019 | |
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Net finance costs | 20 Net finance costs 2019 2018 2017 US$M US$M US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 1,296 1,168 1,130 Interest capitalised at 4.96% (2018: 4.24%; 2017: 3.25%) (1) (248 ) (139 ) (113 ) Interest on finance leases 47 59 33 Discounting on provisions and other liabilities 470 414 450 Other gains and losses: Fair value change on hedged loans 729 (265 ) (1,185 ) Fair value change on hedging derivatives (809 ) 329 1,244 Exchange variations on net debt 6 (19 ) (23 ) Other 19 20 24 Total financial expenses 1,510 1,567 1,560 Financial income Interest income (446 ) (322 ) (143 ) Net finance costs 1,064 1,245 1,417 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$74 million (2018: US$42 million; 2017: US$34 million). Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. |
Financial risk management
Financial risk management | 12 Months Ended |
Jun. 30, 2019 | |
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Financial risk management | 21 Financial risk management 21.1 Financial risks Financial and capital risk management strategy The financial risks arising from the Group’s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and the Group manages its exposure to them in accordance with the Group’s portfolio risk management strategy. The objective of the strategy is to support the delivery of the Group’s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification provided by the scale, diversity and flexibility of the Group’s operations and activities. A Cash Flow at Risk (CFaR) framework is used to measure the aggregate and diversified impact of financial risks upon the Group’s financial targets. The principal measurement of risk is CFaR measured on a portfolio basis, which is defined as the worst expected loss relative to projected business plan cash flows over a one-year Market risk management The Group’s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is measured under the CFaR framework. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1 Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects will be executed if necessary to support the Group’s strategic objectives. Execution of transactions within approved mandates. 2 Economic hedging of commodity sales, operating costs, short-term cash deposits and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target and US dollars. Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group’s functional currency of US dollars and/or to swap to a floating interest rate. Executing hedging derivatives to align the total group exposure to the index target. Where short-term cash deposits are held in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group’s functional currency of US dollars. Execution of transactions within approved mandates. 3 Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer. Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group’s debt is issued at fixed interest rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2019, 87 per cent of the Group’s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2018: 89 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy of this note. Based on the net debt position as at 30 June 2019, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the US LIBOR interest rate will decrease the Group’s equity and profit after taxation by US$39 million (2018: decrease of US$54 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. However, interest rates and the net debt profile of the Group may not remain constant over the coming financial year and therefore such sensitivity analysis should be used with care. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group’s potential currency exposures comprise: • translational exposure in respect of non-functional • transactional exposure in respect of non-functional The Group’s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are periodically restated to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Changes in foreign exchange rates will therefore have an insignificant impact on equity and profit after tax. The principal non-functional Transactional exposure in respect of non-functional Certain operating and capital expenditure is incurred in currencies other than an operation’s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. Commodity price risk The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. While substantially all of the Group’s commodity production is sold on market-based index pricing terms, derivatives may from time to time be used to align realised prices with the relevant index. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with a net assets fair value of US$199 million (2018: US$210 million). Significant commodity price risk instruments within other derivative balances include derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with a net assets fair value of US$202 million (2018: US$216 million). These are included within other derivatives. The potential effect on these derivatives’ fair values of using reasonably possible alternative assumptions in these models, based on a change in the most significant input, such as commodity prices, by a 10 per cent change with all other factors held constant, would increase or decrease profit after taxation by US$55 million (2018: US$9 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit and loss. The Group’s exposure at 30 June 2019 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 277 thousand tonnes of copper exposure as at 30 June 2019 (2018: 356 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2020. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$114 million (2018: US$178 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. The sensitivities should therefore be used with care. Liquidity risk Refer to note 19 ‘Net debt’ for details on the Group’s liquidity risk. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 ‘Trade and other receivables’ and note 19 ‘Net debt’ for details on the Group credit risk. 21.2 Recognition and measurement (following adoption of IFRS 9) All financial assets and liabilities, other than derivatives, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are subsequently carried at fair value or amortised cost based on: • the Group’s purpose, or business model, for holding the financial asset; • whether the financial asset’s contractual terms give rise to cash flows that are solely payments of principal and interest. The resulting financial statement classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables, the Group’s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the method used based on the lowest level input that is significant to the fair value measurement as a whole: Fair value hierarchy Level 1 Level 2 Level 3 Valuation method Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 21.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 IFRS 9 Classification (1) 2019 US$M 2018 US$M Fair value hierarchy (2) Current cross currency and interest rate swaps 2 Fair value through profit or loss 15 12 Current other derivative contracts (3) 2,3 Fair value through profit or loss 57 170 Current other investments (4) 1,2 Fair value through profit or loss 15 18 Non-current 2 Fair value through profit or loss 739 396 Non-current (3) 2,3 Fair value through profit or loss 180 195 Non-current 3 Fair value through other comprehensive income 34 33 Non-current investment in shares 3 Fair value through profit or loss 6 – Non-current (4)(5) 1,2,3 Fair value through profit or loss 344 375 Total other financial assets 1,390 1,199 Cash and cash equivalents Amortised cost 15,613 15,871 Trade and other receivables (6) Amortised cost 1,929 1,799 Provisionally priced trade receivables (6) 2 Fair value through profit or loss 1,446 1,126 Loans to equity accounted investments Amortised cost 33 13 Total financial assets 20,411 20,008 Non-financial 80,450 91,985 Total assets 100,861 111,993 Current cross currency and interest rate swaps 2 Fair value through profit or loss 63 121 Current other derivative contracts (3) 2,3 Fair value through profit or loss 64 17 Non-current 2 Fair value through profit or loss 895 1,092 Non-current (3) 2,3 Fair value through profit or loss 1 1 Total other financial liabilities 1,023 1,231 Trade and other payables (7) Amortised cost 6,283 5,414 Provisionally priced trade payables (7) 2 Fair value through profit or loss 277 377 Bank overdrafts and short-term borrowings (8) Amortised cost 20 58 Bank loans (8) Amortised cost 2,498 2,555 Notes and debentures (8) Amortised cost 21,529 23,298 Finance leases Amortised cost 715 802 Other (8) Amortised cost 66 92 Total financial liabilities 32,411 33,827 Non-financial 16,626 17,496 Total liabilities 49,037 51,323 (1) For classifications under IAS 39 refer to note 38 ‘New and amended accounting standards and interpretations’. (2) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (3) Includes other derivative contracts of US$200 million (2018: US$213 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$202 million (2018: US$216 million). (4) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$309 million (2018: US$343 million) of which other investment (US Treasury Notes) of US$128 million categorised as Level 1 (2018: US$108 million). (5) Includes other investments of US$47 million (2018: US$47 million) categorised as Level 3. (6) Excludes input taxes of US$367 million (2018: US$338 million) included in other receivables. Refer to note 8 ‘Trade and other receivables’. (7) Excludes input taxes of US$162 million (2018: US$189 million) included in other payables. Refer to note 9 ‘Trade and other payables’. (8) All interest bearing liabilities, excluding finance leases, are unsecured. The carrying amounts in the table above generally approximate to fair value. In the case of US$3,019 million (2018: US$3,019 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2019 was US$3,757 million (2018: US$3,434 million). For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. For financial instruments not valued at fair value on a recurring basis, the Group uses a method that can be categorised as Level 2. Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis. 21.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are expected to be settled within 12 months otherwise they are classified as non-current. The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks in its notes and debentures: • Fair value hedges – the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. • Cash flow hedges – changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item’s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them: • The carrying amount of the notes and debentures includes foreign exchange remeasurement to period end rates and fair value adjustments when included in a fair value hedge. • The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. • The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Fair value of derivatives 2019 US$M Carrying Foreign Interest Recognised Recognised Recognised Accrued Total Hedged A B C D E F G B to G A + B + C USD 9,433 – (253 ) _ – 20 111 (122 ) 9,180 GBP 3,118 678 (517 ) (57 ) 70 (2 ) 62 234 3,279 EUR 7,680 378 (566 ) (100 ) 33 54 82 (119 ) 7,492 CAD 594 175 (22 ) (5 ) 3 (4 ) 1 148 747 AUD 704 73 (4 ) (1 ) – – (5 ) 63 773 Total 21,529 1,304 (1,362 ) (163 ) 106 68 251 204 21,471 2018 US$M 23,298 1,145 (633 ) (85 ) – 71 307 805 23,810 The weighted average interest rate payable is USD LIBOR + 2.3%. Refer to note 20 ‘Net finance costs’ for details of net finance costs for the year. Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 16 ‘Other equity’. 2019 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial year 85 (27 ) 58 – – – 58 Impact of adoption of IFRS 9 176 (52 ) 124 (176 ) 52 (124 ) – Add: Change in fair value of hedging instrument recognised in OCI (327 ) 98 (229 ) – – – (229 ) Less: Reclassified from reserves to interest expense – recognised through OCI 229 (68 ) 161 70 (20 ) 50 211 At the end of the financial year 163 (49 ) 114 (106 ) 32 (74 ) 40 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows: 2019 US$M Interest bearing liabilities Derivatives liabilities Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,555 23,298 802 58 92 805 Proceeds from interest bearing liabilities 250 – – – – – 250 Settlements of debt related instruments – – – – – (160 ) (160 ) Repayment of interest bearing liabilities (308 ) (2,198 ) (75 ) – (23 ) – (2,604 ) Change from Net financing cash flows (58 ) (2,198 ) (75 ) – (23 ) (160 ) (2,514 ) Other movements: Interest rate impacts – 729 – – – (809 ) Foreign exchange impacts – (311 ) (11 ) – – 319 Other interest bearing liabilities/derivative related changes 1 11 (1 ) (38 ) (3 ) 49 At the end of the financial year 2,498 21,529 715 20 66 204 2018 US$M Interest bearing liabilities Derivatives Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,281 27,041 897 45 210 740 Proceeds from interest bearing liabilities 500 – – – 28 – 528 Settlements of debt related instruments – – – – – (218 ) (218 ) Repayment of interest bearing liabilities (221 ) (3,736 ) (81 ) – (150 ) – (4,188 ) Change from Net financing cash flows 279 (3,736 ) (81 ) – (122 ) (218 ) (3,878 ) Other movements: Interest rate impacts – (353 ) – – – 329 Foreign exchange impacts – 245 (9 ) – – (254 ) Other interest bearing liabilities/derivative related changes (5 ) 101 – 13 4 208 Liabilities transferred to held for sale – – (5 ) – – – At the end of the financial year 2,555 23,298 802 58 92 805 |
Key management personnel
Key management personnel | 12 Months Ended |
Jun. 30, 2019 | |
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Key management personnel | 22 Key management personnel Key management personnel compensation comprises: 2019 2018 2017 US$ US$ US$ Short-term employee benefits 11,557,506 13,190,838 16,439,948 Post-employment benefits 1,490,716 1,506,108 1,895,828 Share-based payments 15,821,972 13,356,657 13,747,355 Total 28,870,194 28,053,603 32,083,131 Following the dissolution of the Operations Management Committee (OMC) in FY2018, the Remuneration Committee re-examined the classification of Key Management Personnel (KMP) for FY2018 and determined that the roles which have the authority and responsibility for planning, directing and controlling the activities of BHP are Non-executive Directors, the CEO, the Chief Financial Officer, the President Operations, Minerals Australia, the President Operations, Minerals Americas, and the President Operations, Petroleum. The Remuneration Committee also determined that, effective 1 July 2017 the Chief External Affairs Officer and Chief People Officer roles are no longer considered KMP. Transactions and outstanding loans/amounts with key management personnel There were no purchases by key management personnel from the Group during the financial year (2018: US$ nil; 2017: US$ nil). There were no amounts payable by key management personnel at 30 June 2019 (2018: US$ nil; 2017: US$ nil). There were no loans receivable from or payable to key management personnel at 30 June 2019 (2018: US$ nil; 2017: US$ nil). Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2019 (2018: US$ nil; 2017: US$ nil). For more information on remuneration and transactions with key management personnel, refer to section 3. |
Employee share ownership plans
Employee share ownership plans | 12 Months Ended |
Jun. 30, 2019 | |
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Employee share ownership plans | 23 Employee share ownership plans Awards, in the form of the right to receive ordinary shares in either BHP Group Limited or BHP Group Plc, have been granted under the following employee share ownership plans: Long-Term Incentive Plan (LTIP), Short-Term Incentive Plan (STIP), Management Award Plan (MAP), Group Short-Term Incentive Plan (GSTIP), Transitional Executive KMP awards and the all-employee Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion under each of the plans to adjust the awards in response to a variation in the share capital of BHP Group Limited or BHP Group Plc. The table below provides a description of each of the plans. Plan STIP and GSTIP LTIP and MAP Transitional Executive Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee Overview The STIP is generally a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period. The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions Service conditions only. LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP’s Total Shareholder Return (TSR) (1) For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP’s TSR (1) Service conditions only. Vesting period 2 years LTIP – 5 years MAP – 1 to 5 years 3 or 4 years 3 years Dividend Equivalent Payment STIP – Yes GSTIP – No LTIP – Yes MAP – No No No Exercise period None LTIP – None MAP – None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Group Limited and BHP Group Plc. Employee share awards 2019 Number Number of Number of Number of Number of Number of Weighted BHP Group Limited STIP awards 308,028 271,355 65,392 – 513,991 – 0.7 GSTIP awards 2,008,455 – 780,315 85,656 1,142,484 15,932 0.2 LTIP awards 5,980,975 947,153 – 1,197,239 5,730,889 – 2.1 Transitional Executive KMP awards 46,840 – 16,160 7,260 23,420 – 0.2 MAP awards 10,379,263 4,604,638 2,416,107 1,077,449 11,490,345 94,921 1.3 Shareplus 4,775,079 2,025,302 2,590,297 352,939 3,857,145 – 1.2 BHP Group Plc GSTIP awards 63,868 – 22,911 11,531 29,426 – 0.2 MAP awards 315,451 132,676 107,756 67,340 273,031 – 1.3 Shareplus 282,159 111,866 145,666 24,289 224,070 – 1.2 Employee share awards expense is US$138.275 million (2018: US$123.313 million; 2017: US$106.214 million) and includes Onshore US. Fair value and assumptions in the calculation of fair value for awards issued 2019 Weighted Risk-free Estimated Share Estimated Dividend BHP Group Limited STIP awards 24.10 n/a 3 years A$33.50 n/a n/a LTIP awards 17.36 2.04 % 5 years A$33.50 30.0 % n/a MAP awards (1) 21.29 n/a 1-5 years A$33.83 / n/a 5.30 % Shareplus 20.68 2.13 % 3 years A$28.29 n/a 4.71 % BHP Group Plc MAP awards 18.68 n/a 1-5 years £16.71 n/a 5.80 % Shareplus 14.71 0.86 % 3 years £14.04 n/a 5.40 % (1) Includes MAP awards granted on 24 September 2018, 12 November 2018 and 18 December 2018. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: • exercise price; • expected life of the award; • current market price of the underlying shares; • expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World index; • expected dividends; • risk-free interest rate, which is an applicable government bond rate; • market-based performance hurdles; • non-vesting Where awards are forfeited because non-market-based The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in other comprehensive income and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. The trustees of these trusts are independent companies, resident in Jersey. The trusts use funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. The BHP Billiton Limited Employee Equity Trust has waived its rights to current and future dividends on shares held to meet future awards under the plans. |
Pension and other post-retireme
Pension and other post-retirement obligations | 12 Months Ended |
Jun. 30, 2019 | |
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Pension and other post-retirement obligations | 25 Pension and other post-retirement obligations The Group operates or participates in a number of pension (including superannuation) schemes throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. Schemes/Obligations Description Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group’s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$274 million during the financial year (2018: US$277 million; 2017: US$247 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension schemes For defined benefit pension schemes, the cost of providing pensions is charged to the income statement so as to recognise current and past service costs, net interest cost on the net defined benefit obligations/plan assets and the effect of any curtailments or settlements. Remeasurement gains and losses are recognised directly in equity. An asset or liability is consequently recognised in the balance sheet based on the present value of defined benefit obligations less the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Defined benefit obligations are estimated by discounting expected future payments using market yields at the reporting date on high-quality corporate bonds in countries that have developed corporate bond markets. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to national government bonds. In both instances, the bonds are selected with terms to maturity and currency that match, as closely as possible, the estimated future cash flows. The Group has closed all defined benefit pension schemes to new entrants. Defined benefit pension schemes remain operating in Australia, the United States, Canada and Europe for existing members. Full actuarial valuations are prepared and updated annually to 30 June by local actuaries for all schemes. The Group operates final salary schemes (that provide final salary benefits only), non-salary Defined benefit post-retirement medical schemes The Group operates a number of post-retirement medical schemes in the United States, Canada and Europe and certain Group companies provide post-retirement medical benefits to qualifying retirees. In some cases, the benefits are provided through medical care schemes to which the Group, the employees, the retirees and covered family members contribute. Full actuarial valuations are prepared by local actuaries for all schemes. These schemes are recognised on the same basis as described for defined benefit pension schemes. All of the post-retirement medical schemes in the Group are unfunded. Defined benefit post-employment obligations The Group has a legal obligation to provide post-employment benefits to employees in Chile. The benefit is a function of an employee’s final salary and years of service. Full actuarial valuations are prepared by local actuaries. These post-employment obligations are unfunded. Risk The Group’s defined benefit schemes/obligations expose the Group to a number of risks, including asset value volatility, interest rate variations, inflation, longevity and medical expense inflation risk. Recognising this, the Group has adopted an approach of moving away from providing defined benefit pensions. The majority of Group-sponsored defined benefit pension schemes have been closed to new entrants for many years. Existing benefit schemes and the terms of employee participation in these schemes are reviewed on a regular basis. Fund assets The Group follows a coordinated strategy for the funding and investment of its defined benefit pension schemes (subject to meeting all local requirements). The Group’s aim is for the value of defined benefit pension scheme assets to be maintained at close to the value of the corresponding benefit obligations, allowing for some short-term volatility. Scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. The Group’s aim is to progressively shift defined benefit pension scheme assets towards investments that match the anticipated profile of the benefit obligations, as funding levels improve and benefit obligations mature. Over time, this is expected to result in a further reduction in the total exposure of pension scheme assets to equity markets. For pension schemes that pay lifetime benefits, the Group may consider and support the purchase of annuities to back these benefit obligations if it is commercially sensible to do so. Net liability recognised in the Consolidated Balance Sheet The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension Post-retirement medical 2019 2018 2019 2018 US$M US$M US$M US$M Present value of funded defined benefit obligation 632 616 – – Present value of unfunded defined benefit obligation 306 274 203 192 Fair value of defined benefit scheme assets (648 ) (633 ) – – Scheme deficit 290 257 203 192 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 290 257 203 192 The Group has no legal obligation to settle these liabilities with any immediate contributions or additional one-off |
Employees
Employees | 12 Months Ended |
Jun. 30, 2019 | |
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Employees | 26 Employees 2019 2018 2017 Number Number Number Average number of employees (1) Australia 18,146 16,504 15,906 South America 6,979 6,729 6,361 North America 1,999 1,839 2,072 Asia 1,743 1,368 1,019 Europe 59 70 74 Total average number of employees from Continuing operations 28,926 26,510 25,432 Total average number of employees from Discontinued operations – 651 714 Total average number of employees 28,926 27,161 26,146 (1) Average employee numbers include the Executive Director and 100 per cent of employees of subsidiary companies. Employees of equity accounted investments and joint operations are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Jun. 30, 2019 | |
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Discontinued operations | Group and related party information On 28 September 2018, BHP completed the sale of 100 per cent of the issued share capital of BHP Billiton Petroleum (Arkansas) Inc. and 100 per cent of the membership interests in BHP Billiton Petroleum (Fayetteville) LLC, which held the Fayetteville assets, for a gross cash consideration of US$0.3 billion. On 31 October 2018, BHP completed the sale of 100 per cent of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which held the Eagle Ford (being Black Hawk and Hawkville), Haynesville and Permian assets, for a gross cash consideration of US$10.3 billion (net of preliminary customary completion adjustments of US$0.2 billion). While the effective date at which the right to economic profits transferred to the purchasers was 1 July 2018, the Group continued to control the Onshore US assets until the completion dates of their respective transactions. As such the Group continued to recognise its share of revenue, expenses, net finance costs and associated income tax expense related to the operation until the completion date. In addition, the Group provided transitional services to the buyer, which ceased in July 2019. The completion adjustments included a reduction in sale proceeds, based on the operating cash generated and retained by the Group in the period prior to completion, in order to transfer the economic profits from 1 July 2018 to completion date to the buyers. Therefore, the pre-tax pre-tax The contribution of Discontinued operations included within the Group’s profit and cash flows are detailed below: Income statement – Discontinued operations 2019 2018 2017 US$M US$M US$M Revenue 851 2,171 2,150 Other income 94 34 74 Expenses excluding net finance costs (729 ) (5,790 ) (3,025 ) Profit/(loss) from operations 216 (3,585 ) (801 ) Financial expenses (8 ) (22 ) (14 ) Net finance costs (8 ) (22 ) (14 ) Profit/(loss) before taxation 208 (3,607 ) (815 ) Income tax (expense)/benefit (33 ) 686 343 Profit/(loss) after taxation from operating activities 175 (2,921 ) (472 ) Net loss on disposal (510 ) – – Loss after taxation (335 ) (2,921 ) (472 ) Attributable to non-controlling 7 26 13 Attributable to BHP shareholders (342 ) (2,947 ) (485 ) Basic loss per ordinary share (cents) (6.6 ) (55.4 ) (9.1 ) Diluted loss per ordinary share (cents) (6.6 ) (55.4 ) (9.1 ) The total comprehensive income attributable to BHP shareholders from Discontinued operations was a loss of US$342 million (2018: loss of US$2,943 million; 2017: loss of US$489 million). The conversion of options and share rights would decrease the loss per share for the years ended 30 June 2019, 2018 and 2017 and therefore its impact has been excluded from the diluted earnings per share calculation. Cash flows from Discontinued operations 2019 2018 2017 US$M US$M US$M Net operating cash flows 474 900 928 Net investing cash flows (1) (443 ) (861 ) (437 ) Net financing cash flows (2) (13 ) (40 ) (28 ) Net increase/(decrease) in cash and cash equivalents from Discontinued operations 18 (1 ) 463 Net proceeds received from the sale of Onshore US 10,531 – – Less Cash and cash equivalents (104 ) – – Proceeds from divestment of Onshore US, net of its cash 10,427 – – Total cash impact 10,445 (1 ) 463 (1) Includes purchases of property, plant and equipment of US$443 million (2018: US$900 million; 2017: US$555 million) less proceeds from sale of assets of US$ nil (2018: US$39 million; 2017: US$118 million). (2) Includes net repayment of interest bearing liabilities of US$6 million (2018: US$4 million; 2017: US$6 million), distribution to non-controlling non-controlling Net loss on disposal of Discontinued operations Details of the net loss on disposal is presented below: 2019 US$M Assets Cash and cash equivalents 104 Trade and other receivables 562 Other financial assets 31 Inventories 34 Property, plant and equipment 10,998 Intangible assets 667 Total assets 12,396 Liabilities Trade and other payables 794 Provisions 491 Total liabilities 1,285 Net assets 11,111 Less non-controlling (168 ) BHP Share of net assets disposed 10,943 Gross consideration 10,555 Less transaction costs (54 ) Income tax expense (68 ) Net loss on disposal (510 ) Exceptional items – Discontinued operations Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. There were no exceptional items related to Discontinued operations for the year ended 30 June 2019 and 30 June 2017. Items related to Discontinued operations included within profit for the year ended 30 June 2018 are detailed below. Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category US tax reform – 492 492 Impairment of Onshore US assets (2,859 ) 109 (2,750 ) Total (2,859 ) 601 (2,258 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,859 ) 601 (2,258 ) US tax reform On 22 December 2017, the US President signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA (effective 1 January 2018) includes a broad range of tax reforms affecting the Group, including, but not limited to, a reduction in the US corporate tax rate from 35 per cent to 21 per cent and changes to international tax provisions. As a result of the TCJA, the Group has recognised an exceptional income tax benefit of US$492 million relating to the re-measurement Impairment of Onshore US assets For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. At 30 June 2018, the Onshore US assets, including goodwill, have been allocated to two CGUs reflecting the separately identifiable cash flows expected from the divestment of the assets. The Group recognised impairment charges as follows: Cash generating unit Property, Goodwill Total US$M US$M US$M Petrohawk – (2,253 ) (2,253 ) Fayetteville (520 ) (86 ) (606 ) Total impairment of non-current (520 ) (2,339 ) (2,859 ) The charges reflect a robust and competitive exit process with fair value based on the agreed sales consideration (Level 2 of the fair value hierarchy) less expected costs of disposal. In previous reporting periods the Group performed impairment testing of the five individual Onshore US assets as each asset had separately identifiable cash flows. In addition, the goodwill attributable to the Onshore US group of CGUs (2017: US$3,022 million) was tested for impairment after the assessment of the individual CGUs. The recoverable amount determinations for the Onshore US CGUs were based on FVLCD using discounted cash flow techniques. The FVLCD calculations were based primarily on Level 3 inputs and significant assumptions included management’s assessment of a market participant’s perspective of crude oil and natural gas prices, production volumes and discount rates. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | |
Subsidiaries | 28 Subsidiaries Significant subsidiaries of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s interest in the subsidiaries results are listed in the table below. For a complete list of the Group’s subsidiaries, refer to Exhibit 8.1 – List of Subsidiaires. Group’s interest Significant subsidiaries Country of Principal activity 2019 % 2018 Coal BHP Billiton Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Billiton Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Limitada (1) Chile Copper mining 57.5 57.5 Minera Spence S.A. Chile Copper mining 100 100 Iron Ore BHP Billiton Iron Ore Pty Ltd Australia Service company 100 100 BHP Billiton Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Canada Inc. Canada Potash development 100 100 BHP Billiton Finance BV The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Ltd Australia Finance 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Billiton Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Limitada, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Limitada. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Jun. 30, 2019 | |
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Investments accounted for using the equity method | 29 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to Exhibit 8.1 – List of Subsidiaries. Significant associates and joint ventures Country of Associate or joint Principal Reporting Ownership interest 2019 2018 Cerrejón Anguilla/ Associate Coal mining in Colombia 31 December 33.33 33.33 Compañía Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint Iron ore mining 31 December 50.00 50.00 Voting in relation to relevant activities in Antamina and Cerrejón, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, these investments are accounted for as associates. Samarco is jointly owned by BHP Billiton Brasil and Vale. As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group’s and the associates’ or joint ventures’ reporting dates are the same. When the annual financial reporting date is different to the Group’s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group’s reporting date. The movement for the year in the Group’s investments accounted for using the equity method is as follows: Year ended 30 June 2019 US$M Investment in Investment in Total equity At the beginning of the financial year 2,473 – 2,473 (Loss)/profit from equity accounted investments, related impairments and expenses (1) 399 (945 ) (546 ) Investment in equity accounted investments 207 96 303 Dividends received from equity accounted investments (510 ) – (510 ) Other – 849 849 At the end of the financial year 2,569 – 2,569 (1) US$(945) million represents US$(96) million share of loss from US$(96) million funding provided during the period and US$(849) million movement in provisions related to the Samarco dam failure including US$(579) million change in estimate, US$(7) million exchange translation and US$(263) million Samarco Germano dam decommissioning provision. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$250 million (2018: US$550 million). Associates Joint ventures 2019 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,065 845 290 (3) Non-current 4,495 2,664 6,103 Current liabilities (498 ) (344 ) (6,704 ) (4) Non-current (1,076 ) (801 ) (5,830 ) Net assets/(liabilities) – 100% 3,986 2,364 (6,141 ) Net assets/(liabilities) – Group share 1,345 788 (3,071 ) Adjustments to net assets related to accounting policy adjustments – 65 366 (5) Impairment of the carrying value of the investment in Samarco – – (525 ) (6) Additional share of Samarco losses – – 3,145 (7) Unrecognised losses – – 85 (8) Carrying amount of investments accounted for using the equity method 1,345 853 371 – – 2,569 Revenue – 100% 3,203 2,094 24 Profit/(loss) from Continuing operations – 100% 1,168 309 (2,166 ) (9) Share of operating profit/(loss) of equity accounted investments 394 103 (1,075 ) Additional share of Samarco losses – – 108 Unrecognised losses – – 22 (8) (Loss)/profit from equity accounted investments, related impairments and expenses 394 103 (98 ) (945 ) – (546 ) Comprehensive income/(loss) – 100% 1,168 309 (2,166 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 394 103 (98 ) (945 ) – (546 ) Dividends received from equity accounted investments 361 134 15 – – 510 Associates Joint ventures 2018 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,099 1,187 79 (3) Non-current 4,385 2,485 6,023 Current liabilities (532 ) (585 ) (5,811 ) (4) Non-current (1,064 ) (663 ) (4,265 ) Net assets/(liabilities) – 100% 3,888 2,424 (3,974 ) Net assets/(liabilities) – Group share 1,312 808 (1,987 ) Adjustments to net assets related to accounting policy adjustments 1 75 357 (5) Impairment of the carrying value of the investment in Samarco – – (525 ) (6) Additional share of Samarco losses – – 2,092 (7) Unrecognised losses – – 63 (8) Carrying amount of investments accounted for using the equity method 1,313 883 277 – – 2,473 Revenue – 100% 3,866 2,453 30 Profit/(loss) from Continuing operations – 100% 1,613 576 (1,558 ) (9) Share of operating profit/(loss) of equity accounted investments 544 192 (823 ) Additional share of Samarco losses – – 251 Unrecognised losses – – 63 (8) Profit/(loss) from equity accounted investments, related impairments and expenses 544 192 (80 ) (509 ) – 147 Comprehensive income/(loss) – 100% 1,613 576 (1,558 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 544 192 (80 ) (509 ) – 147 Dividends received from equity accounted investments 496 181 16 – – 693 Associates Joint ventures 2017 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 2,905 2,247 28 Profit/(loss) from Continuing operations – 100% 1,010 388 (1,520 ) (9) Share of operating profit/(loss) of equity accounted investments 341 129 (760 ) Additional share of Samarco losses – – 588 Profit/(loss) from equity accounted investments, related impairments and expenses 341 129 (26 ) (172 ) – 272 Comprehensive income/(loss) – 100% 1,010 388 (1,520 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 341 129 (26 ) (172 ) – 272 Dividends received from equity accounted investments 425 163 32 – – 620 (1) The unrecognised share of profit for the period was US$15 million (2018: unrecognised share of loss for the period was US$56 million), which decreased the cumulative losses to US$181 million (2018: increase to US$196 million). (2) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses. (3) Includes cash and cash equivalents of US$246 million (2018: US$23 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,510 million (2018: US$5,066 million). (5) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (6) In the year ended 30 June 2016 BHP Billiton Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). (7) BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US$(3,145) million resulting from US$(310) million share of loss from funding provided to Samarco and US$(2,835) million from provisions relating to the Samarco dam failure, including US$(319) million recognised as net finance costs. (8) Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund. (9) Includes depreciation and amortisation of US$85 million (2018: US$73 million; 2017: US$88 million), interest income of US$22 million (2018: US$31 million; 2017: US$57 million), interest expense of US$342 million (2018: US$385 million; 2017: US$473 million) and income tax benefit/(expense) of US$52 million (2018: US$(154) million; 2017: US$(851) million). |
Interests in joint operations
Interests in joint operations | 12 Months Ended |
Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | |
Interests in joint operations | 30 Interests in joint operations Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. For a complete list of the Group’s investments in joint operations, refer to Exibit 8.1 – List of Subsidiaries. Group’s interest Significant joint operations Country of operation Principal activity 2019 2018 Bass Strait Australia Hydrocarbons production 50 50 Greater Angostura Trinidad and Tobago Hydrocarbons production 45 45 Gulf of Mexico US Hydrocarbons exploration and production 23.9–44 23.9–44 Macedon (1) Australia Hydrocarbons exploration and production 71.43 71.43 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons exploration and production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons exploration and production 29.50 29.50 Mt Goldsworthy (3) Australia Iron ore mining 85 85 Mt Newman (3) Australia Iron ore mining 85 85 Yandi (3) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group may hold a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. Assets held in joint operations subject to significant restrictions are as follows: Group’s share 2019 2018 US$M US$M Current assets 1,946 2,445 Non-current 35,682 36,144 Total assets (1) 37,628 38,589 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Related party transactions | 31 Related party transactions The Group’s related parties are predominantly subsidiaries, joint operations, joint ventures and associates and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 22 ‘Key management personnel’. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. • All transactions to/ from related parties are made at arm’s length, i.e. at normal market prices and rates and on normal commercial terms. • Outstanding balances at year-end co-funding • No guarantees are provided or received for any related party receivables or payables. • No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. • There were no other related party transactions in the year ended 30 June 2019 (2018: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 25 ‘Pension and other post-retirement obligations’. Transactions with related parties Further disclosures related to other related party transactions are as follows: Joint operations Joint ventures Associates 2019 2018 2019 2018 2019 2018 US$M US$M US$M US$M US$M US$M Sales of goods/services – – – – – – Purchases of goods/services – – – – 1,141.230 1,358.016 Interest income 1.532 1.764 – – 0.826 19.337 Interest expense – – – – 0.011 – Dividends received – – – – 509.577 693.105 Net loans made to/(repayments from) related parties 12.539 60.566 – – 14.547 (599.979 ) Outstanding balances with related parties Disclosures in respect of amounts owing to/from joint operations represent the amount that does not eliminate on consolidation. Joint operations Joint ventures Associates 2019 2018 2019 2018 2019 2018 US$M US$M US$M US$M US$M US$M Trade amounts owing to related parties – – – – 169.773 210.716 Loan amounts owing to related parties 40.513 55.667 – – 10.097 4.097 Trade amounts owing from related parties – – – – 3.828 3.932 Loan amounts owing from related parties 15.474 18.089 – – 33.486 12.939 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2019 | |
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Commitments | 32 Commitments The Group’s commitments for capital expenditure were US$3,308 million as at 30 June 2019 (2018: US$2,110 million). The Group’s other commitments are as follows: Commitments under finance leases Commitments under operating leases 2019 2018 2019 2018 US$M US$M US$M US$M Due not later than one year 110 127 440 388 Due later than one year and not later than five years 417 448 876 785 Due later than five years 501 590 589 839 Total 1,028 1,165 1,905 2,012 Future financing liability (313 ) (363 ) Finance lease liability 715 802 Finance leases include leases of power generation and transmission assets. Certain lease payments may be subject to inflation escalation clauses on which contingent rentals are determined. The leases contain extension and renewal options. Operating leases include leases of property, plant and equipment. Rental payments are generally fixed, but with inflation escalation clauses on which contingent rentals are determined. Certain leases contain extension and renewal options. From 1 July 2019, IFRS 16/AASB 16 ‘Leases’ became effective for the Group. Refer to note 38 ‘New and amended accounting standards and interpretations’. |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Jun. 30, 2019 | |
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Contingent liabilities | 33 Contingent liabilities 2019 2018 US$M US$M Associates and joint ventures (1) 1,822 1,588 Subsidiaries and joint operations (1) 1,621 1,915 Total 3,443 3,503 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. Uncertain tax and royalty matters The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain in some regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to the Group’s business. Areas of uncertainty at reporting date include the application of taxes and royalties to the Group’s cross-border operations and transactions. Details of uncertain tax and royalty matters have been disclosed in note 6 ‘Income tax expense’. To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is included within the table above, where it is capable of reliable measurement. Samarco contingent liabilities The table above includes contingent liabilities related to the Group’s equity accounting investment in Samarco to the extent they are capable of reliable measurement. Details of contingent liabilities related to Samarco are disclosed in note 4 ‘Significant events – Samarco dam failure’. Demerger of South32 As part of the demerger of South32 Limited (South32) in May 2015, certain indemnities were agreed under the Separation Deed. Subject to certain exceptions, BHP Group Limited indemnifies South32 against claims and liabilities relating to the Group Businesses and former Group Businesses prior to the demerger and South32 indemnifies the Group against all claims and liabilities relating to the South32 Businesses and former South32 Businesses. No material claims have been made pursuant to the Separation Deed as at 30 June 2019. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2019 | |
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Subsequent events | 34 Subsequent events Other than the matters outlined in the Financial Statements, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent accounting periods. |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Jun. 30, 2019 | |
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Auditor's remuneration | 35 Auditor’s remuneration 2019 2018 2017 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 4.033 3.909 3.381 Audit of subsidiaries, joint ventures and associates 5.275 13.902 7.040 Audit-related assurance services 4.089 4.039 3.597 Other assurance services 0.594 1.343 1.849 Total assurance services 13.991 23.193 15.867 Fees payable to the Group’s auditors for other services Other services relating to corporate finance 0.055 0.104 0.042 All other services 0.482 0.553 0.589 Total other services 0.537 0.657 0.631 Total fees 14.528 23.850 16.498 All amounts were paid to KPMG or KPMG affiliated firms. Fees are determined in local currencies and are predominantly billed in US dollars based on the exchange rate at the beginning of the relevant financial year. Fees payable to the Group’s auditors for assurance services For all periods disclosed, no fees are payable in respect of the audit of pension funds. Audit of subsidiaries, joint ventures and associates comprise audits of the Group’s subsidiaries, joint ventures and associates including additional non-recurring Audit-related assurance services comprise review of half-year reports and audit work in relation to compliance with section 404 of the US Sarbanes-Oxley Act. Other assurance services comprise assurance in respect of the Group’s sustainability reporting. Fees payable to the Group’s auditors for other services Other services relating to corporate finance comprise services in connection with debt raising transactions. All other services comprise non-statutory |
Not required for US reporting
Not required for US reporting | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Not required for US reporting | 36 Not required for US reporting |
Deed of Cross Guarantee
Deed of Cross Guarantee | 12 Months Ended |
Jun. 30, 2019 | |
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Deed of Cross Guarantee | 37 Deed of Cross Guarantee BHP Group Limited together with wholly owned subsidiaries identified in Exhibit 8.1 – List of Subsidiaries entered into a Deed of Cross Guarantee (Deed) on 6 June 2016. The effect of the Deed is that BHP Group Limited has guaranteed to pay any outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed have also given a similar guarantee in the event that BHP Group Limited or another party to the Deed is wound up. The wholly owned Australian subsidiaries identified in Exhibit 8.1 – List of Subsidiaries are relieved from the requirements to prepare and lodge audited financial reports. A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Group Limited and the wholly owned subsidiaries that are party to the Deed for the year ended 30 June 2019 and 30 June 2018 are as follows: Consolidated Statement of Comprehensive Income and Retained Earnings 2019 2018 US$M US$M Revenue 22,660 20,434 Other income 2,881 3,188 Expenses excluding net finance costs (14,610 ) (12,693 ) Net finance costs (414 ) (470 ) Income tax expense (2,317 ) (2,218 ) Profit after taxation 8,200 8,241 Total other comprehensive income 10 12 Total comprehensive income 8,210 8,253 Retained earnings at the beginning of the financial year 48,442 45,979 Net effect on retained earnings of entities added to/removed from the Deed (34 ) 48 Profit after taxation for the year 8,200 8,241 Transfers to and from reserves (31 ) (15 ) Shares bought back and cancelled (5,199 ) – Dividends (6,655 ) (5,811 ) Retained earnings at the end of the financial year 44,723 48,442 Consolidated Balance Sheet 2019 2018 US$M US$M ASSETS Current assets Cash and cash equivalents 13 2 Trade and other receivables 4,875 3,977 Loans to related parties 4,255 16,730 Inventories 1,677 1,649 Other 92 90 Total current assets 10,912 22,448 Non-current Trade and other receivables 40 73 Loans to related parties – 151 Inventories 326 323 Property, plant and equipment 31,508 31,009 Intangible assets 362 444 Investments in Group companies 33,123 27,354 Deferred tax assets 442 329 Other 59 68 Total non-current 65,860 59,751 Total assets 76,772 82,199 LIABILITIES Current liabilities Trade and other payables 4,790 3,425 Loans from related parties 13,682 15,719 Interest bearing liabilities 104 115 Current tax payable 694 1,053 Provisions 889 952 Deferred income 6 6 Total current liabilities 20,165 21,270 Non-current Trade and other payables 8 3 Loans from related parties 7,689 7,870 Interest bearing liabilities 143 191 Non-current tax payable 75 – Deferred tax liabilities 542 573 Provisions 2,136 2,475 Deferred income 14 18 Total non-current 10,607 11,130 Total liabilities 30,772 32,400 Net assets 46,000 49,799 EQUITY Share capital – BHP Group Limited 1,111 1,186 Treasury shares (31) (5 ) Reserves 197 176 Retained earnings 44,723 48,442 Total equity 46,000 49,799 |
New and amended accounting stan
New and amended accounting standards and interpretations | 12 Months Ended |
Jun. 30, 2019 | |
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New and amended accounting standards and interpretations | 38 New and amended accounting standards and interpretations The Group adopted IFRS 9/AASB 9 ‘Financial Instruments’ (IFRS 9) and IFRS 15/AASB 15 ‘Revenue from Contracts with Customers’ (IFRS 15) in these Financial Statements from 1 July 2018. The adoption of other changes to IFRS applicable from 1 July 2018, including IFRIC 22 ‘Foreign Currency Transactions and Advance Consideration’, did not have a significant impact on these Financial Statements. IFRS 9 Financial Instruments This standard replaces IAS 39/AASB 139 ‘Financial Instruments: Recognition and measurement’ (IAS 39). It revises the classification and measurement of financial assets and financial liabilities, introduces a forward looking ‘expected credit loss’ impairment model and modifies the approach to hedge accounting. Upon adoption of the new standard on 1 July 2018, the Group adjusted the opening balance sheet, with no restatement of comparatives required. Adoption impacts include: • At 1 July 2018, the Group reassessed the classification and measurement of financial assets and liabilities based on the business model by which they are managed and their cash flow characteristics. Financial assets previously classified as loans and receivables of US$17.7 billion were recategorised as amortised cost. The Group’s available for sale (AFS) shares of US$33 million were designated as fair value through other comprehensive income (FVOCI), while investments in shares after 1 July 2018 will be designated at fair value through profit or loss (FVTPL) or FVOCI on an investment by investment basis. Other AFS investments of US$47 million were classified as held at FVTPL because they are not investments in shares and their cash flows do not consist solely of payments of principal and interest. The adoption of IFRS 9 has not resulted in any changes to the classification of financial assets held at FVTPL or to the classification or measurement of financial liabilities. • Financial assets carried at amortised cost are tested for impairment based on expected losses, whereas the previous policy required that impairments were recognised only when there was objective evidence that a credit loss was present. Upon adoption of IFRS 9, an expected credit loss provision of US$7 million against cash and cash equivalents and trade receivables was recognised in retained earnings. • From 1 July 2018, the Group has applied the amended rules on hedge accounting which enable closer alignment between the Group’s risk management strategy and the accounting outcomes. IFRS 9 broadens the scope of arrangements that may qualify for hedge accounting and allows for simplification of hedge designations. Other changes under the standard mean that hedge effectiveness is only considered on a prospective basis with no set quantitative thresholds and voluntary de-designation Certain of the Group’s existing derivatives hedging foreign currency notes and debentures, were in qualifying fair value and cash flow hedge relationships and have been treated as continuing hedges. The opportunity to apply simplified hedge designations under IFRS 9 will continue to be assessed for future hedge relationships. Risks present in the derivative only, such as counterparty credit risk, are not part of the hedge designation and will continue to be recognised through the income statement. Foreign currency basis has been separately measured as a cost of hedging and movements continue to be recognised in reserves, with US$176 million being reclassified from the cash flow hedging reserve into the cost of hedging reserve on transition. The hedging reserves at transition will continue to be transferred to the income statement over the life of the underlying notes and debentures. The impact of adopting IFRS 9 on Total equity as at 1 July 2018 is as follows: US$M Total equity as at 30 June 2018 60,670 Impairment provision resulting from application of the Expected Credit Loss model (7 ) Total equity as at 1 July 2018 60,663 The table below summarises the change in classification and measurement of financial assets and liabilities upon adoption of IFRS 9 on 1 July 2018. Measurement category under IAS 39 Measurement category under IFRS 9 Financial assets Derivative contracts FVTPL FVTPL Investment in shares AFS FVOCI or FVTPL Other investments AFS or FVTPL FVTPL Cash and cash equivalents Loans and receivables Amortised cost Trade and other receivables Loans and receivables Amortised cost Provisionally priced trade receivables FVTPL FVTPL Loans to equity accounted investments Loans and receivables Amortised cost Financial liabilities Other financial liabilities FVTPL FVTPL Trade and other payables Amortised cost Amortised cost Provisionally priced trade payables FVTPL FVTPL Bank overdrafts and short-term borrowings Amortised cost Amortised cost Bank loans Amortised cost Amortised cost Notes and debentures Amortised cost Amortised cost Finance leases Amortised cost Amortised cost Other Amortised cost Amortised cost IFRS 15 Revenue from Contracts with Customers This standard modifies the determination of when to recognise revenue and how much revenue to recognise. Revenue is recognised when control of the promised goods or services passes to the customer. The amount of revenue recognised should reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group has applied the full retrospective transition approach, resulting in the restatement of comparative information. Comparative information in the consolidated income statement has been restated to reflect changes in the presentation of treatment costs and refining charges (TCRC) included in concentrate sales contracts. Concentrate sales contracts require the Group to physically deliver concentrate with the contractual sales amount reflecting the final refined metal content delivered, reduced by TCRC. Revenue was previously recognised at the gross value of the final refined metal content delivered with contractually agreed TCRC recorded as an expense. Under IFRS 15, TCRC will instead be recognised as a reduction to revenue, reflecting the consideration that the Group expects to receive from the customer. This will have no net income statement impact as applying this change would have reduced revenue and expenses by US$522 million for the year ended 30 June 2019, US$509 million for the year ended 30 June 2018 and US$395 million for the year ended 30 June 2017, with no impact on profit after tax. This change has no impact on the basic and diluted earnings per ordinary share. Revenue includes both revenue from contracts with customers, which is recognised under IFRS 15 and provisional pricing adjustments, which are recognised under IFRS 9. Following adoption of IFRS 15 provisional pricing adjustments will be separately disclosed in the notes to these Financial Statements as other revenue. The impact of all other measurement differences identified between IAS 18 and IFRS 15 was immaterial at 1 July 2018. Issued but not yet effective The following new accounting standards and interpretations will become effective for future reporting periods and may have a significant impact on the income statement or net assets of the Group. IFRS 16 Leases This standard provides a new model for lessee accounting under which all leases, with the exception of short term (under 12 months) and low-value leases, will be accounted for by the recognition on the balance sheet of a right of use asset and a corresponding lease liability. Lease costs will be recognised in the income statement over the lease term in the form of depreciation on the right of use asset and finance charges representing the unwind of the discount on the lease liability. The standard became effective for the Group from 1 July 2019 and the Group has elected to apply the modified retrospective transition approach, with no restatement of comparative financial information. For existing finance leases, the right of use asset and lease liability on transition will be the IAS 17/AASB 117 ‘Leases’ (IAS 17) carrying amounts as at 30 June 2019. As allowed by the standard, the Group has elected: • except for existing finance leases, to measure the right of use asset on transition at an amount equal to the lease liability (as adjusted for prepaid or accrued lease payments); • not to recognise low-value or short term leases on the balance sheet. Costs for these lease arrangements will continue to be expensed; • to only recognise, within the lease liability, the lease component of contracts that include non-lease components and other services; • to reflect the impairment of right of use assets on transition by adjusting their carrying amounts for onerous lease provisions recognised on the Group balance sheet as at 30 June 2019. Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group will recognise its proportionate share of the lease liability and associated right of use asset. Where the Group is the sole signatory to a lease, and therefore has the sole legal obligation to make lease payments, the lease liability will be recognised in full. Where the associated right of use asset is sub-leased (under a finance sub-lease) to a joint operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group will recognise its proportionate share of the right of use asset and a net investment in the lease, representing amounts to be recovered from the other parties. If the Group is not party to the lease contract but sub-leases the associated right of use asset it will recognise its proportionate share of the right of use asset and a lease liability which is payable to the operator. The application of IFRS 16 requires certain significant judgements, estimates and assumptions including whether the Group controls the right to direct the use of assets in certain contractual arrangements, the likelihood of extension and termination options being exercised, the separation and estimation of non-lease components of payments, the identification and valuation of in-substance fixed payments and the determination of the incremental borrowing rate relevant in calculating lease liabilities. The impact on transition is expected to result in an increase in lease liabilities of approximately US$2.3 billion, right of use assets of US$2.2 billion, and net adjustments to other assets and liabilities of US$0.1 billion. The Group is required to recognise these leases applying the incremental borrowing rate that takes into account the currency, tenor and location of each lease. The weighted average incremental borrowing rate applied to the Group’s additional lease liabilities at 1 July 2019 is 2.1 per cent. The Group will recognise leases entered into after 1 July 2019 using the interest rate implicit in the lease, where this is readily determinable. The following table provides a reconciliation of the operating lease commitments disclosed in note 32 ‘Commitments’ to the expected total lease liability to be recognised at 1 July 2019: US$B Operating lease commitments as at 30 June 2019 1.9 Add: Leases which did not meet the definition of a lease under IAS 17 0.7 Add: Cost of reasonably certain extension options (undiscounted) 0.1 Less: Components excluded from lease liability (undiscounted) (0.2 ) Less: Effect of discounting (0.2 ) Total additional lease liabilities recognised on transition 2.3 Leases recognised under IFRS 16, which did not meet the definition of a lease under IAS 17, relate to freight contracts known as continuous voyage charters (CVCs). The lease asset and liability associated with all index-linked freight contracts, including CVCs, will be remeasured at each reporting date based on the prevailing freight index (Baltic C5 index). Freight indices, which reflect demand and supply for vessels, have shown historic volatility. The accounting for these contracts continues to evolve and the Group is monitoring industry practice. The Group’s finance lease obligations at 30 June 2019 are currently included in the Group’s net debt (note 19 ‘Net debt’). From 1 July 2019, net debt will include the Group’s total lease liabilities. The Group has developed lease accounting systems, processes and controls which will be used to account for the Group’s lease contracts following transition. Practical application of the standard continues to develop in a number of areas and the Group will continue to monitor developments and assess any implications for the expected lease liability on transition and post transition accounting. Other interpretations issued but not yet effective The adoption of other changes to IFRS applicable from 1 July 2019, including IFRIC 23 ‘Uncertainty over Income Tax Treatments’ is not expected to have a significant impact on these Financial Statements. A number of other accounting standards and interpretations, along with revisions to the Conceptual Framework for Financial Reporting, have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These standards have not been applied in the preparation of these Financial Statements. |
Supplementary oil and gas infor
Supplementary oil and gas information | 12 Months Ended |
Jun. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Supplementary oil and gas information | 5.7 Supplementary oil and gas information – unaudited In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification ‘Extractive Activities-Oil S-K, The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on the Financial Statements, refer to section 5.6 ‘Independent Auditors’ reports’. On 28 September 2018, BHP completed the sale of 100 per cent of the issued share capital of BHP Billiton Petroleum (Arkansas) Inc. and 100 per cent of the membership interests in BHP Billiton Petroleum (Fayetteville) LLC, which held the Fayetteville assets. On 31 October 2018, BHP completed the sale of 100 per cent of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which held the Eagle Ford (being Black Hawk and Hawkville), Haynesville and Permian assets. The financial and non-financial impact of the Onshore US assets is included in the supplementary oil and gas information presented below. The financial and non-financial Reserves and production Proved oil and gas reserves and net crude oil and condensate, natural gas, LNG and NGL production information is included in section 6.2.2 ‘Production – Petroleum’ and section 6.3.1 ‘Petroleum reserves’. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States (1) Other (2) Total US$M US$M US$M US$M Capitalised cost 2019 Unproved properties 10 875 458 1,343 Proved properties 16,514 11,751 1,625 29,890 Total costs 16,524 12,626 2,083 31,233 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (10,867 ) (8,339 ) (1,302 ) (20,508 ) Net capitalised costs 5,657 4,287 781 10,725 2018 Unproved properties 10 4,528 202 4,740 Proved properties 16,258 43,885 2,424 62,567 Total costs 16,268 48,413 2,626 67,307 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,984 ) (33,437 ) (2,065 ) (45,486 ) Net capitalised costs 6,284 14,976 561 21,821 2017 Unproved properties 94 5,284 165 5,543 Proved properties 16,190 41,837 2,404 60,431 Total costs 16,284 47,121 2,569 65,974 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,085 ) (30,969 ) (1,984 ) (42,038 ) Net capitalised costs 7,199 16,152 585 23,936 (1) Net capitalised costs includes Onshore US assets of US$ nil (2018: US$10,672 million; 2017: US$11,803 million). (2) Other is primarily comprised of Algeria, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3) Other (4) Total US$M US$M US$M US$M 2019 Acquisitions of proved property – – – – Acquisitions of unproved property – 5 – 5 Exploration (1) 44 190 492 726 Development 132 792 54 978 Total costs (2) 176 987 546 1,709 2018 Acquisitions of proved property – – – – Acquisitions of unproved property – 9 – 9 Exploration (1) 25 418 291 734 Development 195 1,548 34 1,777 Total costs (2) 220 1,975 325 2,520 2017 Acquisitions of proved property – – – – Acquisitions of unproved property – 12 62 74 Exploration (1) 32 471 235 738 Development 360 1,034 18 1,412 Total costs (2) 392 1,517 315 2,224 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,275 million (2018: US$1,970 million; 2017: US$1,744 million) capitalised during the year. (3) Total costs include Onshore US assets of US$331 million (2018: US$1,081 million; 2017: US$608 million). (4) Other is primarily comprised of Algeria, Canada, Mexico and Trinidad and Tobago. Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 5.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Further, the amounts shown below include Onshore US however the disclosures in note 1 ‘Segment reporting’ in Section 5.1 do not. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2019 Oil and gas revenue (1) 3,404 2,675 610 6,689 Production costs (752 ) (568 ) (118 ) (1,438 ) Exploration expenses (44 ) (162 ) (229 ) (435 ) Depreciation, depletion, amortisation and valuation provision (2) (917 ) (621 ) (103 ) (1,641 ) Production taxes (3) (198 ) – (25 ) (223 ) 1,493 1,324 135 2,952 Accretion expense (4) (80 ) (34 ) (13 ) (127 ) Income taxes (530 ) (193 ) (267 ) (990 ) Royalty-related taxes (5) (164 ) – – (164 ) Results of oil and gas producing activities (6) 719 1,097 (145 ) 1,671 2018 Oil and gas revenue (1) 3,229 3,747 421 7,397 Production costs (701 ) (1,312 ) (121 ) (2,134 ) Exploration expenses (25 ) (270 ) (254 ) (549 ) Depreciation, depletion, amortisation and valuation provision (2) (1,045 ) (2,842 ) (81 ) (3,968 ) Production taxes (3) (171 ) – (1 ) (172 ) 1,287 (677 ) (36 ) 574 Accretion expense (4) (81 ) (46 ) (14 ) (141 ) Income taxes (418 ) (723 ) (124 ) (1,265 ) Royalty-related taxes (5) (103 ) – – (103 ) Results of oil and gas producing activities (6) 685 (1,446 ) (174 ) (935 ) 2017 Oil and gas revenue (1) 2,876 3,479 356 6,711 Production costs (533 ) (1,515 ) (200 ) (2,248 ) Exploration expenses (32 ) (242 ) (206 ) (480 ) Depreciation, depletion, amortisation and valuation provision (2) (814 ) (2,592 ) (91 ) (3,497 ) Production taxes (3) (158 ) (4 ) – (162 ) 1,339 (874 ) (141 ) 324 Accretion expense (4) (56 ) (32 ) (14 ) (102 ) Income taxes (361 ) 386 (142 ) (117 ) Royalty-related taxes (5) (104 ) – – (104 ) Results of oil and gas producing activities (6) 818 (520 ) (297 ) 1 (1) Includes sales to affiliated companies of US$75 million (2018: US$75 million; 2017: US$83 million). (2) Includes valuation provision of US$21 million (2018: US$596 million; 2017: US$102 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 5.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$431 million (2018: US$(465) million; 2017: US$(564) million). (8) Other is primarily comprised of Algeria, Canada, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (Standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in section 6.3.1 ‘Petroleum reserves’, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of, unweighted average first-day-of-the-month 12-months, year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Australia United States (1) Other (2) Total US$M US$M US$M US$M Standardised measure 2019 Future cash inflows 18,292 18,076 1,807 38,175 Future production costs (4,710 ) (4,917 ) (459 ) (10,086 ) Future development costs (3,860 ) (4,516 ) (226 ) (8,602 ) Future income taxes (2,551 ) (1,657 ) (711 ) (4,919 ) Future net cash flows 7,171 6,986 411 14,568 Discount at 10 per cent per annum (1,926 ) (3,396 ) (94 ) (5,416 ) Standardised measure 5,245 3,590 317 9,152 2018 Future cash inflows 17,398 28,012 2,124 47,534 Future production costs (5,345 ) (11,182 ) (501 ) (17,028 ) Future development costs (3,842 ) (6,554 ) (189 ) (10,585 ) Future income taxes (1,919 ) (1,236 ) (901 ) (4,056 ) Future net cash flows 6,292 9,040 533 15,865 Discount at 10 per cent per annum (1,713 ) (3,783 ) (129 ) (5,625 ) Standardised measure 4,579 5,257 404 10,240 2017 Future cash inflows 18,407 23,537 1,954 43,898 Future production costs (6,663 ) (11,176 ) (534 ) (18,373 ) Future development costs (3,714 ) (6,451 ) (208 ) (10,373 ) Future income taxes (1,508 ) (18 ) (746 ) (2,272 ) Future net cash flows 6,522 5,892 466 12,880 Discount at 10 per cent per annum (2,104 ) (2,426 ) (108 ) (4,638 ) Standardised measure 4,418 3,466 358 8,242 (1) Standardised measure includes Onshore US assets of US$ nil (2018: US$1,932 million; 2017: US$1,962 million). (2) Other is primarily comprised of Algeria and Trinidad and Tobago. Changes in the Standardised measure are presented in the following table. 2019 2018 2017 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 10,240 8,242 8,987 Revisions: Prices, net of production costs 3,821 5,540 (96 ) Changes in future development costs (228 ) (358 ) 275 Revisions of reserves quantity estimates (1) 1,268 (166 ) 2,961 Accretion of discount 1,178 1,016 1,147 Changes in production timing and other (618 ) 946 (1,611 ) 15,661 15,220 11,663 Sales of oil and gas, net of production costs (5,029 ) (5,091 ) (4,301 ) Acquisitions of reserves-in-place – – – Sales of reserves-in-place (2) (1,489 ) (26 ) (15 ) Previously estimated development costs incurred 545 1,068 718 Extensions, discoveries, and improved recoveries, net of future costs (33 ) 502 (401 ) Changes in future income taxes (503 ) (1,433 ) 578 Standardised measure at the end of the year (3) 9,152 10,240 8,242 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 6.3.1. (2) Onshore US assets disposal. (3) Standardised measure at the end of the year includes Onshore US assets of US$ nil (2018: US$1,932 million; 2017: US$1,962 million). Accounting for suspended exploratory well costs Refer to note 11 ‘Property, plant and equipment’ in section 5.1 for a discussion of the accounting policy applied to the cost of exploratory wells. Suspended wells are also reviewed in this context. The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2019, 30 June 2018 and 30 June 2017. 2019 2018 2017 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 794 668 770 Additions to capitalised exploratory well costs pending the determination of proved reserves 297 186 258 Capitalised exploratory well costs charged to expense (9 ) (62 ) (69 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves (42 ) 2 (155 ) Other – – (136 ) At the end of the year 1,040 794 668 The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term “project” as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2019 2018 2017 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 210 124 120 Exploratory well costs capitalised for a period greater than one year 830 670 548 At the end of the year 1,040 794 668 2019 2018 2017 Number of projects that have been capitalised for a period greater than one year 13 17 14 Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2019 Australia – – – 1 – 1 1 United States (1) 1 – 1 33 – 33 34 Other (2) 4 2 6 – – – 6 Total 5 2 7 34 – 34 41 Year ended 30 June 2018 Australia – – – 1 – 1 1 United States (1) 1 1 2 84 1 85 87 Other (2) – – – – – – – Total 1 1 2 85 1 86 88 Year ended 30 June 2017 Australia – – – – – – – United States (1) – – – 80 – 80 80 Other (2) 3 2 5 1 – 1 6 Total 3 2 5 81 – 81 86 (1) Includes Onshore US assets net productive development wells of 33 (2018: 84; 2017: 79) and net dry development wells of nil (2018: 1; 2017: nil). Onshore US assets had nil net exploratory wells in 2019, 2018 and 2017. (2) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. The number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. An exploratory well is a well drilled to find oil or gas in a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. A development well is a well drilled within the limits of a known oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. A productive well is an exploratory, development or extension well that is not a dry well. Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well (hole) is an exploratory, development, or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Oil and gas properties, wells, operations, and acreage The following tables show the number of gross and net productive crude oil and natural gas wells and total gross and net developed and undeveloped oil and natural gas acreage as at 30 June 2019. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage is comprised of leased acres that are within an area by or assignable to a productive well. Undeveloped acreage is comprised of leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which the Group held an interest at 30 June 2019 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 352 176 153 53 505 229 United States 60 25 – – 60 25 Other (1) 57 21 8 4 65 25 Total 469 222 161 57 630 279 (1) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. Of the productive crude oil and natural gas wells, 43 (net: 18) operated wells had multiple completions. Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2019 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,152 823 963 393 United States 105 39 828 776 Other (1)(2) 146 57 3,526 2,869 Total 2,403 919 5,317 4,038 (1) Developed acreage in Other primarily consists of Algeria and Trinidad and Tobago. (2) Undeveloped acreage in Other primarily consists of Canada, Mexico and Trinidad and Tobago. Approximately 126 thousand gross acres (59 thousand net acres), 1,612 thousand gross acres (932 thousand net acres) and 1,257 thousand gross acres (889 thousand net acres) of undeveloped acreage will expire in the years ending 30 June 2020, 2021 and 2022 respectively, if the Group does not establish production or take any other action to extend the terms of the licences and concessions. |
Provisions (Policies)
Provisions (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Income tax expense | Key judgements and estimates Income tax classification Judgements: Deferred tax Judgements: Estimates: Uncertain tax matters Judgements: Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 33 ‘Contingent liabilities’). |
Inventories | Key estimates Accounting for inventory involves the use of estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Critical estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. |
Property, plant and equipment | Key judgements and estimates Judgements: Estimates: Key judgements and estimates Judgements: Estimates: Key judgements and estimates Judgements: Estimates: life-of-component waste-to-ore Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves Impairment of non-current Recognition and measurement Impairment tests for all assets are performed when there is an indication of impairment, although goodwill is tested at least annually. If the carrying amount of the asset exceeds its recoverable amount, the asset is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or cash generating units (CGUs). There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s fair value less cost of disposal (FVLCD) and its value in use (VIU). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Valuation methods Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral and petroleum assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax post-tax Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Key judgements and estimates Judgements: Indicators of impairment may include changes in the Group’s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group’s commodity supply, demand and price forecasts (which include carbon price forecasts), or the possible additional impacts from emerging risks such as those related to climate change and the transition to a lower carbon economy. Additional impacts related to climate change and the transition to a lower carbon economy may include: • a proportion of a CGU’s reserves becoming incapable of extraction in an economically viable fashion; • demand for the Group’s commodities decreasing, due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change; • physical impacts related to acute risks resulting from increased severity of extreme weather events, and those related to chronic risks resulting from longer-term changes in climate patterns. Estimates: post-tax An indicator of impairment has been identified for the Jansen potash CGU at 30 June 2019 as the Group continues to assess project feasibility and the timing of project approval in accordance with the Group’s Capital Allocation Framework. Accordingly, the Group has assessed the recoverable amount of the Jansen CGU using FVLCD methodology including a market participant’s perspective of the net present value of future post-tax cash flows and other market-based indicators of fair value. The Jansen CGU carrying amount of US$3.0 billion as at 30 June 2019 is supported by the recoverable amount determination and as such, no impairment has been recognised. The recoverable amount estimate is most sensitive to assumptions regarding the long-term forecasts of potash prices and discount rates: • Potash price: prices are based on the latest internal forecasts taking into account expected demand and supply for potash globally (which includes, amongst a range of factors, carbon price forecasts), benchmarked with external sources of information; • Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows, including where appropriate a country risk premium. A real post-tax discount rate of 7.5 per cent was applied to post-tax cash flows. Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of non-current assets at future reporting dates. |
Intangible assets | Key judgements and estimates Judgements: Estimates: Where indicators of impairment exist for intangible assets, in the absence of quoted market prices, estimates are made regarding the present value of future post-tax |
Closure and rehabilitation provisions | Key estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: • the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities; • costs associated with future rehabilitation activities; • applicable real discount rates; • the timing of cash flows and ultimate closure of operations. Rehabilitation activities are generally undertaken at the end of the production life at the individual sites. Remaining production lives range from 1-98 years with an average for all sites, weighted by current closure provision, of approximately 32 years. A 0.5 per cent decrease in the real discount rates applied at 30 June 2019 would result in an increase to the closure and rehabilitation provision of US$618 million, an increase in property, plant and equipment of US$524 million in relation to operating sites and an income statement charge of US$94 million in respect of closed sites. In addition, the change would result in an increase of approximately US$42 million to depreciation expense and an immaterial reduction in net finance costs for the year ending 30 June 2020. Estimates can also be impacted by the emergence of new restoration techniques, changes in regulatory requirements for rehabilitation, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. |
Samarco dam failure [member] | |
Statement [LineItems] | |
Significant events | Key judgements and estimates Judgements The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management have determined that a provision can only be recognised for obligations under the Framework Agreement and Samarco Germano dam decommissioning as at 30 June 2019. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted below, given their status. Estimates The provisions for Samarco dam failure and Samarco Germano dam decommissioning currently reflect the estimated remaining costs to complete Programs under the Framework Agreement and estimated costs to complete the Germano dam decommissioning and require the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 45 per cent of remaining costs for Programs under the Framework Agreement will be incurred by December 2020. While the provisions have been measured based on information available as at 30 June 2019, likely changes in facts and circumstances in future reporting periods may lead to revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore the possible revisions in future reporting periods cannot be reliably measured. The key estimates that may have a material impact upon the provisions in the next and future reporting periods include: • timing of repealing the fishing ban along the Rio Doce, which is subject to certain regulatory approvals and could impact upon the length of financial assistance and compensation payments; • number of people eligible for financial assistance and compensation, as duration of registration periods and changes to geographical boundaries or eligibility criteria could impact estimated future costs; • costs to complete resettlement of the Bento Rodrigues, Gesteira and Paracatu communities; • costs to complete the Germano dam decommissioning. The provision may also be affected by factors including but not limited to: • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis and community participation required under the Governance Agreement; • the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Fundação Renova’s Programs as provided in the Governance Agreement; • actual costs incurred; • resolution of uncertainty in respect of operational restart; • updates to discount and foreign exchange rates; • resolution of existing and potential legal claims. Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in the next and future reporting periods. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Reportable Segments | Year ended 30 June 2019 US$M Petroleum Copper Iron Ore Coal Group and Group Revenue 5,853 10,838 17,251 9,121 1,225 44,288 Inter-segment revenue 77 – 4 – (81 ) – Total revenue 5,930 10,838 17,255 9,121 1,144 44,288 Underlying EBITDA 3,801 4,550 11,129 4,067 (389 ) 23,158 Depreciation and amortisation (1) (1,560 ) (1,835 ) (1,653 ) (632 ) (149 ) (5,829 ) Impairment losses (2) (21 ) (128 ) (79 ) (35 ) (1 ) (264 ) Underlying EBIT 2,220 2,587 9,397 3,400 (539 ) 17,065 Exceptional items (3) – – (971 ) – 19 (952 ) Net finance costs (1,064 ) Profit before taxation 15,049 Capital expenditure (cash basis) 645 2,735 1,611 655 604 6,250 (Loss)/profit from equity accounted investments, related impairments and expenses (2 ) 303 (945 ) 103 (5 ) (546 ) Investments accounted for using the equity method 239 1,472 – 853 5 2,569 Total assets 12,465 27,428 22,592 12,124 26,252 100,861 Total liabilities 5,237 3,340 5,106 2,450 32,904 49,037 Year ended 30 June 2018 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 5,333 12,781 14,797 8,889 1,329 43,129 Inter-segment revenue 75 – 13 – (88 ) – Total revenue 5,408 12,781 14,810 8,889 1,241 43,129 Underlying EBITDA 3,341 6,522 8,930 4,397 (7 ) 23,183 Depreciation and amortisation (1) (1,719 ) (1,920 ) (1,721 ) (686 ) (242 ) (6,288 ) Impairment losses (2) (76 ) (213 ) (14 ) (29 ) (1 ) (333 ) Underlying EBIT 1,546 4,389 7,195 3,682 (250 ) 16,562 Exceptional items (3) – – (539 ) – (27 ) (566 ) Net finance costs (1,245 ) Profit before taxation 14,751 Capital expenditure (cash basis) 656 2,428 1,074 409 412 4,979 (Loss)/profit from equity accounted investments, related impairments and expenses (4 ) 467 (509 ) 192 1 147 Investments accounted for using the equity method 249 1,335 – 883 6 2,473 Total assets 12,938 26,824 22,208 12,257 37,766 111,993 Total liabilities 4,886 3,145 3,888 2,404 37,000 51,323 Year ended 30 June 2017 US$M Petroleum Copper Iron Ore Coal Group and (4) Group Revenue 4,639 7,942 14,606 7,578 975 35,740 Inter-segment revenue 83 – 18 – (101 ) – Total revenue 4,722 7,942 14,624 7,578 874 35,740 Underlying EBITDA 3,117 3,545 9,077 3,784 (173 ) 19,350 Depreciation and amortisation (1) (1,648 ) (1,525 ) (1,828 ) (719 ) (252 ) (5,972 ) Impairment losses (2) (102 ) (14 ) (52 ) (15 ) (5 ) (188 ) Underlying EBIT 1,367 2,006 7,197 3,050 (430 ) 13,190 Exceptional items (3) – (546 ) (203 ) 164 (51 ) (636 ) Net finance costs (1,417 ) Profit before taxation 11,137 Capital expenditure (cash basis) 917 1,484 805 246 245 3,697 (Loss)/profit from equity accounted investments, related impairments and expenses (3 ) 295 (172 ) 152 – 272 Investments accounted for using the equity method 264 1,306 – 873 5 2,448 Total assets 13,726 26,743 22,781 11,996 41,760 117,006 Total liabilities 4,715 2,643 3,606 1,860 41,456 54,280 (1) Depreciation and amortisation excludes exceptional items of US$ nil (FY2018: US$ nil; FY2017: US$212 million). (2) Impairment losses excludes exceptional items of US$ nil (FY2018: US$ nil; FY2017: US$5 million). (3) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(31) million (FY2018: US$(27) million; FY2017: US$(51) million) and Samarco related other income of US$50 million (FY2018: US$ nil; FY2017: US$ nil). Refer to note 3 ‘Exceptional items’ for further information. (4) Total assets and total liabilities include balances for the years ended 30 June 2018 and 2017 relating to Onshore US assets. |
Summary of Geographical Information | Geographical information Revenue by location of customer 2019 2018 2017 US$M US$M US$M Australia 2,568 2,304 2,037 Europe 1,875 1,886 1,641 China 24,274 22,660 18,644 Japan 4,193 4,628 3,036 India 2,479 2,439 1,891 South Korea 2,550 2,588 2,271 Rest of Asia 2,940 2,620 3,152 North America 2,442 2,715 2,233 South America 662 1,054 649 Rest of world 305 235 186 44,288 43,129 35,740 Non-current 2019 2018 2017 US$M US$M US$M Australia 45,013 45,157 46,949 North America (1) 8,633 8,246 22,860 South America 18,404 18,267 18,899 Rest of world 371 154 173 Unallocated assets (2) 5,067 5,039 7,069 77,488 76,863 95,950 (1) Balance for the year ended 30 June 2017 includes non-current (2) Unallocated assets comprise deferred tax assets and other financial assets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Revenue by Segment and Asset | Revenue by segment and asset 2019 US$M 2018 2017 Australia Production Unit 507 568 601 Bass Strait 1,237 1,285 1,096 North West Shelf 1,657 1,400 1,190 Atlantis 979 833 677 Shenzi 540 576 509 Mad Dog 319 229 202 Trinidad/Tobago 287 161 110 Algeria 258 234 212 Third party products 10 12 9 Other 136 110 116 Total Petroleum (1) 5,930 5,408 4,722 Escondida 6,876 8,346 4,242 Pampa Norte 1,502 1,831 1,401 Olympic Dam 1,351 1,255 1,287 Third party products 1,109 1,349 1,012 Total Copper (2) 10,838 12,781 7,942 Western Australia Iron Ore 17,066 14,596 14,395 Third party products 32 54 81 Other 157 160 148 Total Iron Ore 17,255 14,810 14,624 Queensland Coal 7,679 7,388 6,316 New South Wales Energy Coal 1,421 1,499 1,251 Third party products 19 2 – Other 2 – 11 Total Coal (3) 9,121 8,889 7,578 Group and unallocated items (4) 1,225 1,329 975 Inter-segment adjustment (81 ) (88 ) (101 ) Total revenue 44,288 43,129 35,740 (1) Total Petroleum revenue includes: crude oil US$3,171 million (2018: US$2,933 million; 2017: US$2,528 million), natural gas US$1,259 million (2018: US$1,124 million; 2017: US$1,029 million), LNG US$1,179 million (2018: US$920 million; 2017: US$858 million), NGL US$263 million (2018: US$294 million; 2017: US$265 million) and other US$58 million (2018: US$137 million; 2017: US$42 million). (2) Total Copper revenue includes: copper US$10,215 million (2018: US$12,059 million; 2017: US$7,323 million) and other US$623 million (2018: US$722 million; 2017: US$619 million). Other consists of silver, zinc, molybdenum, uranium and gold. (3) Total Coal revenue includes: metallurgical coal US$7,568 million (2018: US$7,331 million; 2017: US$6,266 million) and thermal coal US$1,553 million (2018: US$1,558 million; 2017: US$1,312 million). (4) Group and unallocated items revenue includes: Nickel West US$1,193 million (2018: US$1,297 million; 2017: US$950 million) and other revenue US$32 million (2018: US$32 million; 2017: US$25 million). |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Summary of Exceptional Items | Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 27 ‘Discontinued operations’: Year ended 30 June 2019 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (1,060 ) – (1,060 ) Global taxation matters – 242 242 Total (1,060 ) 242 (818 ) Attributable to non-controlling – – – Attributable to BHP shareholders (1,060 ) 242 (818 ) Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (650 ) – (650) US tax reform – (2,320 ) (2,320) Total (650 ) (2,320 ) (2,970) Attributable to non-controlling – – – Attributable to BHP shareholders (650 ) (2,320 ) (2,970) Year ended 30 June 2017 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (381 ) – (381 ) Escondida industrial action (546 ) 179 (367 ) Cancellation of the Caroona exploration licence 164 (49 ) 115 Withholding tax on Chilean dividends – (373 ) (373 ) Total (763 ) (243 ) (1,006 ) Attributable to non-controlling (232 ) 68 (164 ) Attributable to BHP shareholders (531 ) (311 ) (842 ) |
Summary of Income Statement - Discontinued Operations | Income statement – Discontinued operations 2019 2018 2017 US$M US$M US$M Revenue 851 2,171 2,150 Other income 94 34 74 Expenses excluding net finance costs (729 ) (5,790 ) (3,025 ) Profit/(loss) from operations 216 (3,585 ) (801 ) Financial expenses (8 ) (22 ) (14 ) Net finance costs (8 ) (22 ) (14 ) Profit/(loss) before taxation 208 (3,607 ) (815 ) Income tax (expense)/benefit (33 ) 686 343 Profit/(loss) after taxation from operating activities 175 (2,921 ) (472 ) Net loss on disposal (510 ) – – Loss after taxation (335 ) (2,921 ) (472 ) Attributable to non-controlling 7 26 13 Attributable to BHP shareholders (342 ) (2,947 ) (485 ) Basic loss per ordinary share (cents) (6.6 ) (55.4 ) (9.1 ) Diluted loss per ordinary share (cents) (6.6 ) (55.4 ) (9.1 ) |
Summary of Cash Flows from Discontinued Operations | Cash flows from Discontinued operations 2019 2018 2017 US$M US$M US$M Net operating cash flows 474 900 928 Net investing cash flows (1) (443 ) (861 ) (437 ) Net financing cash flows (2) (13 ) (40 ) (28 ) Net increase/(decrease) in cash and cash equivalents from Discontinued operations 18 (1 ) 463 Net proceeds received from the sale of Onshore US 10,531 – – Less Cash and cash equivalents (104 ) – – Proceeds from divestment of Onshore US, net of its cash 10,427 – – Total cash impact 10,445 (1 ) 463 (1) Includes purchases of property, plant and equipment of US$443 million (2018: US$900 million; 2017: US$555 million) less proceeds from sale of assets of US$ nil (2018: US$39 million; 2017: US$118 million). (2) Includes net repayment of interest bearing liabilities of US$6 million (2018: US$4 million; 2017: US$6 million), distribution to non-controlling non-controlling |
Summary of Net Loss on Disposal of Discontinued Operations | Net loss on disposal of Discontinued operations Details of the net loss on disposal is presented below: 2019 US$M Assets Cash and cash equivalents 104 Trade and other receivables 562 Other financial assets 31 Inventories 34 Property, plant and equipment 10,998 Intangible assets 667 Total assets 12,396 Liabilities Trade and other payables 794 Provisions 491 Total liabilities 1,285 Net assets 11,111 Less non-controlling (168 ) BHP Share of net assets disposed 10,943 Gross consideration 10,555 Less transaction costs (54 ) Income tax expense (68 ) Net loss on disposal (510 ) |
Summary of Impairment of Non-current Assets | Cash generating unit Property, Goodwill Total US$M US$M US$M Petrohawk – (2,253 ) (2,253 ) Fayetteville (520 ) (86 ) (606 ) Total impairment of non-current (520 ) (2,339 ) (2,859 ) |
Discontinued operations [member] | |
Statement [LineItems] | |
Summary of Exceptional Items | Exceptional items – Discontinued operations Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and amount is considered material to the Financial Statements. There were no exceptional items related to Discontinued operations for the year ended 30 June 2019 and 30 June 2017. Items related to Discontinued operations included within profit for the year ended 30 June 2018 are detailed below. Year ended 30 June 2018 Gross Tax Net US$M US$M US$M Exceptional items by category US tax reform – 492 492 Impairment of Onshore US assets (2,859 ) 109 (2,750 ) Total (2,859 ) 601 (2,258 ) Attributable to non-controlling – – – Attributable to BHP shareholders (2,859 ) 601 (2,258 ) |
Samarco dam failure [member] | |
Statement [LineItems] | |
Summary of Exceptional Items | The FY2019 exceptional loss of US$1,060 million related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2019 US$M Other income 50 Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (96 ) Samarco Germano dam decommissioning (263 ) Samarco dam failure provision (586 ) Net finance costs (108 ) Total (1) (1,060 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The FY2018 exceptional loss of US$650 million related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2018 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (80 ) Samarco dam failure provision (429 ) Net finance costs (84 ) Total (1) (650 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The FY2017 exceptional loss of US$381 million (before tax) related to the Samarco dam failure in November 2015 and comprises the following: Year ended 30 June 2017 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil Ltda and other BHP entities in relation to the Samarco dam failure (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (134 ) Samarco dam failure provision (38 ) Net finance costs (127 ) Total (1) (381 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. |
US tax reform [member] | |
Statement [LineItems] | |
Summary of Exceptional Items | Year ended 30 June 2018 US$M Re-measurement (1,390 ) Impairment of foreign tax credits (834 ) Net impact of tax charges on deemed repatriation of accumulated earnings of non-US (194 ) Recognition of Alternative Minimum Tax Credits 95 Other impacts 3 Total (1) (2,320 ) (1) Refer to note 6 ‘Income tax expense’ for further information. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Provision for dividends and other liabilities [member] | |
Statement [LineItems] | |
Summary of Provisions | The disclosure below excludes closure and rehabilitation provisions (refer to note 14 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 24 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and provisions related to the Samarco dam failure (refer to note 4 ‘Significant events – Samarco dam failure’). 2019 2018 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 944 984 Dividends determined 11,302 5,221 Charge/(credit) for the year: Underlying 372 337 Discounting 10 4 Exchange variations 101 3 Released during the year (391 ) (78 ) Utilisation (338 ) (150 ) Dividends paid (11,395 ) (5,325 ) Transferred to liabilities held for sale – (39 ) Transfers and other movements (104 ) (13 ) At the end of the financial year 501 944 Comprising: Current 220 290 Non-current 281 654 |
Samarco dam failure [member] | |
Statement [LineItems] | |
Summary of Financial Impacts of Samarco Dam Failure | The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2019 are shown in the table below and have been treated as an exceptional item. Financial impacts of Samarco dam failure 2019 2018 2017 US$M US$M US$M Income statement Other income (1) 50 – – Expenses excluding net finance costs: Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure (2) (57 ) (57 ) (82 ) Loss from equity accounted investments, related impairments and expenses: Share of loss relating to the Samarco dam failure (3) (96 ) (80 ) (134 ) Samarco Germano dam decommissioning (263 ) – – Samarco dam failure provision (4) (586 ) (429 ) (38 ) Loss from operations (952 ) (566 ) (254 ) Net finance costs (5) (108 ) (84 ) (127 ) Loss before taxation (1,060 ) (650 ) (381 ) Income tax benefit – – – Loss after taxation (1,060 ) (650 ) (381 ) Balance sheet movement Trade and other payables 4 4 (3 ) Provisions (629 ) (228 ) 143 Net (liabilities)/assets (625 ) (224 ) 140 2019 2018 2017 US$M US$M US$M Cash flow statement Loss before taxation (1,060 ) (650 ) (381 ) Adjustments for: Share of loss relating to the Samarco dam failure (3) 96 80 134 Samarco Germano dam decommissioning 263 – – Samarco dam failure provision (4) 586 429 38 Net finance costs (5) 108 84 127 Changes in assets and liabilities: Trade and other payables (4 ) (4 ) 3 Net operating cash flows (11 ) (61 ) (79 ) Net investment and funding of equity accounted investments (6) (424 ) (365 ) (442 ) Net investing cash flows (424 ) (365 ) (442 ) Net decrease in cash and cash equivalents (435 ) (426 ) (521 ) (1) Proceeds from insurance settlements. (2) Includes legal and advisor costs incurred. (3) Loss from working capital funding provided during the period. (4) US$(579) million change in estimate and US$(7) million exchange translation. (5) Amortisation of discounting of provision. (6) Includes US$(96) million funding provided during the period and US$(328) million utilisation of the Samarco dam failure provision, of which US$(313) million allowed for the continuation of reparatory and compensatory programs in relation to the Framework Agreement and a further US$(15) million for dam stabilisation and expert costs. |
Summary of Provisions | Provisions related to the Samarco dam failure 2019 2018 US$M US$M At the beginning of the financial year 1,285 1,057 Movement in provisions 629 228 Comprising: Utilised (328 ) (285 ) Adjustments charged to the income statement: Change in estimate 579 560 Samarco Germano dam decommissioning 263 – Amortisation of discounting impacting net finance costs 108 84 Exchange translation 7 (131 ) At the end of the financial year 1,914 1,285 Comprising: Current 440 313 Non-current 1,474 972 At the end of the financial year 1,914 1,285 |
Closure and rehabilitation provisions [member] | |
Statement [LineItems] | |
Summary of Provisions | 2019 2018 US$M US$M At the beginning of the financial year 6,330 6,738 Capitalised amounts for operating sites: Change in estimate 494 35 Exchange translation (194 ) (122 ) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 318 132 Exchange translation (7 ) (11 ) Released during the year (33 ) (165 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 353 352 Expenditure on closure and rehabilitation activities (201 ) (178 ) Exchange variations impacting foreign currency translation reserve (2 ) – Divestment and demerger of subsidiaries and operations (80 ) – Transferred to liabilities held for sale – (450 ) Other movements (1 ) (1 ) At the end of the financial year 6,977 6,330 Comprising: Current 361 274 Non-current 6,616 6,056 Operating sites 5,535 5,120 Closed sites 1,442 1,210 |
Employee benefits, restructuring and post-retirement employee benefits provisions [member] | |
Statement [LineItems] | |
Summary of Provisions | 2019 2018 US$M US$M Employee benefits (1) 1,140 1,232 Restructuring (2) 78 8 Post-retirement employee benefits 493 449 Total provisions 1,711 1,689 Comprising: Current 1,154 1,148 Non-current 557 541 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. |
Summary of Reconciliation of Employee Benefits, Restructuring and Post-retirement Employee Benefits | 2019 Employee Restructuring Post- (3) Total US$M US$M US$M US$M At the beginning of the financial year 1,232 8 449 1,689 Charge/(credit) for the year: Underlying 1,011 160 55 1,226 Discounting – – 42 42 Net interest expense – – (21 ) (21 ) Exchange variations (49 ) 1 (6 ) (54 ) Released during the year (146 ) (11 ) – (157 ) Remeasurement gains taken to retained earnings – – 20 20 Utilisation (908 ) (80 ) (46 ) (1,034 ) At the end of the financial year 1,140 78 493 1,711 (3) Refer to note 25 ‘Pension and other post-retirement obligations’. |
Expenses and other income (Tabl
Expenses and other income (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Expenses and Other Income | 2019 2018 2017 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 3,683 3,653 3,392 Employee share awards 138 123 105 Social security costs 4 4 3 Pension and other post-retirement obligations 292 292 273 Less employee benefits expense classified as exploration and evaluation expenditure (85 ) (82 ) (79 ) Changes in inventories of finished goods and work in progress 496 (142 ) (743 ) Raw materials and consumables used 4,591 4,389 3,830 Freight and transportation 2,378 2,294 1,786 External services 4,745 4,786 4,037 Third party commodity purchases 1,069 1,374 1,060 Net foreign exchange (gains)/losses (147 ) (93 ) 103 Government royalties paid and payable 2,538 2,168 1,986 Exploration and evaluation expenditure incurred and expensed in the current period 516 641 610 Depreciation and amortisation expense 5,829 6,288 6,184 Net impairments: Property, plant and equipment 250 318 160 Goodwill and other intangible assets 14 14 33 Available for sale financial assets – 1 – Operating lease rentals 405 421 391 All other operating expenses 1,306 1,078 989 Total expenses 28,022 27,527 24,120 (Gains)/losses on disposal of property, plant and equipment (22 ) 10 (286 ) Other income (371 ) (257 ) (376 ) Total other income (393 ) (247 ) (662 ) |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2019 2018 2017 US$M US$M US$M Total taxation expense comprises: Current tax expense 5,408 5,052 4,412 Deferred tax expense 121 1,955 31 5,529 7,007 4,443 |
Summary of Factors Affecting Income Tax Expense | 2019 2018 2017 US$M US$M US$M Total taxation expense comprises: Current tax expense 5,408 5,052 4,412 Deferred tax expense 121 1,955 31 5,529 7,007 4,443 2019 2018 2017 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 15,049 14,751 11,137 Tax on profit at Australian prima facie tax rate of 30 per cent 4,515 4,425 3,341 Impact of US tax reform Tax rate changes – 1,390 – Non-tax – 834 – Tax on remitted and unremitted foreign earnings (1) – 194 – Recognition of previously unrecognised tax assets – (95 ) – Other – (3 ) – Subtotal – 2,320 – Other items not related to US tax reform Non-tax 742 721 242 Tax on remitted and unremitted foreign earnings 283 401 478 Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses (2) 164 (44 ) (82 ) Tax rate changes 6 (79 ) 25 Recognition of previously unrecognised tax assets (10 ) (170 ) (21 ) Amounts over provided in prior years (21 ) (51 ) 175 Foreign exchange adjustments (25 ) (152 ) 88 Investment and development allowance (94 ) (180 ) (53 ) Impact of tax rates applicable outside of Australia (312 ) (484 ) (136 ) Other 87 172 219 Income tax expense 5,335 6,879 4,276 Royalty-related taxation (net of income tax benefit) 194 128 167 Total taxation expense 5,529 7,007 4,443 (1) Comprising US$797 million repatriation tax and US$603 million of previously unrecognised tax credits. (2) The (loss)/profit from equity accounted investments, related impairments and expenses is net of income tax. This item removes the prima facie tax effect on such (loss)/profit, related impairments and expenses. |
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows: 2019 2018 2017 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Available for sale investments: Net valuation losses taken to equity – (3 ) – Hedges: Gains/(losses) taken to equity 98 (25 ) (105 ) (Gains)/losses transferred to the income statement (90 ) 64 129 Income tax credit relating to items that may be reclassified subsequently to the income statement 8 36 24 Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes 7 (22 ) (12 ) Employee share awards transferred to retained earnings on exercise 12 8 (14 ) Income tax credit/(charge) relating to items that will not be reclassified to the income statement 19 (14 ) (26 ) Total income tax credit/(charge) relating to components of other comprehensive income (1) 27 22 (2 ) (1) Included within total income tax relating to components of other comprehensive income is US$15 million relating to deferred taxes and US$12 million relating to current taxes (2018: US$17 million and US$5 million; 2017: US$12 million and US$(14) million). |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | 2019 2018 2017 Earnings attributable to BHP shareholders (US$M) - Continuing operations 8,648 6,652 6,375 - Total 8,306 3,705 5,890 Weighted average number of shares (Million) - Basic 5,180 5,323 5,323 - Diluted 5,193 5,337 5,336 Basic earnings per ordinary share (US cents) - Continuing operations 166.9 125.0 119.8 - Total 160.3 69.6 110.7 Diluted earnings per ordinary share (US cents) - Continuing operations 166.5 124.6 119.5 - Total 159.9 69.4 110.4 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Receivables | 2019 2018 US$M US$M Trade receivables 2,403 1,857 Loans to equity accounted investments 33 13 Other receivables 1,339 1,406 Total 3,775 3,276 Comprising: Current 3,462 3,096 Non-current 313 180 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Trade and Other Payables | 2019 2018 US$M US$M Trade creditors 5,162 4,574 Other creditors 1,560 1,406 Total 6,722 5,980 Comprising: Current 6,717 5,977 Non-current 5 3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Inventories | 2019 2018 Definitions US$M US$M Raw materials and consumables 1,406 1,266 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 2,515 2,965 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 687 674 Commodities held-for-sale Total (1) 4,608 4,905 Comprising: Current 3,840 3,764 Non-current 768 1,141 Inventories classified as non-current (1) Inventory write-downs of US$16 million were recognised during the year (2018: US$18 million; 2017: US$112 million). Inventory write-downs of US$21 million made in previous periods were reversed during the year (2018: US$2 million; 2017: US$19 million). |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Land and Plant and Other Assets under Exploration Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2019 At the beginning of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 Additions (1)(2) 5 515 1,023 5,799 418 7,760 Depreciation for the year (585 ) (4,885 ) (277 ) – – (5,747 ) Impairments, net of reversals (3) (9 ) (234 ) – – (7 ) (250 ) Disposals (2 ) (40 ) (5 ) – – (47 ) Transferred to assets held for sale – – – (331 ) – (331 ) Exchange variations taken to reserve – (1 ) – – – (1 ) Transfers and other movements 324 1,934 (504 ) (1,873 ) (406 ) (525 ) At the end of the financial year 7,885 38,174 9,211 11,149 1,622 68,041 – Cost 12,825 92,090 13,681 11,149 2,404 132,149 – Accumulated depreciation and impairments (4,940 ) (53,916 ) (4,470 ) – (782 ) (64,108 ) Net book value – 30 June 2018 At the beginning of the financial year 8,547 49,427 15,557 5,536 1,430 80,497 Additions (1)(2) (20 ) 110 873 5,423 258 6,644 Depreciation for the year (548 ) (6,467 ) (730 ) – – (7,745 ) Impairments, net of reversals (3) (9 ) (507 ) (260 ) – (62 ) (838 ) Disposals (7 ) (26 ) (36 ) (1 ) (9 ) (79 ) Transferred to assets held for sale (21 ) (4,426 ) (5,563 ) (662 ) – (10,672 ) Exchange variations taken to reserve – 1 – – – 1 Transfers and other movements 210 2,773 (867 ) (2,742 ) – (626 ) At the end of the financial year 8,152 40,885 8,974 7,554 1,617 67,182 – Cost 12,525 91,037 13,212 7,554 2,400 126,728 – Accumulated depreciation and impairments (4,373 ) (50,152 ) (4,238 ) – (783 ) (59,546 ) (1) Includes net foreign exchange gains/(losses) related to the closure and rehabilitation provisions. Refer to note 14 ‘Closure and rehabilitation provisions’. (2) Property, plant and equipment of US$ nil (2018: US$3 million; 2017: US$593 million) was acquired under finance lease. This is a non-cash (3) Includes impairment charges related to Onshore US assets of US$ nil (2018: US$520 million). Refer to note 27 ‘Discontinued operations’. |
Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories | The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Intangible Assets | 2019 2018 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 247 531 778 3,269 699 3,968 Additions – 31 31 – 50 50 Amortisation for the year – (142 ) (142 ) – (197 ) (197 ) Impairments for the year (1) – (14 ) (14 ) (2,339 ) (14 ) (2,353 ) Disposals – – – (16 ) (7 ) (23 ) Transferred to assets held for sale – – – (667 ) – (667 ) Transfers and other movements – 22 22 – – – At the end of the financial year (2) 247 428 675 247 531 778 – Cost 247 1,697 1,944 247 1,665 1,912 – Accumulated amortisation and impairments – (1,269 ) (1,269 ) – (1,134 ) (1,134 ) (1) Includes impairment charges related to Onshore US assets of US$ nil (2018: US$2,339 million). Refer to note 27 ‘Discontinued operations’. (2) The Group’s aggregate net carrying value of goodwill for Continuing operations is US$247 million (2018: US$247 million), representing less than 1 per cent of net equity at 30 June 2019 (2018: less than 1 per cent). The goodwill is allocated across a number of CGUs. |
Deferred tax balances (Tables)
Deferred tax balances (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Movement in Net Deferred Tax Position | The movement for the year in the Group’s net deferred tax position is as follows: 2019 US$M 2018 2017 Net deferred tax asset At the beginning of the financial year 569 2,023 1,823 Income tax (charge)/credit recorded in the income statement (1) (81 ) (1,445 ) 188 Income tax credit/(charge) recorded directly in equity 15 17 12 Other movements 27 (26 ) – At the end of the financial year 530 569 2,023 (1) Includes Discontinued operations income tax credit to the income statement of US$40 million (2018: US$510 million, 2017: US$219 million). |
Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement | The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense charged/(credited) to the income statement is as follows: Deferred tax Deferred tax Charged/(credited) to 2019 2018 2019 2018 2019 2018 2017 US$M US$M US$M US$M US$M US$M US$M Type of temporary difference Depreciation (1,717 ) (2,756 ) 1,444 1,356 (951 ) (752 ) 391 Exploration expenditure 449 492 – – 43 51 (22 ) Employee benefits 310 321 (6 ) (2 ) 14 31 (37 ) Closure and rehabilitation 1,671 1,627 (203 ) (194 ) (53 ) 218 (151 ) Resource rent tax 431 468 1,112 1,328 (179 ) (194 ) (189 ) Other provisions 144 141 (1 ) (2 ) (2 ) (11 ) 14 Deferred income 24 21 (5 ) – (9 ) (13 ) 3 Deferred charges (416 ) (374 ) 286 272 56 (119 ) (77 ) Investments, including foreign tax credits 412 546 600 691 70 615 (17 ) Foreign exchange gains and losses (97 ) (120 ) (6 ) 16 (45 ) (20 ) (77 ) Tax losses 2,611 3,758 – – 1,147 1,595 (381 ) Other (58 ) (83 ) 13 7 (10 ) 44 355 Total 3,764 4,041 3,234 3,472 81 1,445 (188 ) |
Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities | The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows: 2019 2018 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 3,720 3,028 Investments in subsidiaries (2) 1,656 1,659 Deductible temporary differences relating to PRRT (3) 2,197 2,282 Mineral rights (4) 2,230 2,263 Other deductible temporary differences (5) 412 437 Total unrecognised deferred tax assets 10,215 9,669 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,253 2,216 Taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 659 685 Total unrecognised deferred tax liabilities 2,912 2,901 (1) At 30 June 2019, the Group had income and capital tax losses with a tax benefit of US$2,265 million (2018: US$1,946 million) and tax credits of US$1,455 million (2018: US$1,082 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry Total US$M Income tax losses Not later than one year 359 Later than one year and not later than two years 443 Later than two years and not later than five years 2,723 Later than five years and not later than 10 years 530 Later than 10 years and not later than 20 years 2,312 Unlimited 2,001 8,368 Capital tax losses Not later than one year – Later than two years and not later than five years – Unlimited 4,114 Gross amount of tax losses not recognised 12,482 Tax effect of total losses not recognised 2,265 Of the US$1,455 million of tax credits, US$1,449 million expires not later than 10 years and US$6 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets of US$1,656 million at 30 June 2019 (2018: US$1,659 million) and deferred tax liabilities of US$2,253 million (2018: US$2,216 million) associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. (3) The Group had US$2,197 million of unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT) at 30 June 2019 (2018: US$2,282 million relating to Australian PRRT), with a corresponding unrecognised deferred tax liability for income tax purposes of US$659 million (2018: US$685 million). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities. (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets of US$2,230 million at 30 June 2019 (2018: US$2,263 million) had not been recognised because it is not probable that future capital gains will be available, against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had other deductible temporary differences for which deferred tax assets of US$412 million at 30 June 2019 (2018: US$437 million) had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Share Capital | BHP Group Limited BHP Group Plc 2019 shares 2018 2017 2019 shares 2018 2017 Share capital issued Opening number of shares 3,211,691,105 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (6,854,057 ) (7,469,236 ) (6,481,292 ) (274,069 ) (679,223 ) (225,646 ) Employee share awards exercised following vesting 5,902,588 7,339,522 6,945,570 275,984 711,705 940,070 Movement in treasury shares under Employee Share Plans 951,469 129,714 (464,278 ) (1,915 ) (32,482 ) (714,424 ) Shares bought back and cancelled (1) (265,839,711 ) – – – – – Closing number of shares (2) 2,945,851,394 3,211,691,105 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 2,944,703,079 3,211,494,259 3,211,623,973 2,112,032,077 2,112,030,162 2,111,997,680 Treasury shares 1,148,315 196,846 67,132 39,719 41,634 74,116 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) During December 2018, BHP completed an off-market buy-back program of US$5.2 billion of BHP Group Limited shares related to the disbursement of proceeds from the disposal of Onshore US. (2) No fully paid ordinary shares in BHP Group Limited or BHP Group Plc were issued on the exercise of Group Incentive Scheme awards during the period 1 July 2019 to 5 September 2019. |
Other equity (Tables)
Other equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Reserves | 2019 2018 2017 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 37 42 40 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 213 196 214 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Cash flow hedge reserve 114 58 153 The cash flow hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Cost of hedging reserve (74 ) – – The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Equity investments reserve 17 16 10 The financial assets reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Capital redemption reserve 177 177 177 The capital redemption reserve represents the par value of BHP Group Plc shares that were purchased and subsequently cancelled. The cancellation of the shares creates a non-distributable Non-controlling 1,283 1,283 1,288 The non-controlling non-controlling Total reserves 2,285 2,290 2,400 |
Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests | Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2019 2018 US$M Minera Other Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,456 2,751 Non-current 12,538 13,389 Current liabilities (1,826 ) (1,781 ) Non-current (4,122 ) (4,352 ) Net assets 9,046 10,007 Net assets attributable to NCI 3,845 739 4,584 4,253 825 5,078 Revenue 6,876 8,775 Profit after taxation 1,360 2,221 Other comprehensive income (1 ) (2 ) Total comprehensive income 1,359 2,219 Profit after taxation attributable to NCI 578 301 879 944 174 1,118 Other comprehensive income attributable to NCI – (1 ) (1 ) (1 ) 1 – Net operating cash flow 3,283 5,041 Net investing cash flow (1,034 ) (997 ) Net financing cash flow (2,517 ) (3,392 ) Dividends paid to NCI (1) 986 219 1,205 1,469 135 1,604 (1) Includes dividends paid to non-controlling |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Dividends Paid | Year ended 30 June 2019 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 63 3,356 43 2,291 14 746 Interim dividend 55 2,788 55 2,930 40 2,125 Special dividend 102 5,158 – – – – 220 11,302 98 5,221 54 2,871 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2018: 5.5 per cent; 2017: 5.5 per cent). |
Summary of Franking Credits | 2019 2018 2017 US$M US$M US$M Franking credits as at 30 June 8,681 10,400 10,155 Franking credits arising from the payment of current tax 1,194 1,330 1,239 Total franking credits available (1) 9,875 11,730 11,394 (1) The payment of the final 2019 dividend determined after 30 June 2019 will reduce the franking account balance by US$984 million. |
Net debt (Tables)
Net debt (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Summary of Net Debt Balance and Gearing Ratio | The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. 2019 2018 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 508 1,990 308 2,247 Notes and debentures 1,002 20,527 2,228 21,070 Finance leases 65 650 77 725 Bank overdraft and short-term borrowings 20 – 58 – Other 66 – 65 27 Total interest bearing liabilities 1,661 23,167 2,736 24,069 Less cash and cash equivalents Cash 2,210 – 1,065 – Short-term deposits 13,403 – 14,806 – Total cash and cash equivalents 15,613 – 15,871 – Net debt 9,215 10,934 Net assets 51,824 60,670 Gearing 15.1 % 15.3 % |
Summary of Cash and Cash Equivalents, Net of Overdrafts | Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2019 2018 2017 US$M US$M US$M Total cash and cash equivalents 15,613 15,871 14,153 Bank overdrafts and short-term borrowing (20 ) (58 ) (45 ) Total cash and cash equivalents, net of overdrafts 15,593 15,813 14,108 |
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts | The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2019 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 1,587 864 200 64 110 6,555 9,380 In more than one year but not more than two years 4,107 775 226 1 110 5 5,224 In more than two years but not more than five years 5,513 1,864 558 – 307 – 8,242 In more than five years 11,662 4,896 1,102 – 501 – 18,161 Total 22,869 8,399 2,086 65 1,028 6,560 41,007 Carrying amount 24,113 – 958 65 715 6,560 32,411 2018 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 2,647 682 302 17 127 5,788 9,563 In more than one year but not more than two years 1,545 957 188 1 113 3 2,807 In more than two years but not more than five years 8,019 2,203 823 – 335 – 11,380 In more than five years 13,287 5,519 1,191 – 590 – 20,587 Total 25,498 9,361 2,504 18 1,165 5,791 44,337 Carrying amount 26,003 – 1,213 18 802 5,791 33,827 (1) Excludes input taxes of US$162 million (2018: US$189 million) included in other payables. Refer to note 9 ‘Trade and other payables’. |
Currency risk [member] | |
Statement [LineItems] | |
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency | Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2019 2018 2019 2018 US$M US$M US$M US$M USD 12,485 12,981 9,214 7,024 EUR 7,680 9,070 6 5,845 GBP 3,118 3,104 48 1,560 AUD 951 1,077 3,023 9 CAD 594 573 3,092 1,301 Other – – 230 132 Total 24,828 26,805 15,613 15,871 |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Net Finance Costs | 2019 2018 2017 US$M US$M US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 1,296 1,168 1,130 Interest capitalised at 4.96% (2018: 4.24%; 2017: 3.25%) (1) (248 ) (139 ) (113 ) Interest on finance leases 47 59 33 Discounting on provisions and other liabilities 470 414 450 Other gains and losses: Fair value change on hedged loans 729 (265 ) (1,185 ) Fair value change on hedging derivatives (809 ) 329 1,244 Exchange variations on net debt 6 (19 ) (23 ) Other 19 20 24 Total financial expenses 1,510 1,567 1,560 Financial income Interest income (446 ) (322 ) (143 ) Net finance costs 1,064 1,245 1,417 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$74 million (2018: US$42 million; 2017: US$34 million). |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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Summary of Financial Assets and Liabilities by Class | IFRS 13 IFRS 9 Classification (1) 2019 US$M 2018 US$M Fair value hierarchy (2) Current cross currency and interest rate swaps 2 Fair value through profit or loss 15 12 Current other derivative contracts (3) 2,3 Fair value through profit or loss 57 170 Current other investments (4) 1,2 Fair value through profit or loss 15 18 Non-current 2 Fair value through profit or loss 739 396 Non-current (3) 2,3 Fair value through profit or loss 180 195 Non-current 3 Fair value through other comprehensive income 34 33 Non-current investment in shares 3 Fair value through profit or loss 6 – Non-current (4)(5) 1,2,3 Fair value through profit or loss 344 375 Total other financial assets 1,390 1,199 Cash and cash equivalents Amortised cost 15,613 15,871 Trade and other receivables (6) Amortised cost 1,929 1,799 Provisionally priced trade receivables (6) 2 Fair value through profit or loss 1,446 1,126 Loans to equity accounted investments Amortised cost 33 13 Total financial assets 20,411 20,008 Non-financial 80,450 91,985 Total assets 100,861 111,993 Current cross currency and interest rate swaps 2 Fair value through profit or loss 63 121 Current other derivative contracts (3) 2,3 Fair value through profit or loss 64 17 Non-current 2 Fair value through profit or loss 895 1,092 Non-current (3) 2,3 Fair value through profit or loss 1 1 Total other financial liabilities 1,023 1,231 Trade and other payables (7) Amortised cost 6,283 5,414 Provisionally priced trade payables (7) 2 Fair value through profit or loss 277 377 Bank overdrafts and short-term borrowings (8) Amortised cost 20 58 Bank loans (8) Amortised cost 2,498 2,555 Notes and debentures (8) Amortised cost 21,529 23,298 Finance leases Amortised cost 715 802 Other (8) Amortised cost 66 92 Total financial liabilities 32,411 33,827 Non-financial 16,626 17,496 Total liabilities 49,037 51,323 (1) For classifications under IAS 39 refer to note 38 ‘New and amended accounting standards and interpretations’. (2) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (3) Includes other derivative contracts of US$200 million (2018: US$213 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$202 million (2018: US$216 million). (4) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$309 million (2018: US$343 million) of which other investment (US Treasury Notes) of US$128 million categorised as Level 1 (2018: US$108 million). (5) Includes other investments of US$47 million (2018: US$47 million) categorised as Level 3. (6) Excludes input taxes of US$367 million (2018: US$338 million) included in other receivables. Refer to note 8 ‘Trade and other receivables’. (7) Excludes input taxes of US$162 million (2018: US$189 million) included in other payables. Refer to note 9 ‘Trade and other payables’. (8) All interest bearing liabilities, excluding finance leases, are unsecured. |
Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge | The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them: • The carrying amount of the notes and debentures includes foreign exchange remeasurement to period end rates and fair value adjustments when included in a fair value hedge. • The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. • The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Fair value of derivatives 2019 US$M Carrying Foreign Interest Recognised Recognised Recognised Accrued Total Hedged A B C D E F G B to G A + B + C USD 9,433 – (253 ) _ – 20 111 (122 ) 9,180 GBP 3,118 678 (517 ) (57 ) 70 (2 ) 62 234 3,279 EUR 7,680 378 (566 ) (100 ) 33 54 82 (119 ) 7,492 CAD 594 175 (22 ) (5 ) 3 (4 ) 1 148 747 AUD 704 73 (4 ) (1 ) – – (5 ) 63 773 Total 21,529 1,304 (1,362 ) (163 ) 106 68 251 204 21,471 2018 US$M 23,298 1,145 (633 ) (85 ) – 71 307 805 23,810 |
Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges | The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 16 ‘Other equity’. 2019 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial year 85 (27 ) 58 – – – 58 Impact of adoption of IFRS 9 176 (52 ) 124 (176 ) 52 (124 ) – Add: Change in fair value of hedging instrument recognised in OCI (327 ) 98 (229 ) – – – (229 ) Less: Reclassified from reserves to interest expense – recognised through OCI 229 (68 ) 161 70 (20 ) 50 211 At the end of the financial year 163 (49 ) 114 (106 ) 32 (74 ) 40 |
Summary of Movement of Interest Bearing Liabilities and Related Derivatives | The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows: 2019 US$M Interest bearing liabilities Derivatives liabilities Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,555 23,298 802 58 92 805 Proceeds from interest bearing liabilities 250 – – – – – 250 Settlements of debt related instruments – – – – – (160 ) (160 ) Repayment of interest bearing liabilities (308 ) (2,198 ) (75 ) – (23 ) – (2,604 ) Change from Net financing cash flows (58 ) (2,198 ) (75 ) – (23 ) (160 ) (2,514 ) Other movements: Interest rate impacts – 729 – – – (809 ) Foreign exchange impacts – (311 ) (11 ) – – 319 Other interest bearing liabilities/derivative related changes 1 11 (1 ) (38 ) (3 ) 49 At the end of the financial year 2,498 21,529 715 20 66 204 2018 US$M Interest bearing liabilities Derivatives Bank Notes and Finance Bank Other Cross Total At the beginning of the financial year 2,281 27,041 897 45 210 740 Proceeds from interest bearing liabilities 500 – – – 28 – 528 Settlements of debt related instruments – – – – – (218 ) (218 ) Repayment of interest bearing liabilities (221 ) (3,736 ) (81 ) – (150 ) – (4,188 ) Change from Net financing cash flows 279 (3,736 ) (81 ) – (122 ) (218 ) (3,878 ) Other movements: Interest rate impacts – (353 ) – – – 329 Foreign exchange impacts – 245 (9 ) – – (254 ) Other interest bearing liabilities/derivative related changes (5 ) 101 – 13 4 208 Liabilities transferred to held for sale – – (5 ) – – – At the end of the financial year 2,555 23,298 802 58 92 805 |
Key management personnel (Table
Key management personnel (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Key Management Personnel | Key management personnel compensation comprises: 2019 2018 2017 US$ US$ US$ Short-term employee benefits 11,557,506 13,190,838 16,439,948 Post-employment benefits 1,490,716 1,506,108 1,895,828 Share-based payments 15,821,972 13,356,657 13,747,355 Total 28,870,194 28,053,603 32,083,131 |
Employee share ownership plans
Employee share ownership plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Description of Plans | The table below provides a description of each of the plans. Plan STIP and GSTIP LTIP and MAP Transitional Executive Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee Overview The STIP is generally a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period. The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. Vesting conditions Service conditions only. LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP’s Total Shareholder Return (TSR) (1) For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP’s TSR (1) Service conditions only. Vesting period 2 years LTIP – 5 years MAP – 1 to 5 years 3 or 4 years 3 years Dividend Equivalent Payment STIP – Yes GSTIP – No LTIP – Yes MAP – No No No Exercise period None LTIP – None MAP – None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Group Limited and BHP Group Plc. |
Summary of Employee Share Awards | Employee share awards 2019 Number Number of Number of Number of Number of Number of Weighted BHP Group Limited STIP awards 308,028 271,355 65,392 – 513,991 – 0.7 GSTIP awards 2,008,455 – 780,315 85,656 1,142,484 15,932 0.2 LTIP awards 5,980,975 947,153 – 1,197,239 5,730,889 – 2.1 Transitional Executive KMP awards 46,840 – 16,160 7,260 23,420 – 0.2 MAP awards 10,379,263 4,604,638 2,416,107 1,077,449 11,490,345 94,921 1.3 Shareplus 4,775,079 2,025,302 2,590,297 352,939 3,857,145 – 1.2 BHP Group Plc GSTIP awards 63,868 – 22,911 11,531 29,426 – 0.2 MAP awards 315,451 132,676 107,756 67,340 273,031 – 1.3 Shareplus 282,159 111,866 145,666 24,289 224,070 – 1.2 |
Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued | Fair value and assumptions in the calculation of fair value for awards issued 2019 Weighted Risk-free Estimated Share Estimated Dividend BHP Group Limited STIP awards 24.10 n/a 3 years A$33.50 n/a n/a LTIP awards 17.36 2.04 % 5 years A$33.50 30.0 % n/a MAP awards (1) 21.29 n/a 1-5 years A$33.83 / n/a 5.30 % Shareplus 20.68 2.13 % 3 years A$28.29 n/a 4.71 % BHP Group Plc MAP awards 18.68 n/a 1-5 years £16.71 n/a 5.80 % Shareplus 14.71 0.86 % 3 years £14.04 n/a 5.40 % (1) Includes MAP awards granted on 24 September 2018, 12 November 2018 and 18 December 2018. |
Pension and other post-retire_2
Pension and other post-retirement obligations (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Net Liability Recognised in Consolidated Balance Sheet | The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension Post-retirement medical 2019 2018 2019 2018 US$M US$M US$M US$M Present value of funded defined benefit obligation 632 616 – – Present value of unfunded defined benefit obligation 306 274 203 192 Fair value of defined benefit scheme assets (648 ) (633 ) – – Scheme deficit 290 257 203 192 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 290 257 203 192 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Employees | 2019 2018 2017 Number Number Number Average number of employees (1) Australia 18,146 16,504 15,906 South America 6,979 6,729 6,361 North America 1,999 1,839 2,072 Asia 1,743 1,368 1,019 Europe 59 70 74 Total average number of employees from Continuing operations 28,926 26,510 25,432 Total average number of employees from Discontinued operations – 651 714 Total average number of employees 28,926 27,161 26,146 (1) Average employee numbers include the Executive Director and 100 per cent of employees of subsidiary companies. Employees of equity accounted investments and joint operations are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Significant Subsidiaries | The Group’s interest in the subsidiaries results are listed in the table below. For a complete list of the Group’s subsidiaries, refer to Exhibit 8.1 – List of Subsidiaires. Group’s interest Significant subsidiaries Country of Principal activity 2019 % 2018 Coal BHP Billiton Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Billiton Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Limitada (1) Chile Copper mining 57.5 57.5 Minera Spence S.A. Chile Copper mining 100 100 Iron Ore BHP Billiton Iron Ore Pty Ltd Australia Service company 100 100 BHP Billiton Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Canada Inc. Canada Potash development 100 100 BHP Billiton Finance BV The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Ltd Australia Finance 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Billiton Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Limitada, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Limitada. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Ownership Interest in Equity Accounted Investments | Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to Exhibit 8.1 – List of Subsidiaries. Significant associates and joint ventures Country of Associate or joint Principal Reporting Ownership interest 2019 2018 Cerrejón Anguilla/ Associate Coal mining in Colombia 31 December 33.33 33.33 Compañía Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 December 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint Iron ore mining 31 December 50.00 50.00 |
Summary of Movements of Investments Accounted for using the Equity Method | The movement for the year in the Group’s investments accounted for using the equity method is as follows: Year ended 30 June 2019 US$M Investment in Investment in Total equity At the beginning of the financial year 2,473 – 2,473 (Loss)/profit from equity accounted investments, related impairments and expenses (1) 399 (945 ) (546 ) Investment in equity accounted investments 207 96 303 Dividends received from equity accounted investments (510 ) – (510 ) Other – 849 849 At the end of the financial year 2,569 – 2,569 (1) US$(945) million represents US$(96) million share of loss from US$(96) million funding provided during the period and US$(849) million movement in provisions related to the Samarco dam failure including US$(579) million change in estimate, US$(7) million exchange translation and US$(263) million Samarco Germano dam decommissioning provision. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. |
Summary of Financial Information of Significant Equity Accounted Investments | The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Billiton Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Billiton Brasil has no funding obligation, is US$250 million (2018: US$550 million). Associates Joint ventures 2019 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,065 845 290 (3) Non-current 4,495 2,664 6,103 Current liabilities (498 ) (344 ) (6,704 ) (4) Non-current (1,076 ) (801 ) (5,830 ) Net assets/(liabilities) – 100% 3,986 2,364 (6,141 ) Net assets/(liabilities) – Group share 1,345 788 (3,071 ) Adjustments to net assets related to accounting policy adjustments – 65 366 (5) Impairment of the carrying value of the investment in Samarco – – (525 ) (6) Additional share of Samarco losses – – 3,145 (7) Unrecognised losses – – 85 (8) Carrying amount of investments accounted for using the equity method 1,345 853 371 – – 2,569 Revenue – 100% 3,203 2,094 24 Profit/(loss) from Continuing operations – 100% 1,168 309 (2,166 ) (9) Share of operating profit/(loss) of equity accounted investments 394 103 (1,075 ) Additional share of Samarco losses – – 108 Unrecognised losses – – 22 (8) (Loss)/profit from equity accounted investments, related impairments and expenses 394 103 (98 ) (945 ) – (546 ) Comprehensive income/(loss) – 100% 1,168 309 (2,166 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 394 103 (98 ) (945 ) – (546 ) Dividends received from equity accounted investments 361 134 15 – – 510 Associates Joint ventures 2018 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,099 1,187 79 (3) Non-current 4,385 2,485 6,023 Current liabilities (532 ) (585 ) (5,811 ) (4) Non-current (1,064 ) (663 ) (4,265 ) Net assets/(liabilities) – 100% 3,888 2,424 (3,974 ) Net assets/(liabilities) – Group share 1,312 808 (1,987 ) Adjustments to net assets related to accounting policy adjustments 1 75 357 (5) Impairment of the carrying value of the investment in Samarco – – (525 ) (6) Additional share of Samarco losses – – 2,092 (7) Unrecognised losses – – 63 (8) Carrying amount of investments accounted for using the equity method 1,313 883 277 – – 2,473 Revenue – 100% 3,866 2,453 30 Profit/(loss) from Continuing operations – 100% 1,613 576 (1,558 ) (9) Share of operating profit/(loss) of equity accounted investments 544 192 (823 ) Additional share of Samarco losses – – 251 Unrecognised losses – – 63 (8) Profit/(loss) from equity accounted investments, related impairments and expenses 544 192 (80 ) (509 ) – 147 Comprehensive income/(loss) – 100% 1,613 576 (1,558 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 544 192 (80 ) (509 ) – 147 Dividends received from equity accounted investments 496 181 16 – – 693 Associates Joint ventures 2017 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 2,905 2,247 28 Profit/(loss) from Continuing operations – 100% 1,010 388 (1,520 ) (9) Share of operating profit/(loss) of equity accounted investments 341 129 (760 ) Additional share of Samarco losses – – 588 Profit/(loss) from equity accounted investments, related impairments and expenses 341 129 (26 ) (172 ) – 272 Comprehensive income/(loss) – 100% 1,010 388 (1,520 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 341 129 (26 ) (172 ) – 272 Dividends received from equity accounted investments 425 163 32 – – 620 (1) The unrecognised share of profit for the period was US$15 million (2018: unrecognised share of loss for the period was US$56 million), which decreased the cumulative losses to US$181 million (2018: increase to US$196 million). (2) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Billiton Brasil’s share of Samarco’s losses. (3) Includes cash and cash equivalents of US$246 million (2018: US$23 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$5,510 million (2018: US$5,066 million). (5) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (6) In the year ended 30 June 2016 BHP Billiton Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). (7) BHP Billiton Brasil has recognised accumulated additional share of Samarco losses of US$(3,145) million resulting from US$(310) million share of loss from funding provided to Samarco and US$(2,835) million from provisions relating to the Samarco dam failure, including US$(319) million recognised as net finance costs. (8) Share of Samarco’s losses for which BHP Billiton Brasil does not have an obligation to fund. (9) Includes depreciation and amortisation of US$85 million (2018: US$73 million; 2017: US$88 million), interest income of US$22 million (2018: US$31 million; 2017: US$57 million), interest expense of US$342 million (2018: US$385 million; 2017: US$473 million) and income tax benefit/(expense) of US$52 million (2018: US$(154) million; 2017: US$(851) million). |
Interests in joint operations (
Interests in joint operations (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investments accounted for using equity method [abstract] | |
Summary of Significant Interests in Joint Operations | Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. For a complete list of the Group’s investments in joint operations, refer to Exibit 8.1 – List of Subsidiaries. Group’s interest Significant joint operations Country of operation Principal activity 2019 2018 Bass Strait Australia Hydrocarbons production 50 50 Greater Angostura Trinidad and Tobago Hydrocarbons production 45 45 Gulf of Mexico US Hydrocarbons exploration and production 23.9–44 23.9–44 Macedon (1) Australia Hydrocarbons exploration and production 71.43 71.43 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons exploration and production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons exploration and production 29.50 29.50 Mt Goldsworthy (3) Australia Iron ore mining 85 85 Mt Newman (3) Australia Iron ore mining 85 85 Yandi (3) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group may hold a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. |
Summary of Assets Held in Joint Operations | Assets held in joint operations subject to significant restrictions are as follows: Group’s share 2019 2018 US$M US$M Current assets 1,946 2,445 Non-current 35,682 36,144 Total assets (1) 37,628 38,589 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Transactions with Related Parties | Further disclosures related to other related party transactions are as follows: Joint operations Joint ventures Associates 2019 2018 2019 2018 2019 2018 US$M US$M US$M US$M US$M US$M Sales of goods/services – – – – – – Purchases of goods/services – – – – 1,141.230 1,358.016 Interest income 1.532 1.764 – – 0.826 19.337 Interest expense – – – – 0.011 – Dividends received – – – – 509.577 693.105 Net loans made to/(repayments from) related parties 12.539 60.566 – – 14.547 (599.979 ) |
Summary of Outstanding Balances with Related Parties | Joint operations Joint ventures Associates 2019 2018 2019 2018 2019 2018 US$M US$M US$M US$M US$M US$M Trade amounts owing to related parties – – – – 169.773 210.716 Loan amounts owing to related parties 40.513 55.667 – – 10.097 4.097 Trade amounts owing from related parties – – – – 3.828 3.932 Loan amounts owing from related parties 15.474 18.089 – – 33.486 12.939 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Other Commitments | The Group’s commitments for capital expenditure were US$3,308 million as at 30 June 2019 (2018: US$2,110 million). The Group’s other commitments are as follows: Commitments under finance leases Commitments under operating leases 2019 2018 2019 2018 US$M US$M US$M US$M Due not later than one year 110 127 440 388 Due later than one year and not later than five years 417 448 876 785 Due later than five years 501 590 589 839 Total 1,028 1,165 1,905 2,012 Future financing liability (313 ) (363 ) Finance lease liability 715 802 |
Contingent liabilities (Tables)
Contingent liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Contingent Liabilities | 2019 2018 US$M US$M Associates and joint ventures (1) 1,822 1,588 Subsidiaries and joint operations (1) 1,621 1,915 Total 3,443 3,503 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Auditors' Remuneration | 2019 2018 2017 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 4.033 3.909 3.381 Audit of subsidiaries, joint ventures and associates 5.275 13.902 7.040 Audit-related assurance services 4.089 4.039 3.597 Other assurance services 0.594 1.343 1.849 Total assurance services 13.991 23.193 15.867 Fees payable to the Group’s auditors for other services Other services relating to corporate finance 0.055 0.104 0.042 All other services 0.482 0.553 0.589 Total other services 0.537 0.657 0.631 Total fees 14.528 23.850 16.498 |
Deed of Cross Guarantee (Tables
Deed of Cross Guarantee (Tables) - Parent [member] | 12 Months Ended |
Jun. 30, 2019 | |
Statement [LineItems] | |
Summary of Consolidated Statement of Comprehensive Income and Retained Earnings | Consolidated Statement of Comprehensive Income and Retained Earnings 2019 2018 US$M US$M Revenue 22,660 20,434 Other income 2,881 3,188 Expenses excluding net finance costs (14,610 ) (12,693 ) Net finance costs (414 ) (470 ) Income tax expense (2,317 ) (2,218 ) Profit after taxation 8,200 8,241 Total other comprehensive income 10 12 Total comprehensive income 8,210 8,253 Retained earnings at the beginning of the financial year 48,442 45,979 Net effect on retained earnings of entities added to/removed from the Deed (34 ) 48 Profit after taxation for the year 8,200 8,241 Transfers to and from reserves (31 ) (15 ) Shares bought back and cancelled (5,199 ) – Dividends (6,655 ) (5,811 ) Retained earnings at the end of the financial year 44,723 48,442 |
Summary of Consolidated Balance Sheet | Consolidated Balance Sheet 2019 2018 US$M US$M ASSETS Current assets Cash and cash equivalents 13 2 Trade and other receivables 4,875 3,977 Loans to related parties 4,255 16,730 Inventories 1,677 1,649 Other 92 90 Total current assets 10,912 22,448 Non-current Trade and other receivables 40 73 Loans to related parties – 151 Inventories 326 323 Property, plant and equipment 31,508 31,009 Intangible assets 362 444 Investments in Group companies 33,123 27,354 Deferred tax assets 442 329 Other 59 68 Total non-current 65,860 59,751 Total assets 76,772 82,199 LIABILITIES Current liabilities Trade and other payables 4,790 3,425 Loans from related parties 13,682 15,719 Interest bearing liabilities 104 115 Current tax payable 694 1,053 Provisions 889 952 Deferred income 6 6 Total current liabilities 20,165 21,270 Non-current Trade and other payables 8 3 Loans from related parties 7,689 7,870 Interest bearing liabilities 143 191 Non-current tax payable 75 – Deferred tax liabilities 542 573 Provisions 2,136 2,475 Deferred income 14 18 Total non-current 10,607 11,130 Total liabilities 30,772 32,400 Net assets 46,000 49,799 EQUITY Share capital – BHP Group Limited 1,111 1,186 Treasury shares (31) (5 ) Reserves 197 176 Retained earnings 44,723 48,442 Total equity 46,000 49,799 |
New and amended accounting st_2
New and amended accounting standards and interpretations (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Text block [abstract] | |
Summary of Impact of Adopting IFRS 9 on Total Equity | The impact of adopting IFRS 9 on Total equity as at 1 July 2018 is as follows: US$M Total equity as at 30 June 2018 60,670 Impairment provision resulting from application of the Expected Credit Loss model (7 ) Total equity as at 1 July 2018 60,663 |
Summary of Reconciliation of Operating Lease Commitments to Expected Total Lease Liability to be Recognised | The following table provides a reconciliation of the operating lease commitments disclosed in note 32 ‘Commitments’ to the expected total lease liability to be recognised at 1 July 2019: US$B Operating lease commitments as at 30 June 2019 1.9 Add: Leases which did not meet the definition of a lease under IAS 17 0.7 Add: Cost of reasonably certain extension options (undiscounted) 0.1 Less: Components excluded from lease liability (undiscounted) (0.2 ) Less: Effect of discounting (0.2 ) Total additional lease liabilities recognised on transition 2.3 |
Supplementary oil and gas inf_2
Supplementary oil and gas information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Capitalised costs relating to oil and gas production activities | Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States (1) Other (2) Total US$M US$M US$M US$M Capitalised cost 2019 Unproved properties 10 875 458 1,343 Proved properties 16,514 11,751 1,625 29,890 Total costs 16,524 12,626 2,083 31,233 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (10,867 ) (8,339 ) (1,302 ) (20,508 ) Net capitalised costs 5,657 4,287 781 10,725 2018 Unproved properties 10 4,528 202 4,740 Proved properties 16,258 43,885 2,424 62,567 Total costs 16,268 48,413 2,626 67,307 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,984 ) (33,437 ) (2,065 ) (45,486 ) Net capitalised costs 6,284 14,976 561 21,821 2017 Unproved properties 94 5,284 165 5,543 Proved properties 16,190 41,837 2,404 60,431 Total costs 16,284 47,121 2,569 65,974 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (9,085 ) (30,969 ) (1,984 ) (42,038 ) Net capitalised costs 7,199 16,152 585 23,936 (1) Net capitalised costs includes Onshore US assets of US$ nil (2018: US$10,672 million; 2017: US$11,803 million). (2) Other is primarily comprised of Algeria, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). |
Costs incurred relating to oil and gas property acquisition, exploration and development activities | Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3) Other (4) Total US$M US$M US$M US$M 2019 Acquisitions of proved property – – – – Acquisitions of unproved property – 5 – 5 Exploration (1) 44 190 492 726 Development 132 792 54 978 Total costs (2) 176 987 546 1,709 2018 Acquisitions of proved property – – – – Acquisitions of unproved property – 9 – 9 Exploration (1) 25 418 291 734 Development 195 1,548 34 1,777 Total costs (2) 220 1,975 325 2,520 2017 Acquisitions of proved property – – – – Acquisitions of unproved property – 12 62 74 Exploration (1) 32 471 235 738 Development 360 1,034 18 1,412 Total costs (2) 392 1,517 315 2,224 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,275 million (2018: US$1,970 million; 2017: US$1,744 million) capitalised during the year. (3) Total costs include Onshore US assets of US$331 million (2018: US$1,081 million; 2017: US$608 million). (4) Other is primarily comprised of Algeria, Canada, Mexico and Trinidad and Tobago. |
Results of operations from oil and gas producing activities | Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 5.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Further, the amounts shown below include Onshore US however the disclosures in note 1 ‘Segment reporting’ in Section 5.1 do not. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2019 Oil and gas revenue (1) 3,404 2,675 610 6,689 Production costs (752 ) (568 ) (118 ) (1,438 ) Exploration expenses (44 ) (162 ) (229 ) (435 ) Depreciation, depletion, amortisation and valuation provision (2) (917 ) (621 ) (103 ) (1,641 ) Production taxes (3) (198 ) – (25 ) (223 ) 1,493 1,324 135 2,952 Accretion expense (4) (80 ) (34 ) (13 ) (127 ) Income taxes (530 ) (193 ) (267 ) (990 ) Royalty-related taxes (5) (164 ) – – (164 ) Results of oil and gas producing activities (6) 719 1,097 (145 ) 1,671 2018 Oil and gas revenue (1) 3,229 3,747 421 7,397 Production costs (701 ) (1,312 ) (121 ) (2,134 ) Exploration expenses (25 ) (270 ) (254 ) (549 ) Depreciation, depletion, amortisation and valuation provision (2) (1,045 ) (2,842 ) (81 ) (3,968 ) Production taxes (3) (171 ) – (1 ) (172 ) 1,287 (677 ) (36 ) 574 Accretion expense (4) (81 ) (46 ) (14 ) (141 ) Income taxes (418 ) (723 ) (124 ) (1,265 ) Royalty-related taxes (5) (103 ) – – (103 ) Results of oil and gas producing activities (6) 685 (1,446 ) (174 ) (935 ) 2017 Oil and gas revenue (1) 2,876 3,479 356 6,711 Production costs (533 ) (1,515 ) (200 ) (2,248 ) Exploration expenses (32 ) (242 ) (206 ) (480 ) Depreciation, depletion, amortisation and valuation provision (2) (814 ) (2,592 ) (91 ) (3,497 ) Production taxes (3) (158 ) (4 ) – (162 ) 1,339 (874 ) (141 ) 324 Accretion expense (4) (56 ) (32 ) (14 ) (102 ) Income taxes (361 ) 386 (142 ) (117 ) Royalty-related taxes (5) (104 ) – – (104 ) Results of oil and gas producing activities (6) 818 (520 ) (297 ) 1 (1) Includes sales to affiliated companies of US$75 million (2018: US$75 million; 2017: US$83 million). (2) Includes valuation provision of US$21 million (2018: US$596 million; 2017: US$102 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 5.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$431 million (2018: US$(465) million; 2017: US$(564) million). (8) Other is primarily comprised of Algeria, Canada, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). |
Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) | The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in section 6.3.1 ‘Petroleum reserves’, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of, unweighted average first-day-of-the-month 12-months, year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Australia United States (1) Other (2) Total US$M US$M US$M US$M Standardised measure 2019 Future cash inflows 18,292 18,076 1,807 38,175 Future production costs (4,710 ) (4,917 ) (459 ) (10,086 ) Future development costs (3,860 ) (4,516 ) (226 ) (8,602 ) Future income taxes (2,551 ) (1,657 ) (711 ) (4,919 ) Future net cash flows 7,171 6,986 411 14,568 Discount at 10 per cent per annum (1,926 ) (3,396 ) (94 ) (5,416 ) Standardised measure 5,245 3,590 317 9,152 2018 Future cash inflows 17,398 28,012 2,124 47,534 Future production costs (5,345 ) (11,182 ) (501 ) (17,028 ) Future development costs (3,842 ) (6,554 ) (189 ) (10,585 ) Future income taxes (1,919 ) (1,236 ) (901 ) (4,056 ) Future net cash flows 6,292 9,040 533 15,865 Discount at 10 per cent per annum (1,713 ) (3,783 ) (129 ) (5,625 ) Standardised measure 4,579 5,257 404 10,240 2017 Future cash inflows 18,407 23,537 1,954 43,898 Future production costs (6,663 ) (11,176 ) (534 ) (18,373 ) Future development costs (3,714 ) (6,451 ) (208 ) (10,373 ) Future income taxes (1,508 ) (18 ) (746 ) (2,272 ) Future net cash flows 6,522 5,892 466 12,880 Discount at 10 per cent per annum (2,104 ) (2,426 ) (108 ) (4,638 ) Standardised measure 4,418 3,466 358 8,242 (1) Standardised measure includes Onshore US assets of US$ nil (2018: US$1,932 million; 2017: US$1,962 million). (2) Other is primarily comprised of Algeria and Trinidad and Tobago. |
Changes in the Standardised measure | Changes in the Standardised measure are presented in the following table. 2019 2018 2017 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 10,240 8,242 8,987 Revisions: Prices, net of production costs 3,821 5,540 (96 ) Changes in future development costs (228 ) (358 ) 275 Revisions of reserves quantity estimates (1) 1,268 (166 ) 2,961 Accretion of discount 1,178 1,016 1,147 Changes in production timing and other (618 ) 946 (1,611 ) 15,661 15,220 11,663 Sales of oil and gas, net of production costs (5,029 ) (5,091 ) (4,301 ) Acquisitions of reserves-in-place – – – Sales of reserves-in-place (2) (1,489 ) (26 ) (15 ) Previously estimated development costs incurred 545 1,068 718 Extensions, discoveries, and improved recoveries, net of future costs (33 ) 502 (401 ) Changes in future income taxes (503 ) (1,433 ) 578 Standardised measure at the end of the year (3) 9,152 10,240 8,242 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 6.3.1. (2) Onshore US assets disposal. (3) Standardised measure at the end of the year includes Onshore US assets of US$ nil (2018: US$1,932 million; 2017: US$1,962 million). |
Capitalised exploratory well costs | The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2019, 30 June 2018 and 30 June 2017. 2019 2018 2017 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 794 668 770 Additions to capitalised exploratory well costs pending the determination of proved reserves 297 186 258 Capitalised exploratory well costs charged to expense (9 ) (62 ) (69 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves (42 ) 2 (155 ) Other – – (136 ) At the end of the year 1,040 794 668 |
Ageing of capitalised exploratory well costs | The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term “project” as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2019 2018 2017 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 210 124 120 Exploratory well costs capitalised for a period greater than one year 830 670 548 At the end of the year 1,040 794 668 2019 2018 2017 Number of projects that have been capitalised for a period greater than one year 13 17 14 |
Number of crude oil and natural gas wells drilled and completed | The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2019 Australia – – – 1 – 1 1 United States (1) 1 – 1 33 – 33 34 Other (2) 4 2 6 – – – 6 Total 5 2 7 34 – 34 41 Year ended 30 June 2018 Australia – – – 1 – 1 1 United States (1) 1 1 2 84 1 85 87 Other (2) – – – – – – – Total 1 1 2 85 1 86 88 Year ended 30 June 2017 Australia – – – – – – – United States (1) – – – 80 – 80 80 Other (2) 3 2 5 1 – 1 6 Total 3 2 5 81 – 81 86 (1) Includes Onshore US assets net productive development wells of 33 (2018: 84; 2017: 79) and net dry development wells of nil (2018: 1; 2017: nil). Onshore US assets had nil net exploratory wells in 2019, 2018 and 2017. (2) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. |
Number of productive crude oil and natural gas wells in which we held an interest | The following tables show the number of gross and net productive crude oil and natural gas wells and total gross and net developed and undeveloped oil and natural gas acreage as at 30 June 2019. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage is comprised of leased acres that are within an area by or assignable to a productive well. Undeveloped acreage is comprised of leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which the Group held an interest at 30 June 2019 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 352 176 153 53 505 229 United States 60 25 – – 60 25 Other (1) 57 21 8 4 65 25 Total 469 222 161 57 630 279 (1) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. |
Developed and undeveloped acreage (including both leases and concessions) held | Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2019 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,152 823 963 393 United States 105 39 828 776 Other (1)(2) 146 57 3,526 2,869 Total 2,403 919 5,317 4,038 (1) Developed acreage in Other primarily consists of Algeria and Trinidad and Tobago. (2) Undeveloped acreage in Other primarily consists of Canada, Mexico and Trinidad and Tobago. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2019Segment | |
Disclosure of operating segments [abstract] | |
Number of reportable segment | 4 |
Segment Reporting - Summary of
Segment Reporting - Summary of Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Underlying EBITDA | 23,158 | 23,183 | 19,350 |
Depreciation and amortisation | (5,829) | (6,288) | (5,972) |
Impairment losses | (264) | (333) | (188) |
Underlying EBIT | 17,065 | 16,562 | 13,190 |
Exceptional items | (952) | (566) | (636) |
Net finance costs | (1,064) | (1,245) | (1,417) |
Profit (loss) before taxation | 15,049 | 14,751 | 11,137 |
Capital expenditure (cash basis) | 6,250 | 4,979 | 3,697 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (546) | 147 | 272 |
Investments accounted for using the equity method | 2,569 | 2,473 | 2,448 |
Total assets | 100,861 | 111,993 | 117,006 |
Total liabilities | 49,037 | 51,323 | 54,280 |
Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 44,288 | 43,129 | 35,740 |
Reportable segments [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,930 | 5,408 | 4,722 |
Underlying EBITDA | 3,801 | 3,341 | 3,117 |
Depreciation and amortisation | (1,560) | (1,719) | (1,648) |
Impairment losses | (21) | (76) | (102) |
Underlying EBIT | 2,220 | 1,546 | 1,367 |
Capital expenditure (cash basis) | 645 | 656 | 917 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (2) | (4) | (3) |
Investments accounted for using the equity method | 239 | 249 | 264 |
Total assets | 12,465 | 12,938 | 13,726 |
Total liabilities | 5,237 | 4,886 | 4,715 |
Reportable segments [member] | Petroleum [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,853 | 5,333 | 4,639 |
Reportable segments [member] | Petroleum [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 77 | 75 | 83 |
Reportable segments [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10,838 | 12,781 | 7,942 |
Underlying EBITDA | 4,550 | 6,522 | 3,545 |
Depreciation and amortisation | (1,835) | (1,920) | (1,525) |
Impairment losses | (128) | (213) | (14) |
Underlying EBIT | 2,587 | 4,389 | 2,006 |
Exceptional items | (546) | ||
Capital expenditure (cash basis) | 2,735 | 2,428 | 1,484 |
(Loss)/profit from equity accounted investments, related impairments and expenses | 303 | 467 | 295 |
Investments accounted for using the equity method | 1,472 | 1,335 | 1,306 |
Total assets | 27,428 | 26,824 | 26,743 |
Total liabilities | 3,340 | 3,145 | 2,643 |
Reportable segments [member] | Copper [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10,838 | 12,781 | 7,942 |
Reportable segments [member] | Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 17,255 | 14,810 | 14,624 |
Underlying EBITDA | 11,129 | 8,930 | 9,077 |
Depreciation and amortisation | (1,653) | (1,721) | (1,828) |
Impairment losses | (79) | (14) | (52) |
Underlying EBIT | 9,397 | 7,195 | 7,197 |
Exceptional items | (971) | (539) | (203) |
Capital expenditure (cash basis) | 1,611 | 1,074 | 805 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (945) | (509) | (172) |
Total assets | 22,592 | 22,208 | 22,781 |
Total liabilities | 5,106 | 3,888 | 3,606 |
Reportable segments [member] | Iron Ore [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 17,251 | 14,797 | 14,606 |
Reportable segments [member] | Iron Ore [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4 | 13 | 18 |
Reportable segments [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 9,121 | 8,889 | 7,578 |
Underlying EBITDA | 4,067 | 4,397 | 3,784 |
Depreciation and amortisation | (632) | (686) | (719) |
Impairment losses | (35) | (29) | (15) |
Underlying EBIT | 3,400 | 3,682 | 3,050 |
Exceptional items | 164 | ||
Capital expenditure (cash basis) | 655 | 409 | 246 |
(Loss)/profit from equity accounted investments, related impairments and expenses | 103 | 192 | 152 |
Investments accounted for using the equity method | 853 | 883 | 873 |
Total assets | 12,124 | 12,257 | 11,996 |
Total liabilities | 2,450 | 2,404 | 1,860 |
Reportable segments [member] | Coal [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 9,121 | 8,889 | 7,578 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,144 | 1,241 | 874 |
Underlying EBITDA | (389) | (7) | (173) |
Depreciation and amortisation | (149) | (242) | (252) |
Impairment losses | (1) | (1) | (5) |
Underlying EBIT | (539) | (250) | (430) |
Exceptional items | 19 | (27) | (51) |
Capital expenditure (cash basis) | 604 | 412 | 245 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (5) | 1 | |
Investments accounted for using the equity method | 5 | 6 | 5 |
Total assets | 26,252 | 37,766 | 41,760 |
Total liabilities | 32,904 | 37,000 | 41,456 |
Group and unallocated items/eliminations [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,225 | 1,329 | 975 |
Group and unallocated items/eliminations [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ (81) | $ (88) | $ (101) |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reportable segments [line items] | |||
Exceptional items excluded from depreciation and amortisation | $ 212 | ||
Exceptional items excluded from impairment losses | 5 | ||
Exceptional items | (952) | (566) | (636) |
Other income | 393 | 247 | 662 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Exceptional items | 19 | (27) | (51) |
Group and unallocated items/eliminations [member] | Samarco dam failure [member] | |||
Disclosure of reportable segments [line items] | |||
Exceptional items | (31) | (27) | (51) |
Other income | $ 50 |
Segment Reporting - Summary o_3
Segment Reporting - Summary of Geographical Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Non-current assets | 77,488 | 76,863 | 95,950 |
Unallocated assets [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 5,067 | 5,039 | 7,069 |
Australia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,568 | 2,304 | 2,037 |
Non-current assets | 45,013 | 45,157 | 46,949 |
Europe [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,875 | 1,886 | 1,641 |
China [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 24,274 | 22,660 | 18,644 |
Japan [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 4,193 | 4,628 | 3,036 |
India [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,479 | 2,439 | 1,891 |
South Korea [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,550 | 2,588 | 2,271 |
Rest of Asia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,940 | 2,620 | 3,152 |
North America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,442 | 2,715 | 2,233 |
Non-current assets | 8,633 | 8,246 | 22,860 |
South America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 662 | 1,054 | 649 |
Non-current assets | 18,404 | 18,267 | 18,899 |
Rest of world [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 305 | 235 | 186 |
Non-current assets | $ 371 | $ 154 | $ 173 |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Segment and Asset (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 44,288 | 43,129 | 35,740 |
Reportable segments [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,930 | 5,408 | 4,722 |
Reportable segments [member] | Petroleum [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,853 | 5,333 | 4,639 |
Reportable segments [member] | Petroleum [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 77 | 75 | 83 |
Reportable segments [member] | Petroleum [member] | Australia Production Unit [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 507 | 568 | 601 |
Reportable segments [member] | Petroleum [member] | Bass Strait Australia [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,237 | 1,285 | 1,096 |
Reportable segments [member] | Petroleum [member] | North West Shelf Australia [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,657 | 1,400 | 1,190 |
Reportable segments [member] | Petroleum [member] | Atlantis [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 979 | 833 | 677 |
Reportable segments [member] | Petroleum [member] | Shenzi [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 540 | 576 | 509 |
Reportable segments [member] | Petroleum [member] | Mad Dog [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 319 | 229 | 202 |
Reportable segments [member] | Petroleum [member] | Trinidad/Tobago [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 287 | 161 | 110 |
Reportable segments [member] | Petroleum [member] | Algeria [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 258 | 234 | 212 |
Reportable segments [member] | Petroleum [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10 | 12 | 9 |
Reportable segments [member] | Petroleum [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 136 | 110 | 116 |
Reportable segments [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10,838 | 12,781 | 7,942 |
Reportable segments [member] | Copper [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10,838 | 12,781 | 7,942 |
Reportable segments [member] | Copper [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,109 | 1,349 | 1,012 |
Reportable segments [member] | Copper [member] | Escondida [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 6,876 | 8,346 | 4,242 |
Reportable segments [member] | Copper [member] | Pampa Norte [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,502 | 1,831 | 1,401 |
Reportable segments [member] | Copper [member] | Olympic Dam [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,351 | 1,255 | 1,287 |
Reportable segments [member] | Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 17,255 | 14,810 | 14,624 |
Reportable segments [member] | Iron Ore [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 17,251 | 14,797 | 14,606 |
Reportable segments [member] | Iron Ore [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4 | 13 | 18 |
Reportable segments [member] | Iron Ore [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 32 | 54 | 81 |
Reportable segments [member] | Iron Ore [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 157 | 160 | 148 |
Reportable segments [member] | Iron Ore [member] | Western Australia Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 17,066 | 14,596 | 14,395 |
Reportable segments [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 9,121 | 8,889 | 7,578 |
Reportable segments [member] | Coal [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 9,121 | 8,889 | 7,578 |
Reportable segments [member] | Coal [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 19 | 2 | |
Reportable segments [member] | Coal [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 2 | 11 | |
Reportable segments [member] | Coal [member] | Queensland Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 7,679 | 7,388 | 6,316 |
Reportable segments [member] | Coal [member] | New South Wales Energy Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,421 | 1,499 | 1,251 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,144 | 1,241 | 874 |
Group and unallocated items/eliminations [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,225 | 1,329 | 975 |
Group and unallocated items/eliminations [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ (81) | $ (88) | $ (101) |
Revenue - Summary of Revenue _2
Revenue - Summary of Revenue by Segment and Asset (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,144 | 1,241 | 874 |
Crude oil [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 3,171 | 2,933 | 2,528 |
Natural gas [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,259 | 1,124 | 1,029 |
LNG [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,179 | 920 | 858 |
NGL [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 263 | 294 | 265 |
Other petroleum [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 58 | 137 | 42 |
Only copper [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 10,215 | 12,059 | 7,323 |
Other metals [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 623 | 722 | 619 |
Metallurgical coal [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 7,568 | 7,331 | 6,266 |
Thermal coal [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,553 | 1,558 | 1,312 |
Nickel West [member] | Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,193 | 1,297 | 950 |
Other revenue [member] | Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ 32 | $ 32 | $ 25 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reportable segments [line items] | |||
Revenue from contracts with customers | $ 44,361 | $ 42,748 | $ 35,036 |
Other revenue | $ (73) | $ 381 | $ 704 |
Bottom of range [member] | |||
Disclosure of reportable segments [line items] | |||
Provisional pricing period | 60 days | ||
Top of range [member] | |||
Disclosure of reportable segments [line items] | |||
Provisional pricing period | 120 days |
Exceptional Items - Summary of
Exceptional Items - Summary of Exceptional Items by Category (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of exceptional items [line items] | |||
Exceptional items gross | $ (1,060) | $ (650) | $ (763) |
Exceptional items tax | 242 | (2,320) | (243) |
Exceptional items net | (818) | (2,970) | (1,006) |
Samarco dam failure [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (1,060) | (650) | (381) |
Exceptional items tax | 0 | 0 | 0 |
Exceptional items net | (1,060) | (650) | (381) |
Global taxation matters [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items tax | 242 | ||
Exceptional items net | 242 | ||
US tax reform [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items tax | (2,320) | ||
Exceptional items net | (2,320) | ||
Escondida industrial action [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (546) | ||
Exceptional items tax | 179 | ||
Exceptional items net | (367) | ||
Cancellation of the Caroona exploration licence [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | 164 | ||
Exceptional items tax | (49) | ||
Exceptional items net | 115 | ||
Withholding tax on Chilean dividends [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items tax | (373) | ||
Exceptional items net | (373) | ||
Non-controlling interests [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (232) | ||
Exceptional items tax | 68 | ||
Exceptional items net | (164) | ||
Attributable to BHP shareholders [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (1,060) | (650) | (531) |
Exceptional items tax | 242 | (2,320) | (311) |
Exceptional items net | $ (818) | $ (2,970) | $ (842) |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($)kt |
Disclosure of exceptional items [line items] | |||||
Exceptional items net | $ 818 | $ 2,970 | $ 1,006 | ||
US corporate tax rate | 30.00% | 30.00% | 30.00% | ||
Taxation (income) charges related to exceptional items | $ (242) | $ 2,320 | $ 243 | ||
Exceptional gain (loss), before tax | 1,060 | 650 | 763 | ||
One-off dividend to parent | 12,507 | 6,720 | 3,472 | ||
Samarco dam failure [member] | |||||
Disclosure of exceptional items [line items] | |||||
Exceptional items net | 1,060 | 650 | 381 | ||
Taxation (income) charges related to exceptional items | 0 | 0 | 0 | ||
Exceptional gain (loss), before tax | $ 1,060 | 650 | 381 | ||
US tax reform [member] | |||||
Disclosure of exceptional items [line items] | |||||
Exceptional items net | 2,320 | ||||
US corporate tax rate | 21.00% | 35.00% | |||
Taxation (income) charges related to exceptional items | $ 2,320 | ||||
Escondida industrial action [member] | |||||
Disclosure of exceptional items [line items] | |||||
Exceptional items net | 367 | ||||
Taxation (income) charges related to exceptional items | $ (179) | ||||
Reduction in copper production | kt | 214 | ||||
Exceptional gain (loss), before tax | $ 546 | ||||
Depreciation | 212 | ||||
Cancellation of the Caroona exploration licence [member] | |||||
Disclosure of exceptional items [line items] | |||||
Exceptional items net | (115) | ||||
Taxation (income) charges related to exceptional items | 49 | ||||
Exceptional gain (loss), before tax | (164) | ||||
Withholding tax on Chilean dividends [member] | |||||
Disclosure of exceptional items [line items] | |||||
Exceptional items net | 373 | ||||
Taxation (income) charges related to exceptional items | 373 | ||||
BHP Billiton Chile Inversiones Limitada [member] | Withholding tax on Chilean dividends [member] | |||||
Disclosure of exceptional items [line items] | |||||
One-off dividend to parent | $ 2,300 |
Exceptional Items - Summary o_2
Exceptional Items - Summary of Exceptional Items Related to the Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of exceptional items [line items] | |||
Other income | $ 393 | $ 247 | $ 662 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (28,022) | (27,527) | (24,120) |
Loss from equity accounted investments, related impairments and expenses: | |||
Net finance costs | (1,064) | (1,245) | (1,417) |
Loss before taxation | (1,060) | (650) | (763) |
Samarco dam failure [member] | |||
Disclosure of exceptional items [line items] | |||
Other income | 50 | ||
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (57) | (57) | (82) |
Loss from equity accounted investments, related impairments and expenses: | |||
Share of loss relating to the Samarco dam failure | (96) | (80) | (134) |
Samarco Germano dam decommissioning | (263) | ||
Samarco dam failure provision | (586) | (429) | (38) |
Net finance costs | (108) | (84) | (127) |
Loss before taxation | $ (1,060) | $ (650) | $ (381) |
Exceptional Items - Summary o_3
Exceptional Items - Summary of Exceptional Items Related to the US Tax Reform (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of exceptional items [line items] | |||
Taxation (income) charges related to exceptional items | $ 242 | $ (2,320) | $ (243) |
US tax reform [member] | |||
Disclosure of exceptional items [line items] | |||
Re-measurement of deferred taxes as a result of reduced US corporate income tax rate | (1,390) | ||
Impairment of foreign tax credits | (834) | ||
Net impact of tax charges on deemed repatriation of accumulated earnings of non-US subsidiaries | (194) | ||
Recognition of Alternative Minimum Tax Credits | 95 | ||
Other impacts | 3 | ||
Taxation (income) charges related to exceptional items | $ (2,320) |
Significant Events - Additional
Significant Events - Additional Information (Detail) R$ in Millions | Aug. 08, 2018BRL (R$) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2019BRL (R$) | Jun. 30, 2019USD ($) | Aug. 08, 2018USD ($) |
Disclosure of significant events [line items] | ||||||||
Funding provided during the period | $ 303,000,000 | |||||||
Settlement claim | $ 3,503,000,000 | $ 3,443,000,000 | ||||||
Income recognised from insurance settlements | $ 50,000,000 | |||||||
Samarco dam failure [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Percentage of charges recognised in Group's results | 100.00% | |||||||
Funding provided during the period | $ 96,000,000 | |||||||
Additional share of losses | 96,000,000 | 80,000,000 | $ 134,000,000 | |||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | 1,285,000,000 | 1,057,000,000 | 1,914,000,000 | |||||
Provision | 586,000,000 | 429,000,000 | $ 38,000,000 | |||||
Utilisation of the Samarco dam failure provision | 328,000,000 | $ 285,000,000 | ||||||
Samarco dam failure [member] | Dam stabilisation and expert costs [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Utilisation of the Samarco dam failure provision | $ 15,000,000 | |||||||
Samarco dam failure [member] | State Prosecutors in Minas Gerais [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | R$ 7500 | 2,000,000,000 | ||||||
Samarco dam failure [member] | State Prosecutors in Esprito Santo [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | 2,000 | 520,000,000 | ||||||
Samarco dam failure [member] | Public defenders in Minas Gerais [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | 10,000 | 2,600,000,000 | ||||||
Samarco dam failure [member] | Governance Agreement [member] | Federal public prosecution office claim [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | R$ 155000 | 155,000 | 40,000,000,000 | $ 40,000,000,000 | ||||
Samarco dam failure [member] | Preliminary Agreement [member] | Federal public prosecution office claim [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Term of agreement | 2 years | |||||||
Preliminary agreement suspended amount | 7,700 | 2,000,000,000 | ||||||
Samarco dam failure [member] | Framework agreement [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Term of agreement | 15 years | |||||||
Samarco Mineracao S.A. [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Percentage of interest in joint venture investment | 50.00% | 50.00% | ||||||
Additional share of losses | $ 655,000,000 | |||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Commitments | $ 1,100,000,000 | 500,000,000 | ||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian Social Contribution Levy [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | 5,500 | 1,400,000,000 | ||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian corporate income tax rate [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Settlement claim | 4,300 | 1,100,000,000 | ||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Framework agreement [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | 200,000,000 | 200,000,000 | ||||||
BHP Billiton Brasil Ltda [member] | Samarco Germano dam decommissioning [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Provision | $ 263,000,000 | |||||||
Percentage of decommissioning cost | 50.00% | |||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Interim security amount preliminary agreement | 2,200 | 575,000,000 | ||||||
Allocation period | 30 months | |||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Insurance bonds [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Interim security amount preliminary agreement | 1,300 | 340,000,000 | ||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Liquid assets [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Interim security amount preliminary agreement | 100 | 25,000,000 | ||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Preliminary Agreement [member] | Charge over assets [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Interim security amount preliminary agreement | R$ 800 | 210,000,000 | ||||||
BHP Billiton Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Provision before tax and after discounting in respect of its obligations under the Framework Agreement | $ 1,300,000,000 | 1,700,000,000 | ||||||
Percentage of remaining costs expected to be incurred by December 2020 | 45.00% | |||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Percentage of interest in joint venture investment | 50.00% | |||||||
Adjustment in joint venture investment | ||||||||
Funding provided during the period | $ 96,000,000 | |||||||
Additional share of losses | 96,000,000 | |||||||
Dividends received | 0 | |||||||
Profits available for distribution | 0 | |||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Undrawn amount | 17,000,000 | |||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Dam stabilisation and expert costs [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Utilisation of the Samarco dam failure provision | $ 15,000,000 | |||||||
BHP Billiton Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Short-term facility [member] | ||||||||
Disclosure of significant events [line items] | ||||||||
Commitments | $ 79,000,000 |
Significant Events - Summary of
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income statement | |||
Other income | $ 393 | $ 247 | $ 662 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (28,022) | (27,527) | (24,120) |
Loss from equity accounted investments, related impairments and expenses: | |||
Loss from operations | (952) | (566) | (636) |
Net finance costs | (1,064) | (1,245) | (1,417) |
Loss before taxation | (1,060) | (650) | (763) |
Income tax benefit | 242 | (2,320) | (243) |
Loss after taxation | (818) | (2,970) | (1,006) |
Balance sheet movement | |||
Trade and other payables | (406) | (719) | (512) |
Cash flow statement | |||
Loss before taxation | (1,060) | (650) | (763) |
Net finance costs | 1,064 | 1,245 | 1,417 |
Changes in assets and liabilities: | |||
Trade and other payables | 406 | 719 | 512 |
Net operating cash flows | 17,871 | 18,461 | 16,804 |
Net investing cash flows | 2,607 | (5,921) | (4,161) |
Net decrease in cash and cash equivalents | (10,495) | 1,650 | 3,047 |
Samarco dam failure [member] | |||
Income statement | |||
Other income | 50 | ||
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Billiton Brasil and other BHP entities in relation to the Samarco dam failure | (57) | (57) | (82) |
Loss from equity accounted investments, related impairments and expenses: | |||
Share of loss relating to the Samarco dam failure | (96) | (80) | (134) |
Samarco Germano dam decommissioning | (263) | ||
Samarco dam failure provision | (586) | (429) | (38) |
Loss from operations | (952) | (566) | (254) |
Net finance costs | (108) | (84) | (127) |
Loss before taxation | (1,060) | (650) | (381) |
Income tax benefit | 0 | 0 | 0 |
Loss after taxation | (1,060) | (650) | (381) |
Balance sheet movement | |||
Trade and other payables | 4 | 4 | (3) |
Provisions | (629) | (228) | 143 |
Net (liabilities)/assets | (625) | (224) | 140 |
Cash flow statement | |||
Loss before taxation | (1,060) | (650) | (381) |
Share of loss relating to the Samarco dam failure | 96 | 80 | 134 |
Samarco Germano dam decommissioning | 263 | ||
Samarco dam failure provision | 586 | 429 | 38 |
Net finance costs | 108 | 84 | 127 |
Changes in assets and liabilities: | |||
Trade and other payables | (4) | (4) | 3 |
Net operating cash flows | (11) | (61) | (79) |
Net investment and funding of equity accounted investments | (424) | (365) | (442) |
Net investing cash flows | (424) | (365) | (442) |
Net decrease in cash and cash equivalents | $ (435) | $ (426) | $ (521) |
Significant Events - Summary _2
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of exceptional items [line items] | ||
Funding provided during the period | $ (303) | |
Samarco dam failure [member] | ||
Disclosure of exceptional items [line items] | ||
Change in estimate | (579) | $ (560) |
Exchange translation | (7) | 131 |
Funding provided during the period | (96) | |
Utilisation | (328) | $ (285) |
Continuation of reparatory and compensatory programs [member] | Samarco dam failure [member] | ||
Disclosure of exceptional items [line items] | ||
Utilisation | (313) | |
Dam stabilisation and expert costs [member] | Samarco dam failure [member] | ||
Disclosure of exceptional items [line items] | ||
Utilisation | $ (15) |
Significant Events - Summary _3
Significant Events - Summary of Provision for Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of other provisions [line items] | ||
Current | $ 2,175 | $ 2,025 |
Non-current | 8,928 | 8,223 |
Samarco dam failure [member] | ||
Disclosure of other provisions [line items] | ||
At the beginning of the financial year | 1,285 | 1,057 |
Movement in provisions | 629 | 228 |
Utilised | (328) | (285) |
Change in estimate | 579 | 560 |
Samarco Germano dam decommissioning | 263 | |
Amortisation of discounting impacting net finance costs | 108 | 84 |
Exchange translation | 7 | (131) |
At the end of the financial year | 1,914 | 1,285 |
Current | 440 | 313 |
Non-current | $ 1,474 | $ 972 |
Expenses and Other Income - Sum
Expenses and Other Income - Summary of Expenses and Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee benefits expense: | |||
Wages, salaries and redundancies | $ 3,683,000 | $ 3,653,000 | $ 3,392,000 |
Employee share awards | 138,275 | 123,313 | 106,214 |
Social security costs | 4,000 | 4,000 | 3,000 |
Pension and other post-retirement obligations | 292,000 | 292,000 | 273,000 |
Less employee benefits expense classified as exploration and evaluation expenditure | (85,000) | (82,000) | (79,000) |
Changes in inventories of finished goods and work in progress | 496,000 | (142,000) | (743,000) |
Raw materials and consumables used | 4,591,000 | 4,389,000 | 3,830,000 |
Freight and transportation | 2,378,000 | 2,294,000 | 1,786,000 |
External services | 4,745,000 | 4,786,000 | 4,037,000 |
Third party commodity purchases | 1,069,000 | 1,374,000 | 1,060,000 |
Net foreign exchange (gains)/losses | (147,000) | (93,000) | 103,000 |
Government royalties paid and payable | 2,538,000 | 2,168,000 | 1,986,000 |
Exploration and evaluation expenditure incurred and expensed in the current period | 516,000 | 641,000 | 610,000 |
Depreciation and amortisation expense | 5,829,000 | 6,288,000 | 6,184,000 |
Net impairments: | |||
Property, plant and equipment | 250,000 | 838,000 | |
Goodwill and other intangible assets | 14,000 | 2,353,000 | |
Available for sale financial assets | 1,000 | ||
Operating lease rentals | 405,000 | 421,000 | 391,000 |
All other operating expenses | 1,306,000 | 1,078,000 | 989,000 |
Total expenses | 28,022,000 | 27,527,000 | 24,120,000 |
(Gains)/losses on disposal of property, plant and equipment | (22,000) | 10,000 | (286,000) |
Other income | (371,000) | (257,000) | (376,000) |
Total other income | (393,000) | (247,000) | (662,000) |
Continuing operation [member] | |||
Net impairments: | |||
Property, plant and equipment | 250,000 | 318,000 | 160,000 |
Goodwill and other intangible assets | $ 14,000 | $ 14,000 | $ 33,000 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 5,408 | $ 5,052 | $ 4,412 |
Deferred tax expense | 121 | 1,955 | 31 |
Total taxation expense | $ 5,529 | $ 7,007 | $ 4,443 |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Profit before taxation | $ 15,049 | $ 14,751 | $ 11,137 |
Tax on profit at Australian prima facie tax rate of 30 per cent | 4,515 | 4,425 | 3,341 |
Total taxation expense | 5,529 | 7,007 | 4,443 |
Income tax expense | 5,335 | 6,879 | 4,276 |
Royalty-related taxation (net of income tax benefit) | 194 | 128 | 167 |
US tax reform [member] | |||
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Tax rate changes | 1,390 | ||
Non-tax effected operating losses and capital gains | 834 | ||
Tax on remitted and unremitted foreign earnings | 194 | ||
Recognition of previously unrecognised tax assets | (95) | ||
Other | (3) | ||
Total taxation expense | 2,320 | ||
Items not related to US tax reform [member] | |||
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Tax rate changes | 6 | (79) | 25 |
Non-tax effected operating losses and capital gains | 742 | 721 | 242 |
Tax on remitted and unremitted foreign earnings | 283 | 401 | 478 |
Recognition of previously unrecognised tax assets | (10) | (170) | (21) |
Other | 87 | 172 | 219 |
Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses | 164 | (44) | (82) |
Amounts over provided in prior years | (21) | (51) | 175 |
Foreign exchange adjustments | (25) | (152) | 88 |
Investment and development allowance | (94) | (180) | (53) |
Impact of tax rates applicable outside of Australia | $ (312) | $ (484) | $ (136) |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income tax expense benefits [line items] | |||
Australian prima facie tax rate | 30.00% | 30.00% | 30.00% |
US tax reform [member] | |||
Income tax expense benefits [line items] | |||
Repatriation tax | $ 797 | ||
Previously unrecognised tax credits | $ 603 |
Income Tax Expense - Summary _4
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Available for sale investments: | |||
Net valuation losses taken to equity | $ (3) | ||
Hedges: | |||
Gains/(losses) taken to equity | $ 98 | (25) | $ (105) |
(Gains)/losses transferred to the income statement | (90) | 64 | 129 |
Income tax credit relating to items that may be reclassified subsequently to the income statement | 8 | 36 | 24 |
Items that will not be reclassified to the income statement: | |||
Remeasurement gains/(losses) on pension and medical schemes | 7 | (22) | (12) |
Employee share awards transferred to retained earnings on exercise | 12 | 8 | (14) |
Income tax credit/(charge) relating to items that will not be reclassified to the income statement | 19 | (14) | (26) |
Total income tax credit/(charge) relating to components of other comprehensive income | $ 27 | $ 22 | $ (2) |
Income Tax Expense - Summary _5
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Major components of tax expense (income) [abstract] | |||
Income tax relating to components of other comprehensive income, deferred taxes | $ 15 | $ 17 | $ 12 |
Income tax relating to components of other comprehensive income, current taxes | $ 12 | $ 5 | $ (14) |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) $ in Millions, $ in Millions | Nov. 19, 2018USD ($) | Nov. 19, 2018AUD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2018USD ($) |
Disclosure of significant subsidiaries [line items] | |||||
Assessed tax amount | $ 3,443 | $ 3,503 | |||
Tax and other matters [member] | Controlled foreign companies [member] | |||||
Disclosure of significant subsidiaries [line items] | |||||
Assessed tax amount | 87 | $ 125 | |||
Tax and other matters [member] | Controlled foreign companies [member] | Litigated [member] | |||||
Disclosure of significant subsidiaries [line items] | |||||
Assessed tax amount | $ 30 | $ 43 | |||
Tax and other matters [member] | Transfer pricing [member] | |||||
Disclosure of significant subsidiaries [line items] | |||||
Payments for assessments | $ 388 | $ 529 | |||
Tax and other matters [member] | Transfer pricing [member] | Prior years [member] | |||||
Disclosure of significant subsidiaries [line items] | |||||
Payments for assessments | 243 | 328 | |||
Tax and other matters [member] | Transfer pricing [member] | Current period [member] | |||||
Disclosure of significant subsidiaries [line items] | |||||
Payments for assessments | $ 145 | $ 201 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings attributable to BHP shareholders | |||
Continuing operations | $ 8,648 | $ 6,652 | $ 6,375 |
Total | $ 8,306 | $ 3,705 | $ 5,890 |
Weighted average number of shares | |||
Basic | 5,180 | 5,323 | 5,323 |
Diluted | 5,193 | 5,337 | 5,336 |
Basic earnings per ordinary share | |||
Continuing operations | $ 1.669 | $ 1.250 | $ 1.198 |
Total | 1.603 | 0.696 | 1.107 |
Diluted earnings per ordinary share | |||
Continuing operations | 1.665 | 1.246 | 1.195 |
Total | $ 1.599 | $ 0.694 | $ 1.104 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings per share [abstract] | |||
Effect of dilutive shares | 13,000,000 | 14,000,000 | 13,000,000 |
Antidilutive shares | 0 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 2,403 | $ 1,857 |
Loans to equity accounted investments | 33 | 13 |
Other receivables | 1,339 | 1,406 |
Total | 3,775 | 3,276 |
Current | 3,462 | 3,096 |
Non-current | $ 313 | $ 180 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial assets [line items] | ||
Term receivables terms | 30 days | |
Trade receivables | $ 2,403 | $ 1,857 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Provisions for doubtful debts | 3 | 1 |
Past due but not impaired [member] | ||
Disclosure of financial assets [line items] | ||
Trade receivables | $ 14 | $ 32 |
Credit risk [member] | ||
Disclosure of financial assets [line items] | ||
Percentage of trade receivables owed from the customers | 34.00% | 33.00% |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Trade and other payables [abstract] | ||
Trade creditors | $ 5,162 | $ 4,574 |
Other creditors | 1,560 | 1,406 |
Total | 6,722 | 5,980 |
Current | 6,717 | 5,977 |
Non-current | $ 5 | $ 3 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 1,406 | $ 1,266 |
Work in progress | 2,515 | 2,965 |
Finished goods | 687 | 674 |
Total | 4,608 | 4,905 |
Current | 3,840 | 3,764 |
Non-current | $ 768 | $ 1,141 |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Classes of current inventories [abstract] | |||
Inventory write-downs | $ 16 | $ 18 | $ 112 |
Inventory write-downs, made in previous periods that were reversed | $ 21 | $ 2 | $ 19 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | $ 67,182 | $ 80,497 |
Additions | 7,760 | 6,644 |
Depreciation for the year | (5,747) | (7,745) |
Impairments, net of reversals | (250) | (838) |
Disposals | (47) | (79) |
Transferred to assets held for sale | (331) | (10,672) |
Exchange variations taken to reserve | (1) | 1 |
Transfers and other movements | (525) | (626) |
At the end of the financial year | 68,041 | 67,182 |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 126,728 | |
At the end of the financial year | 132,149 | 126,728 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | (59,546) | |
At the end of the financial year | (64,108) | (59,546) |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 8,152 | 8,547 |
Additions | 5 | (20) |
Depreciation for the year | (585) | (548) |
Impairments, net of reversals | (9) | (9) |
Disposals | (2) | (7) |
Transferred to assets held for sale | (21) | |
Transfers and other movements | 324 | 210 |
At the end of the financial year | 7,885 | 8,152 |
Land and buildings [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 12,525 | |
At the end of the financial year | 12,825 | 12,525 |
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | (4,373) | |
At the end of the financial year | (4,940) | (4,373) |
Plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 40,885 | 49,427 |
Additions | 515 | 110 |
Depreciation for the year | (4,885) | (6,467) |
Impairments, net of reversals | (234) | (507) |
Disposals | (40) | (26) |
Transferred to assets held for sale | (4,426) | |
Exchange variations taken to reserve | (1) | 1 |
Transfers and other movements | 1,934 | 2,773 |
At the end of the financial year | 38,174 | 40,885 |
Plant and equipment [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 91,037 | |
At the end of the financial year | 92,090 | 91,037 |
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | (50,152) | |
At the end of the financial year | (53,916) | (50,152) |
Mineral rights and petroleum interests [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 8,974 | 15,557 |
Additions | 1,023 | 873 |
Depreciation for the year | (277) | (730) |
Impairments, net of reversals | (260) | |
Disposals | (5) | (36) |
Transferred to assets held for sale | (5,563) | |
Transfers and other movements | (504) | (867) |
At the end of the financial year | 9,211 | 8,974 |
Mineral rights and petroleum interests [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 13,212 | |
At the end of the financial year | 13,681 | 13,212 |
Mineral rights and petroleum interests [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | (4,238) | |
At the end of the financial year | (4,470) | (4,238) |
Assets under construction [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 7,554 | 5,536 |
Additions | 5,799 | 5,423 |
Disposals | (1) | |
Transferred to assets held for sale | (331) | (662) |
Transfers and other movements | (1,873) | (2,742) |
At the end of the financial year | 11,149 | 7,554 |
Assets under construction [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 7,554 | |
At the end of the financial year | 11,149 | 7,554 |
Exploration and evaluation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 1,617 | 1,430 |
Additions | 418 | 258 |
Impairments, net of reversals | (7) | (62) |
Disposals | (9) | |
Transfers and other movements | (406) | |
At the end of the financial year | 1,622 | 1,617 |
Exploration and evaluation [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | 2,400 | |
At the end of the financial year | 2,404 | 2,400 |
Exploration and evaluation [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the financial year | (783) | |
At the end of the financial year | $ (782) | $ (783) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment acquired under finance lease | $ 7,760 | $ 6,644 | |
Impairment charges related to Onshore US assets | 250 | 838 | |
Property, plant and equipment acquired under finance lease [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment acquired under finance lease | 0 | 3 | $ 593 |
Impairment of Onshore US assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment charges related to Onshore US assets | $ 0 | $ 520 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories (Detail) | 12 Months Ended |
Jun. 30, 2019 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | SL |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25 years |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 50 years |
Plant and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | SL |
Plant and equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 3 years |
Plant and equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 30 years |
Mineral rights and petroleum interests [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Capitalised exploration, evaluation and development expenditure [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Property, Plant and Equipment_4
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversals of impairment | $ 0 | $ 0 | |
CGU carrying amount | 68,041,000,000 | 67,182,000,000 | $ 80,497,000,000 |
Impairment | $ 264,000,000 | $ 333,000,000 | $ 193,000,000 |
Real post-tax discount rate | 7.50% | ||
Jansen Potash CGU [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
CGU carrying amount | $ 3,000,000,000 | ||
Impairment | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | $ 778 | $ 3,968 |
Additions | 31 | 50 |
Amortisation for the year | (142) | (197) |
Impairments for the year | (14) | (2,353) |
Disposals | (23) | |
Transferred to assets held for sale | (667) | |
Transfers and other movements | 22 | |
At the end of the financial year | 675 | 778 |
Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | 1,912 | |
At the end of the financial year | 1,944 | 1,912 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | (1,134) | |
At the end of the financial year | (1,269) | (1,134) |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | 247 | 3,269 |
Impairments for the year | (2,339) | |
Disposals | (16) | |
Transferred to assets held for sale | (667) | |
At the end of the financial year | 247 | 247 |
Goodwill [member] | Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | 247 | |
At the end of the financial year | 247 | 247 |
Other intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | 531 | 699 |
Additions | 31 | 50 |
Amortisation for the year | (142) | (197) |
Impairments for the year | (14) | (14) |
Disposals | (7) | |
Transfers and other movements | 22 | |
At the end of the financial year | 428 | 531 |
Other intangibles [member] | Cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | 1,665 | |
At the end of the financial year | 1,697 | 1,665 |
Other intangibles [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
At the beginning of the financial year | (1,134) | |
At the end of the financial year | $ (1,269) | $ (1,134) |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment charges related to Onshore US | $ 14 | $ 2,353 | |
Continuing operation [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment charges related to Onshore US | 14 | 14 | $ 33 |
Net carrying value of goodwill | $ 247 | $ 247 | |
Net carrying value of goodwill, per cent of net equity | 1.00% | 1.00% | |
Impairment of Onshore US assets [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment charges related to Onshore US | $ 2,339 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2019 | |
Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 8 years |
Deferred Tax Balances - Summary
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net deferred tax asset | |||
At the beginning of the financial year | $ 569 | $ 2,023 | $ 1,823 |
Income tax (charge)/credit recorded in the income statement | (81) | (1,445) | 188 |
Income tax credit/(charge) recorded directly in equity | 15 | 17 | 12 |
Other movements | 27 | (26) | |
At the end of the financial year | $ 530 | $ 569 | $ 2,023 |
Deferred Tax Balances - Summa_2
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax (charge)/credit recorded in the income statement | $ (81) | $ (1,445) | $ 188 |
Discontinued operations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax (charge)/credit recorded in the income statement | $ 40 | $ 510 | $ 219 |
Deferred Tax Balances - Summa_3
Deferred Tax Balances - Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 3,764 | $ 4,041 | |
Deferred tax liabilities | 3,234 | 3,472 | |
Charged/(credited) to the income statement | 81 | 1,445 | $ (188) |
Depreciation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (1,717) | (2,756) | |
Deferred tax liabilities | 1,444 | 1,356 | |
Charged/(credited) to the income statement | (951) | (752) | 391 |
Exploration expenditure [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 449 | 492 | |
Charged/(credited) to the income statement | 43 | 51 | (22) |
Employee benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 310 | 321 | |
Deferred tax liabilities | (6) | (2) | |
Charged/(credited) to the income statement | 14 | 31 | (37) |
Closure and rehabilitation provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,671 | 1,627 | |
Deferred tax liabilities | (203) | (194) | |
Charged/(credited) to the income statement | (53) | 218 | (151) |
Resource rent tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 431 | 468 | |
Deferred tax liabilities | 1,112 | 1,328 | |
Charged/(credited) to the income statement | (179) | (194) | (189) |
Other provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 144 | 141 | |
Deferred tax liabilities | (1) | (2) | |
Charged/(credited) to the income statement | (2) | (11) | 14 |
Deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 24 | 21 | |
Deferred tax liabilities | (5) | ||
Charged/(credited) to the income statement | (9) | (13) | 3 |
Deferred charges [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (416) | (374) | |
Deferred tax liabilities | 286 | 272 | |
Charged/(credited) to the income statement | 56 | (119) | (77) |
Investments, including foreign tax credits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 412 | 546 | |
Deferred tax liabilities | 600 | 691 | |
Charged/(credited) to the income statement | 70 | 615 | (17) |
Foreign exchange gains and losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (97) | (120) | |
Deferred tax liabilities | (6) | 16 | |
Charged/(credited) to the income statement | (45) | (20) | (77) |
Tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,611 | 3,758 | |
Charged/(credited) to the income statement | 1,147 | 1,595 | (381) |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (58) | (83) | |
Deferred tax liabilities | 13 | 7 | |
Charged/(credited) to the income statement | $ (10) | $ 44 | $ 355 |
Deferred Tax Balances - Additio
Deferred Tax Balances - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Unrecognized deferred tax assets and liabilities [line items] | ||
Recognises the benefit of tax losses only to the extent of anticipated future taxable income or gains in relevant jurisdictions | $ 3,764 | $ 4,041 |
Tax losses [member] | ||
Unrecognized deferred tax assets and liabilities [line items] | ||
Recognises the benefit of tax losses only to the extent of anticipated future taxable income or gains in relevant jurisdictions | $ 2,611 | $ 3,758 |
Deferred Tax Balances - Summa_4
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Unrecognised deferred tax assets | ||
Tax losses and tax credits | $ 3,720 | $ 3,028 |
Total unrecognised deferred tax assets | 10,215 | 9,669 |
Unrecognised deferred tax liabilities | ||
Total unrecognised deferred tax liabilities | 2,912 | 2,901 |
Investments, including foreign tax credits [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 1,656 | 1,659 |
Unrecognised deferred tax liabilities | ||
Investments in subsidiaries | 2,253 | 2,216 |
Australian petroleum resource rent tax [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 2,197 | 2,282 |
Unrecognised deferred tax liabilities | ||
Taxable temporary differences relating to unrecognised deferred tax asset for PRRT | 659 | 685 |
Mineral rights [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 2,230 | 2,263 |
Other [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | $ 412 | $ 437 |
Deferred Tax Balances - Summa_5
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Income and capital tax losses with a tax benefit, which are not recognised as deferred tax assets | $ 2,265 | $ 1,946 |
Tax credits, which are not recognised as deferred tax assets | 1,455 | 1,082 |
Gross amount of income tax losses | 8,368 | |
Gross amount of tax losses not recognised | 12,482 | |
Investments, including foreign tax credits [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary difference for which no deferred tax asset is recognised | 1,656 | 1,659 |
Deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised | 2,253 | 2,216 |
Australian petroleum resource rent tax [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary difference for which no deferred tax asset is recognised | 2,197 | 2,282 |
Temporary difference for which no deferred tax liability is recognised | 659 | 685 |
Mineral rights [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary difference for which no deferred tax asset is recognised | 2,230 | 2,263 |
Other [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary difference for which no deferred tax asset is recognised | 412 | $ 437 |
Due not later than one year [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses | 359 | |
Later than one year and not later than two years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses | 443 | |
Later than two years and not later than five years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses | 2,723 | |
Later than five years and not later than 10 years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credits, which are not recognised as deferred tax assets | 1,449 | |
Gross amount of income tax losses | 530 | |
Later than 10 years and not later than 20 years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credits, which are not recognised as deferred tax assets | 6 | |
Gross amount of income tax losses | 2,312 | |
Unlimited [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses | 2,001 | |
Gross amount of capital tax losses | $ 4,114 |
Closure and Rehabilitation Prov
Closure and Rehabilitation Provisions - Summary of Closure and Rehabilitation Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of other provisions [line items] | |||
Current | $ 2,175 | $ 2,025 | |
Non-current | 8,928 | 8,223 | |
Closure and rehabilitation provisions [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the financial year | 6,330 | 6,738 | |
Increases to existing and new provisions | 318 | 132 | |
Exchange translation | (7) | (11) | |
Released during the year | (33) | (165) | |
Amortisation of discounting impacting net finance costs | 353 | 352 | |
Utilisation | (201) | (178) | |
Exchange variations impacting foreign currency translation reserve | (2) | ||
Divestment and demerger of subsidiaries and operations | (80) | ||
Transferred to liabilities held for sale | (450) | ||
Other movements | (1) | (1) | |
At the end of the financial year | 6,977 | 6,330 | $ 6,738 |
Current | 361 | 274 | |
Non-current | 6,616 | 6,056 | |
Closure and rehabilitation provisions [member] | Operating sites [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the financial year | 5,120 | ||
Change in estimate | 494 | 35 | |
Exchange translation | (194) | (122) | |
At the end of the financial year | 5,535 | 5,120 | |
Closure and rehabilitation provisions [member] | Closed sites [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the financial year | 1,210 | ||
Increases to existing and new provisions | 251 | (21) | $ 33 |
At the end of the financial year | $ 1,442 | $ 1,210 |
Closure and Rehabilitation Pr_2
Closure and Rehabilitation Provisions - Additional Information (Detail) - Closure and rehabilitation provisions [member] - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of other provisions [line items] | |||
Increases to existing and new provisions associated closure and remediation costs charged to the income statement | $ 318 | $ 132 | |
Percentage of reasonably possible decrease in real discount rates | 0.50% | ||
Increase in closure and rehabilitation provision due to reasonably possible decrease in real discount rates | $ 618 | ||
Increase in depreciation expense due to reasonably possible decrease in real discount rates | $ 42 | ||
Bottom of range [member] | |||
Disclosure of other provisions [line items] | |||
Remaining production life | 1 year | ||
Top of range [member] | |||
Disclosure of other provisions [line items] | |||
Remaining production life | 98 years | ||
Weighted average [member] | |||
Disclosure of other provisions [line items] | |||
Remaining production life | 32 years | ||
Closed sites [member] | |||
Disclosure of other provisions [line items] | |||
Increases to existing and new provisions associated closure and remediation costs charged to the income statement | $ 251 | $ (21) | $ 33 |
Increase in income statement charge due to reasonably possible decrease in real discount rates | 94 | ||
Operating sites [member] | |||
Disclosure of other provisions [line items] | |||
Increase in property, plant and equipment due to reasonably possible decrease in real discount rates | $ 524 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
5.5% Preference shares [member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
BHP Group Limited [member] | |||
Share capital issued | |||
Opening number of shares | 3,211,691,105 | 3,211,691,105 | 3,211,691,105 |
Purchase of shares by ESOP Trusts | (6,854,057) | (7,469,236) | (6,481,292) |
Employee share awards exercised following vesting | 5,902,588 | 7,339,522 | 6,945,570 |
Movement in treasury shares under Employee Share Plans | 951,469 | 129,714 | (464,278) |
Share bought back and cancelled | (265,839,711) | ||
Closing number of shares | 2,945,851,394 | 3,211,691,105 | 3,211,691,105 |
BHP Group Limited [member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 3,211,494,259 | 3,211,623,973 | |
Closing number of shares | 2,944,703,079 | 3,211,494,259 | 3,211,623,973 |
BHP Group Limited [member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 196,846 | 67,132 | |
Closing number of shares | 1,148,315 | 196,846 | 67,132 |
BHP Group Limited [member] | Special Voting share of no par value [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Limited [member] | DLC Dividend share [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Plc [member] | |||
Share capital issued | |||
Opening number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
Purchase of shares by ESOP Trusts | (274,069) | (679,223) | (225,646) |
Employee share awards exercised following vesting | 275,984 | 711,705 | 940,070 |
Movement in treasury shares under Employee Share Plans | (1,915) | (32,482) | (714,424) |
Closing number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
BHP Group Plc [member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 2,112,030,162 | 2,111,997,680 | |
Closing number of shares | 2,112,032,077 | 2,112,030,162 | 2,111,997,680 |
BHP Group Plc [member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 41,634 | 74,116 | |
Closing number of shares | 39,719 | 41,634 | 74,116 |
BHP Group Plc [member] | Special Voting share of US$0.50 par value [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Plc [member] | 5.5% Preference shares [member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Capital (Parenthetical) (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Sep. 05, 2019shares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | Jun. 30, 2019£ / shares | Jun. 30, 2018£ / shares | Jun. 30, 2017£ / shares | |
Disclosure of classes of share capital [line items] | ||||||||
Off-market buy-back program | $ | $ 5,200 | $ 5,220 | ||||||
BHP Group Limited [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | $ / shares | $ 0.50 | |||||||
Number of ordinary shares issued on the exercise of awards | 5,902,588 | 7,339,522 | 6,945,570 | |||||
BHP Group Limited [member] | Major ordinary share transactions [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of ordinary shares issued on the exercise of awards | 0 | |||||||
BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | $ / shares | $ 0.50 | |||||||
Number of ordinary shares issued on the exercise of awards | 275,984 | 711,705 | 940,070 | |||||
BHP Group Plc [member] | Major ordinary share transactions [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of ordinary shares issued on the exercise of awards | 0 | |||||||
Special Voting share of US$0.50 par value [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | |||||
5.5% Preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% | |||||
5.5% Preference shares [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | 12 Months Ended | ||||||
Jun. 30, 2019$ / sharesshares | Jun. 30, 2019£ / sharesshares | Jun. 30, 2018$ / shares | Jun. 30, 2018£ / shares | Jun. 30, 2017$ / shares | Jun. 30, 2017£ / shares | Feb. 23, 2016$ / shares | |
Disclosure of classes of share capital [line items] | |||||||
Ordinary shares, per cent of total number of shares | 99.99% | 99.99% | |||||
BHP Group Limited [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | $ / shares | $ 0.50 | ||||||
BHP Group Plc [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | $ / shares | $ 0.50 | ||||||
Special Voting share of no par value [member] | BHP Group Limited [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 1 | 1 | |||||
Movement in shares | 0 | ||||||
Special Voting share of US$0.50 par value [member] | BHP Group Plc [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | $ / shares | $ 0.5 | $ 0.5 | $ 0.5 | ||||
Number of shares issued | 1 | 1 | |||||
Movement in shares | 0 | ||||||
5.5% Preference shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||
5.5% Preference shares [member] | BHP Group Plc [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | ||||
Movement in shares | 0 | ||||||
DLC Dividend share [member] | BHP Group Limited [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares, par value | $ / shares | $ 10 |
Other Equity - Summary of Reser
Other Equity - Summary of Reserves (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Other reserves [abstract] | |||
Share premium account | $ 518 | $ 518 | $ 518 |
Foreign currency translation reserve | 37 | 42 | 40 |
Employee share awards reserve | 213 | 196 | 214 |
Cash flow hedge reserve | 114 | 58 | 153 |
Cost of hedging reserve | (74) | ||
Equity investments reserve | 17 | 16 | 10 |
Capital redemption reserve | 177 | 177 | 177 |
Non-controlling interest contribution reserve | 1,283 | 1,283 | 1,288 |
Total reserves | $ 2,285 | $ 2,290 | $ 2,400 |
Other Equity - Summary of Finan
Other Equity - Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant subsidiaries [line items] | |||
Current assets | $ 23,373 | $ 35,130 | |
Non-current assets | 77,488 | 76,863 | $ 95,950 |
Current liabilities | (12,339) | (13,989) | |
Non-current liabilities | (36,698) | (37,334) | |
Net assets | 51,824 | 60,670 | |
Net assets attributable to NCI | 4,584 | 5,078 | |
Revenue | 44,288 | 43,129 | 35,740 |
Profit after taxation | 9,185 | 4,823 | 6,222 |
Other comprehensive income | (25) | (97) | (49) |
Total comprehensive income | 9,160 | 4,726 | 6,173 |
Profit after taxation attributable to NCI | 879 | 1,118 | 332 |
Net operating cash flow | 17,871 | 18,461 | 16,804 |
Net investing cash flow | 2,607 | (5,921) | (4,161) |
Net financing cash flow | $ (20,528) | $ (10,891) | $ (9,133) |
Minera Escondida Limitada [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Group share (per cent) | 57.50% | 57.50% | |
Current assets | $ 2,456 | $ 2,751 | |
Non-current assets | 12,538 | 13,389 | |
Current liabilities | (1,826) | (1,781) | |
Non-current liabilities | (4,122) | (4,352) | |
Net assets | 9,046 | 10,007 | |
Net assets attributable to NCI | 3,845 | 4,253 | |
Revenue | 6,876 | 8,775 | |
Profit after taxation | 1,360 | 2,221 | |
Other comprehensive income | (1) | (2) | |
Total comprehensive income | 1,359 | 2,219 | |
Profit after taxation attributable to NCI | 578 | 944 | |
Other comprehensive income attributable to NCI | (1) | ||
Net operating cash flow | 3,283 | 5,041 | |
Net investing cash flow | (1,034) | (997) | |
Net financing cash flow | (2,517) | (3,392) | |
Dividends paid to NCI | 986 | 1,469 | |
Other individually immaterial subsidiaries [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Net assets attributable to NCI | 739 | 825 | |
Profit after taxation attributable to NCI | 301 | 174 | |
Other comprehensive income attributable to NCI | (1) | 1 | |
Dividends paid to NCI | 219 | 135 | |
Subsidiaries with material non-controlling interests [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Net assets attributable to NCI | 4,584 | 5,078 | |
Profit after taxation attributable to NCI | 879 | 1,118 | |
Other comprehensive income attributable to NCI | (1) | ||
Dividends paid to NCI | $ 1,205 | $ 1,604 |
Other Equity - Summary of Fin_2
Other Equity - Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Discontinued operations - Onshore US Cash Generating Units [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Dividends paid to non-controlling interests | $ 7 | $ 22 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of Dividends [abstract] | |||
Prior year final dividend, Per share | $ 0.63 | $ 0.43 | $ 0.14 |
Interim dividend, Per share | 0.55 | 0.55 | 0.40 |
Special dividend, Per share | 1.02 | ||
Dividends paid during the period, Per share | $ 2.20 | $ 0.98 | $ 0.54 |
Prior year final dividend, Total | $ 3,356 | $ 2,291 | $ 746 |
Interim dividend, Total | 2,788 | 2,930 | 2,125 |
Special dividend, Total | 5,158 | ||
Dividends paid during the period, Total | $ 11,302 | $ 5,221 | $ 2,871 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends Paid (Parenthetical) (Detail) - 5.5% Preference shares [member] - £ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of dividends [line items] | |||
Per cent dividend | 5.50% | 5.50% | 5.50% |
Preference shares | 50,000 | 50,000 | 50,000 |
Par value | £ 1 | £ 1 | £ 1 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 20, 2019 | Jan. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of dividends [line items] | |||||
Dividend per share | $ 2.20 | $ 0.98 | $ 0.54 | ||
Dividend amount | $ 11,302 | $ 5,221 | $ 2,871 | ||
Dividend per share, after period-end | $ 0.63 | $ 0.43 | |||
Dividend amount, after period-end | $ 3,354 | $ 2,289 | |||
Tax rate | 30.00% | 30.00% | 30.00% | ||
Major ordinary share transactions [member] | |||||
Disclosure of dividends [line items] | |||||
Dividend per share, after period-end | $ 0.78 | ||||
Dividend amount, after period-end | $ 3,944 | ||||
Special dividend [member] | |||||
Disclosure of dividends [line items] | |||||
Dividend per share | $ 1.02 | ||||
Dividend amount | $ 5,200 | ||||
BHP Group Limited [member] | |||||
Disclosure of dividends [line items] | |||||
Number of ordinary shares represented by each American Depositary Share | 2 | ||||
Tax rate | 30.00% | ||||
BHP Group Plc [member] | |||||
Disclosure of dividends [line items] | |||||
Number of ordinary shares represented by each American Depositary Share | 2 |
Dividends - Summary of Franking
Dividends - Summary of Franking Credits (Detail) - BHP Group Limited [member] - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of dividends [line items] | |||
Franking credits | $ 8,681 | $ 10,400 | $ 10,155 |
Franking credits arising from the payment of current tax | 1,194 | 1,330 | 1,239 |
Total franking credits available | $ 9,875 | $ 11,730 | $ 11,394 |
Dividends - Summary of Franki_2
Dividends - Summary of Franking Credits (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2019USD ($) | |
BHP Group Limited [member] | |
Disclosure of dividends [line items] | |
Decrease in franking account balance due to payment of final dividend | $ 984 |
Provisions for Dividends and Ot
Provisions for Dividends and Other Liabilities - Summary of Provisions for Dividends and Other Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Charge/(credit) for the year: | |||
Dividends paid | $ (11,395) | $ (5,220) | $ (2,921) |
Current | 2,175 | 2,025 | |
Non-current | 8,928 | 8,223 | |
Provision for dividends and other liabilities [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the financial year | 944 | 984 | |
Dividends determined | 11,302 | 5,221 | |
Charge/(credit) for the year: | |||
Underlying | 372 | 337 | |
Discounting | 10 | 4 | |
Exchange variations | 101 | 3 | |
Released during the year | (391) | (78) | |
Utilisation | (338) | (150) | |
Dividends paid | (11,395) | (5,325) | |
Transferred to liabilities held for sale | (39) | ||
Transfers and other movements | (104) | (13) | |
At the end of the financial year | 501 | 944 | $ 984 |
Current | 220 | 290 | |
Non-current | $ 281 | $ 654 |
Net Debt - Summary of Net Debt
Net Debt - Summary of Net Debt Balance and Gearing Ratio (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Interest bearing liabilities, Current | |||
Bank loans | $ 508 | $ 308 | |
Notes and debentures | 1,002 | 2,228 | |
Finance leases | 65 | 77 | |
Bank overdraft and short-term borrowings | 20 | 58 | $ 45 |
Other | 66 | 65 | |
Total interest bearing liabilities | 1,661 | 2,736 | |
Less cash and cash equivalents | |||
Cash | 2,210 | 1,065 | |
Short-term deposits | 13,403 | 14,806 | |
Total cash and cash equivalents | 15,613 | 15,871 | $ 14,153 |
Interest bearing liabilities, Non-current | |||
Bank loans | 1,990 | 2,247 | |
Notes and debentures | 20,527 | 21,070 | |
Finance leases | 650 | 725 | |
Bank overdraft and short-term borrowings | 0 | 0 | |
Other | 27 | ||
Total interest bearing liabilities | 23,167 | 24,069 | |
Net debt | 9,215 | 10,934 | |
Net assets | $ 51,824 | $ 60,670 | |
Gearing | 15.10% | 15.30% |
Net Debt - Summary of Cash and
Net Debt - Summary of Cash and Cash Equivalents, Net of Overdrafts (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Cash and cash equivalents if different from statement of financial position [abstract] | ||||
Total cash and cash equivalents | $ 15,613 | $ 15,871 | $ 14,153 | |
Bank overdrafts and short-term borrowing | (20) | (58) | (45) | |
Total cash and cash equivalents, net of overdrafts | $ 15,593 | $ 15,813 | $ 14,108 | $ 10,276 |
Net Debt - Additional Informati
Net Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of net debt [line items] | ||
Cash and cash equivalents restricted by legal or contractual arrangements | $ 108,000,000 | $ 98,000,000 |
Defaults on loans payable | 0 | |
Revolving credit facility [member] | ||
Disclosure of net debt [line items] | ||
Revolving credit facility, maximum amount | 6,000,000,000 | |
Revolving credit facility, amount drawn | ||
Revolving credit facility, maturity period | P5Y |
Net Debt - Summary of Interest
Net Debt - Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | $ 24,828 | $ 26,805 | |
Cash and cash equivalents | 15,613 | 15,871 | $ 14,153 |
USD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 12,485 | 12,981 | |
Cash and cash equivalents | 9,214 | 7,024 | |
EUR [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 7,680 | 9,070 | |
Cash and cash equivalents | 6 | 5,845 | |
GBP [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 3,118 | 3,104 | |
Cash and cash equivalents | 48 | 1,560 | |
AUD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 951 | 1,077 | |
Cash and cash equivalents | 3,023 | 9 | |
CAD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 594 | 573 | |
Cash and cash equivalents | 3,092 | 1,301 | |
Other [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and cash equivalents | $ 230 | $ 132 |
Net Debt - Summary of Maturity
Net Debt - Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | $ 22,869 | $ 25,498 |
Expected future interest payments, contractual amount | 8,399 | 9,361 |
Derivatives related to debentures, contractual amount | 2,086 | 2,504 |
Other derivatives, contractual amount | 65 | 18 |
Obligations under finance leases, contractual amount | 1,028 | 1,165 |
Trade and other payables, contractual amount | 6,560 | 5,791 |
Total, contractual amount | 41,007 | 44,337 |
Bank loans, debentures and other loans, carrying amount | 24,113 | 26,003 |
Derivatives related to debentures, carrying amount | 958 | 1,213 |
Other derivatives, carrying amount | 65 | 18 |
Obligations under finance leases, carrying amount | 715 | 802 |
Trade and other payables, carrying amount | 6,560 | 5,791 |
Total financial liabilities | 32,411 | 33,827 |
Due not later than one year [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 1,587 | 2,647 |
Expected future interest payments, contractual amount | 864 | 682 |
Derivatives related to debentures, contractual amount | 200 | 302 |
Other derivatives, contractual amount | 64 | 17 |
Obligations under finance leases, contractual amount | 110 | 127 |
Trade and other payables, contractual amount | 6,555 | 5,788 |
Total, contractual amount | 9,380 | 9,563 |
Later than one year and not later than two years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 4,107 | 1,545 |
Expected future interest payments, contractual amount | 775 | 957 |
Derivatives related to debentures, contractual amount | 226 | 188 |
Other derivatives, contractual amount | 1 | 1 |
Obligations under finance leases, contractual amount | 110 | 113 |
Trade and other payables, contractual amount | 5 | 3 |
Total, contractual amount | 5,224 | 2,807 |
Later than two years and not later than five years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 5,513 | 8,019 |
Expected future interest payments, contractual amount | 1,864 | 2,203 |
Derivatives related to debentures, contractual amount | 558 | 823 |
Obligations under finance leases, contractual amount | 307 | 335 |
Total, contractual amount | 8,242 | 11,380 |
Due later than five years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 11,662 | 13,287 |
Expected future interest payments, contractual amount | 4,896 | 5,519 |
Derivatives related to debentures, contractual amount | 1,102 | 1,191 |
Obligations under finance leases, contractual amount | 501 | 590 |
Total, contractual amount | $ 18,161 | $ 20,587 |
Net Debt - Summary of Maturit_2
Net Debt - Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of financial liabilities [abstract] | ||
Input taxes | $ 162 | $ 189 |
Net Finance Costs - Summary of
Net Finance Costs - Summary of Net Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest expense using the effective interest rate method: | |||
Interest on bank loans, overdrafts and all other borrowings | $ 1,296 | $ 1,168 | $ 1,130 |
Interest capitalised at 4.96% (2018: 4.24%; 2017: 3.25%) (1) | (248) | (139) | (113) |
Interest on finance leases | 47 | 59 | 33 |
Discounting on provisions and other liabilities | 470 | 414 | 450 |
Other gains and losses | |||
Fair value change on hedged loans | 729 | (265) | (1,185) |
Fair value change on hedging derivatives | (809) | 329 | 1,244 |
Exchange variations on net debt | 6 | (19) | (23) |
Other | 19 | 20 | 24 |
Total financial expenses | 1,510 | 1,567 | 1,560 |
Financial income | |||
Interest income | (446) | (322) | (143) |
Net finance costs | $ 1,064 | $ 1,245 | $ 1,417 |
Net Finance Costs - Summary o_2
Net Finance Costs - Summary of Net Finance Costs (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of finance income costs [abstract] | |||
Interest capitalised | 4.96% | 4.24% | 3.25% |
Tax relief for capitalised interest | $ 74 | $ 42 | $ 34 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) t in Thousands | 12 Months Ended | ||||||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($)t | Jun. 30, 2018USD ($)t | Jun. 30, 2019AUD ($)t | Jun. 30, 2019CLP ($)t | Jun. 30, 2019EUR (€)t | Jun. 30, 2019GBP (£)t | Jun. 30, 2018AUD ($)t | Jun. 30, 2018CLP ($)t | Jun. 30, 2018EUR (€)t | Jun. 30, 2018GBP (£)t | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Cash Flow at Risk period of worst expected loss relative to projected business plan cash flows | 1 year | ||||||||||
Principal measurement of risk, confidence level | 90.00% | ||||||||||
Percentage of borrowings exposed to floating interest rate | 87.00% | 89.00% | |||||||||
Borrowings | $ 24,113,000,000 | $ 26,003,000,000 | |||||||||
TransferBetweenFairValueHierarchyCategories | $ 0 | ||||||||||
Weighted average interest rate payable | USD LIBOR + 2.3% | ||||||||||
Fixed interest rate not swapped to floating rate [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | $ 3,019,000,000 | 3,019,000,000 | |||||||||
Fixed interest rate not swapped to floating rate [member] | At fair value [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | $ 3,757,000,000 | $ 3,434,000,000 | |||||||||
Interest rate risk [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Reasonable possible change in risk, percentage | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ (39,000,000) | $ (54,000,000) | |||||||||
Currency risk [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ (12,000,000) | $ (10,000,000) | |||||||||
Percentage of net financial liabilities denominated in currency | 82.00% | 88.00% | |||||||||
Reasonable possible change in risk, amount | $ 0.01 | $ 10 | € 0.01 | £ 0.01 | $ 0.01 | $ 10 | € 0.01 | £ 0.01 | |||
Commodity price risk [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 55,000,000 | $ 9,000,000 | |||||||||
Commodity price risk [member] | Forward commodity and other derivative contracts [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Net asset fair value | 199,000,000 | 210,000,000 | |||||||||
Commodity price risk [member] | Significant financial instruments [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Net asset fair value | $ 202,000,000 | $ 216,000,000 | |||||||||
Commodity price risk [member] | Provisionally priced contract [member] | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 114,000,000 | $ 178,000,000 | |||||||||
Tonnes of copper exposure | t | 277 | 356 | 277 | 277 | 277 | 277 | 356 | 356 | 356 | 356 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | $ 1,390 | $ 1,199 | |
Cash and cash equivalents | 15,613 | 15,871 | $ 14,153 |
Trade and other receivables | 3,775 | 3,276 | |
Loans to equity accounted investments | 33 | 13 | |
Total financial assets | 20,411 | 20,008 | |
Non-financial assets | 80,450 | 91,985 | |
Total assets | 100,861 | 111,993 | 117,006 |
Other financial liabilities | 1,023 | 1,231 | |
Trade and other payables | 6,722 | 5,980 | |
Bank overdrafts and short-term borrowings | 20 | 58 | 45 |
Notes and debentures | 21,529 | 23,298 | |
Finance leases | 715 | 802 | |
Total financial liabilities | 32,411 | 33,827 | |
Non-financial liabilities | 16,626 | 17,496 | |
Total liabilities | 49,037 | 51,323 | $ 54,280 |
Financial assets held at fair value through profit or loss [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 6 | ||
Financial assets held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 15,613 | 15,871 | |
Loans to equity accounted investments | 33 | 13 | |
Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Bank overdrafts and short-term borrowings | 20 | 58 | |
Bank loans | 2,498 | 2,555 | |
Notes and debentures | 21,529 | 23,298 | |
Finance leases | 715 | 802 | |
Other | 66 | 92 | |
Current cross currency and interest rate swaps [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 63 | 121 | |
Current other derivative contracts [member] | Financial liabilities held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 64 | 17 | |
Non-current cross currency and interest rate swaps [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 895 | 1,092 | |
Non-current other derivative contracts [member] | Financial liabilities held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 1 | 1 | |
Trades and other payables [member] | Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payables | 6,283 | 5,414 | |
Provisionally priced trade payables [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payables | 277 | 377 | |
Current cross currency and interest rate swaps [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 15 | 12 | |
Current other derivative contracts [member] | Financial assets held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 57 | 170 | |
Current other investments [member] | Financial assets held at fair value through profit or loss [member] | Level 1 and 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 15 | 18 | |
Non-current cross currency and interest rate swaps [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 739 | 396 | |
Non-current other derivative contracts [member] | Financial assets held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 180 | 195 | |
Non-current investment in shares [member] | Financial assets held at fair value through other comprehensive income [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 34 | 33 | |
Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 47 | 47 | |
Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | Levels 1, 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 344 | 375 | |
Trade and other receivable [member] | Financial assets held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other receivables | 1,929 | 1,799 | |
Provisionally priced trade receivables [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other receivables | $ 1,446 | $ 1,126 |
Financial Risk Management - S_2
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | $ 1,390 | $ 1,199 |
Input taxes receivable | 367 | 338 |
Input taxes payable | 162 | 189 |
BHP Foundation [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Investments held which are restricted and not available for general use by the Group | 309 | 343 |
Financial assets held at fair value through profit or loss [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | 6 | |
Financial assets held at fair value through profit or loss [member] | Non-current other investments [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | 47 | 47 |
Financial assets held at fair value through profit or loss [member] | Other derivative contracts [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets and liabilities | 200 | 213 |
Financial assets held at fair value through profit or loss [member] | US Treasury Notes [member] | Level 1 [member] | BHP Foundation [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | 128 | 108 |
Significant financial instruments [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net asset fair value | $ 202 | $ 216 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | $ 21,529 | $ 23,298 |
Recognised in cash flow hedging reserve | (163) | (85) |
Recognised in cost of hedging reserve | 106 | |
Recognised in the income statement | 68 | 71 |
Accrued cash flows | 251 | 307 |
Total derivatives fair value | 204 | 805 |
Hedged value of notes and debentures | 21,471 | 23,810 |
Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 1,304 | 1,145 |
Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (1,362) | $ (633) |
USD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 9,433 | |
Recognised in the income statement | 20 | |
Accrued cash flows | 111 | |
Total derivatives fair value | (122) | |
Hedged value of notes and debentures | 9,180 | |
USD [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (253) | |
GBP [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 3,118 | |
Recognised in cash flow hedging reserve | (57) | |
Recognised in cost of hedging reserve | 70 | |
Recognised in the income statement | (2) | |
Accrued cash flows | 62 | |
Total derivatives fair value | 234 | |
Hedged value of notes and debentures | 3,279 | |
GBP [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 678 | |
GBP [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (517) | |
EUR [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 7,680 | |
Recognised in cash flow hedging reserve | (100) | |
Recognised in cost of hedging reserve | 33 | |
Recognised in the income statement | 54 | |
Accrued cash flows | 82 | |
Total derivatives fair value | (119) | |
Hedged value of notes and debentures | 7,492 | |
EUR [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 378 | |
EUR [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (566) | |
CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 594 | |
Recognised in cash flow hedging reserve | (5) | |
Recognised in cost of hedging reserve | 3 | |
Recognised in the income statement | (4) | |
Accrued cash flows | 1 | |
Total derivatives fair value | 148 | |
Hedged value of notes and debentures | 747 | |
CAD [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 175 | |
CAD [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (22) | |
AUD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 704 | |
Recognised in cash flow hedging reserve | (1) | |
Accrued cash flows | (5) | |
Total derivatives fair value | 63 | |
Hedged value of notes and debentures | 773 | |
AUD [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 73 | |
AUD [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | $ (4) |
Financial Risk Management - S_4
Financial Risk Management - Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | $ 58 |
Add: Change in fair value of hedging instrument recognised in OCI | (229) |
Less: Reclassified from reserves to interest expense - recognised through OCI | 211 |
At the end of the financial year | 40 |
Cash flow hedging reserve, gross [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | 85 |
Add: Change in fair value of hedging instrument recognised in OCI | (327) |
Less: Reclassified from reserves to interest expense - recognised through OCI | 229 |
At the end of the financial year | 163 |
Cash flow hedging reserve, gross [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | 176 |
Cash flow hedging reserve, tax [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | (27) |
Add: Change in fair value of hedging instrument recognised in OCI | 98 |
Less: Reclassified from reserves to interest expense - recognised through OCI | (68) |
At the end of the financial year | (49) |
Cash flow hedging reserve, tax [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | (52) |
Cash flow hedging reserve, net [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | 58 |
Add: Change in fair value of hedging instrument recognised in OCI | (229) |
Less: Reclassified from reserves to interest expense - recognised through OCI | 161 |
At the end of the financial year | 114 |
Cash flow hedging reserve, net [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | 124 |
Cost of hedging reserve, gross [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
Less: Reclassified from reserves to interest expense - recognised through OCI | 70 |
At the end of the financial year | (106) |
Cost of hedging reserve, gross [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | (176) |
Cost of hedging reserve, tax [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
Less: Reclassified from reserves to interest expense - recognised through OCI | (20) |
At the end of the financial year | 32 |
Cost of hedging reserve, tax [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | 52 |
Cost of hedging reserve, net [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
Less: Reclassified from reserves to interest expense - recognised through OCI | 50 |
At the end of the financial year | (74) |
Cost of hedging reserve, net [member] | Impact of adopting IFRS 9 [member] | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |
At the beginning of the financial year | $ (124) |
Financial Risk Management - S_5
Financial Risk Management - Summary of Movement of Interest Bearing Liabilities and Related Derivatives (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from interest bearing liabilities | $ 250 | $ 528 | $ 1,577 |
Settlements of debt related instruments | (160) | (218) | 36 |
Repayment of interest bearing liabilities | (2,604) | (4,188) | (7,114) |
Change from Net financing cash flows | (2,514) | (3,878) | |
Bank loans [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 2,555 | 2,281 | |
Proceeds from interest bearing liabilities | 250 | 500 | |
Repayment of interest bearing liabilities | (308) | (221) | |
Change from Net financing cash flows | (58) | 279 | |
Other movements: | |||
Other interest bearing liabilities/derivative related changes | 1 | (5) | |
At the end of the financial year | 2,498 | 2,555 | 2,281 |
Notes and debentures [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 23,298 | 27,041 | |
Repayment of interest bearing liabilities | (2,198) | (3,736) | |
Change from Net financing cash flows | (2,198) | (3,736) | |
Other movements: | |||
Interest rate impacts | 729 | (353) | |
Foreign exchange impacts | (311) | 245 | |
Other interest bearing liabilities/derivative related changes | 11 | 101 | |
At the end of the financial year | 21,529 | 23,298 | 27,041 |
Finance leases [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 802 | 897 | |
Repayment of interest bearing liabilities | (75) | (81) | |
Change from Net financing cash flows | (75) | (81) | |
Other movements: | |||
Foreign exchange impacts | (11) | (9) | |
Other interest bearing liabilities/derivative related changes | (1) | ||
Liabilities transferred to held for sale | (5) | ||
At the end of the financial year | 715 | 802 | 897 |
Bank overdraft and short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 58 | 45 | |
Other movements: | |||
Other interest bearing liabilities/derivative related changes | (38) | 13 | |
At the end of the financial year | 20 | 58 | 45 |
Other interest bearing liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 92 | 210 | |
Proceeds from interest bearing liabilities | 28 | ||
Repayment of interest bearing liabilities | (23) | (150) | |
Change from Net financing cash flows | (23) | (122) | |
Other movements: | |||
Other interest bearing liabilities/derivative related changes | (3) | 4 | |
At the end of the financial year | 66 | 92 | 210 |
Cross currency and interest rate swaps [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 805 | 740 | |
Settlements of debt related instruments | (160) | (218) | |
Change from Net financing cash flows | (160) | (218) | |
Other movements: | |||
Interest rate impacts | (809) | 329 | |
Foreign exchange impacts | 319 | (254) | |
Other interest bearing liabilities/derivative related changes | 49 | 208 | |
At the end of the financial year | $ 204 | $ 805 | $ 740 |
Key Management Personnel - Summ
Key Management Personnel - Summary of Key Management Personnel (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 11,557,506 | $ 13,190,838 | $ 16,439,948 |
Post-employment benefits | 1,490,716 | 1,506,108 | 1,895,828 |
Share-based payments | 15,821,972 | 13,356,657 | 13,747,355 |
Total | $ 28,870,194 | $ 28,053,603 | $ 32,083,131 |
Key Management Personnel - Addi
Key Management Personnel - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Key management personnel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | $ 0 | $ 0 | $ 0 |
Amounts payable | 0 | 0 | 0 |
Key management personnel [member] | Loans [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable | 0 | 0 | 0 |
Amounts receivable | 0 | 0 | 0 |
Director related entities [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 0 | 0 | 0 |
Amounts payable | $ 0 | $ 0 | $ 0 |
Employee Share Ownership Plan_2
Employee Share Ownership Plans - Summary of Description of Plans (Detail) | 12 Months Ended |
Jun. 30, 2019 | |
STIP and GSTIP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Short-term incentive |
Overview | The STIP is generally a plan for the Executive KMP and the GSTIP is a plan for BHP senior management who are not KMP. Under both plans, half of the value of a participant's short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period. |
Vesting conditions | Service conditions only. |
Vesting period | 2 years |
Dividend Equivalent Payment | STIP - Yes GSTIP - No |
Exercise period | None |
LTIP and MAP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Long-term incentive |
Overview | The LTIP is a plan for Executive KMP and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant's role and grade. |
Vesting conditions | LTIP: Service and performance conditions. For awards granted from December 2013 onwards, BHP's Total Shareholder Return (TSR)(1) performance relative to the Peer Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the Index TSR (being the index value where the comparator group is a market index) determines the vesting of 33 per cent of the awards. For the awards to vest in full, BHP's TSR must exceed the Peer Group TSR and Index TSR (if applicable) by a specified percentage per year, determined for each grant by the Remuneration Committee. From the establishment of the LTIP in 2004 until the awards granted in December 2016, this percentage was set at 5.5 per cent per year. For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP's TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP's TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. |
Vesting period | LTIP - 5 years MAP - 1 to 5 years |
Dividend Equivalent Payment | LTIP - Yes MAP - No |
Exercise period | LTIP - None MAP - None |
Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Long-term incentive |
Overview | Awards may be granted to new Executive KMP recruited from within the Group to bridge the gap created by the different timeframes of the vesting of MAP awards, granted in their non-KMP roles, and LTIP awards, granted to Executive KMP. No awards were granted to Executive KMP in FY2019. |
Vesting conditions | Service conditions and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to (but not limited to) the BHP's TSR(1) over the three- or four-year performance period (respectively), the participant's contribution to Group outcomes and the participant's personal performance (with guidance on this assessment from the CEO). |
Vesting period | 3 or 4 years |
Dividend Equivalent Payment | No |
Exercise period | None |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | All-employee share purchase plan |
Overview | Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. |
Vesting conditions | Service conditions only. |
Vesting period | 3 years |
Dividend Equivalent Payment | No |
Exercise period | None |
Employee Share Ownership Plan_3
Employee Share Ownership Plans - Summary of Description of Plans (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
STIP and GSTIP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 2 years |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 3 years |
Maximum employee contributions to acquire shares | $ 5,000 |
Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage per year | 5.50% |
Vesting period | 5 years |
Vesting percentage | 100.00% |
Long-Term Incentive Plan [member] | Peer Group Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 67.00% |
Long-Term Incentive Plan [member] | Index Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 33.00% |
Long-Term Incentive Plan [member] | Median Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 25.00% |
Bottom of range [member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 3 years |
Bottom of range [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 1 year |
Top of range [member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 4 years |
Top of range [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 5 years |
Employee Share Ownership Plan_4
Employee Share Ownership Plans - Summary of Employee Share Awards (Detail) | 12 Months Ended |
Jun. 30, 2019sharesyr | |
BHP Group Limited [member] | STIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 308,028 |
Number of awards issued during the year | 271,355 |
Number of awards vested and exercised | 65,392 |
Number of awards at the end of the financial year | 513,991 |
Weighted average remaining contractual life (years) | yr | 0.7 |
BHP Group Limited [member] | GSTIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 2,008,455 |
Number of awards vested and exercised | 780,315 |
Number of awards lapsed | 85,656 |
Number of awards at the end of the financial year | 1,142,484 |
Number of awards vested and exercisable at the end of the financial year | 15,932 |
Weighted average remaining contractual life (years) | yr | 0.2 |
BHP Group Limited [member] | Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 5,980,975 |
Number of awards issued during the year | 947,153 |
Number of awards lapsed | 1,197,239 |
Number of awards at the end of the financial year | 5,730,889 |
Weighted average remaining contractual life (years) | yr | 2.1 |
BHP Group Limited [member] | Transitional OMC awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 46,840 |
Number of awards vested and exercised | 16,160 |
Number of awards lapsed | 7,260 |
Number of awards at the end of the financial year | 23,420 |
Weighted average remaining contractual life (years) | yr | 0.2 |
BHP Group Limited [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 10,379,263 |
Number of awards issued during the year | 4,604,638 |
Number of awards vested and exercised | 2,416,107 |
Number of awards lapsed | 1,077,449 |
Number of awards at the end of the financial year | 11,490,345 |
Number of awards vested and exercisable at the end of the financial year | 94,921 |
Weighted average remaining contractual life (years) | yr | 1.3 |
BHP Group Limited [member] | Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 4,775,079 |
Number of awards issued during the year | 2,025,302 |
Number of awards vested and exercised | 2,590,297 |
Number of awards lapsed | 352,939 |
Number of awards at the end of the financial year | 3,857,145 |
Weighted average remaining contractual life (years) | yr | 1.2 |
BHP Group Plc [member] | GSTIP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 63,868 |
Number of awards vested and exercised | 22,911 |
Number of awards lapsed | 11,531 |
Number of awards at the end of the financial year | 29,426 |
Weighted average remaining contractual life (years) | yr | 0.2 |
BHP Group Plc [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 315,451 |
Number of awards issued during the year | 132,676 |
Number of awards vested and exercised | 107,756 |
Number of awards lapsed | 67,340 |
Number of awards at the end of the financial year | 273,031 |
Weighted average remaining contractual life (years) | yr | 1.3 |
BHP Group Plc [member] | Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards at the beginning of the financial year | 282,159 |
Number of awards issued during the year | 111,866 |
Number of awards vested and exercised | 145,666 |
Number of awards lapsed | 24,289 |
Number of awards at the end of the financial year | 224,070 |
Weighted average remaining contractual life (years) | yr | 1.2 |
Employee Share Ownership Plan_5
Employee Share Ownership Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Employee share awards expense | $ 138,275 | $ 123,313 | $ 106,214 |
Employee Share Ownership Plan_6
Employee Share Ownership Plans - Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued (Detail) | 12 Months Ended | ||
Jun. 30, 2019AUD ($)yr | Jun. 30, 2019GBP (£)yr | Jun. 30, 2019USD ($) | |
BHP Group Limited [member] | STIP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | $ 24.10 | ||
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | $ 33.50 | ||
BHP Group Limited [member] | Long-Term Incentive Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | 17.36 | ||
Risk-free interest rate | 2.04% | 2.04% | |
Estimated life of awards | yr | 5 | 5 | |
Share price at grant date | $ 33.50 | ||
Estimated volatility of share price | 30.00% | 30.00% | |
BHP Group Limited [member] | MAP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | 21.29 | ||
Dividend yield | 5.30% | 5.30% | |
BHP Group Limited [member] | MAP awards [member] | September 24, 2018 grant date [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date | $ 33.83 | ||
BHP Group Limited [member] | MAP awards [member] | November 12, 2018 grant date [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date | 33.41 | ||
BHP Group Limited [member] | MAP awards [member] | December 18, 2018 grant date [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date | $ 33.50 | ||
BHP Group Limited [member] | MAP awards [member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated life of awards | yr | 1 | 1 | |
BHP Group Limited [member] | MAP awards [member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated life of awards | yr | 5 | 5 | |
BHP Group Limited [member] | Shareplus [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | 20.68 | ||
Risk-free interest rate | 2.13% | 2.13% | |
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | $ 28.29 | ||
Dividend yield | 4.71% | 4.71% | |
BHP Group Plc [member] | MAP awards [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | 18.68 | ||
Share price at grant date | £ | £ 16.71 | ||
Dividend yield | 5.80% | 5.80% | |
BHP Group Plc [member] | MAP awards [member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated life of awards | yr | 1 | 1 | |
BHP Group Plc [member] | MAP awards [member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated life of awards | yr | 5 | 5 | |
BHP Group Plc [member] | Shareplus [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average fair value of awards granted during the year | $ 14.71 | ||
Risk-free interest rate | 0.86% | 0.86% | |
Estimated life of awards | yr | 3 | 3 | |
Share price at grant date | £ | £ 14.04 | ||
Dividend yield | 5.40% | 5.40% |
Employee Benefits, Restructurin
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Provisions [abstract] | ||
Employee benefits | $ 1,140 | $ 1,232 |
Restructuring | 78 | 8 |
Post-retirement employee benefits | 493 | 449 |
Total provisions | 1,711 | 1,689 |
Current | 1,154 | 1,148 |
Non-current | $ 557 | $ 541 |
Employee Benefits, Restructur_2
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Reconciliation of Employee Benefits, Restructuring and Post-retirement Employee Benefits (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | $ 1,689 |
Charge/(credit) for the year: | |
Underlying | 1,226 |
Discounting | 42 |
Net interest expense | (21) |
Exchange variations | (54) |
Released during the year | (157) |
Remeasurement gains taken to retained earnings | 20 |
Utilisation | (1,034) |
At the end of the financial year | 1,711 |
Employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 1,232 |
Charge/(credit) for the year: | |
Underlying | 1,011 |
Exchange variations | (49) |
Released during the year | (146) |
Utilisation | (908) |
At the end of the financial year | 1,140 |
Restructuring [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 8 |
Charge/(credit) for the year: | |
Underlying | 160 |
Exchange variations | 1 |
Released during the year | (11) |
Utilisation | (80) |
At the end of the financial year | 78 |
Post-retirement employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 449 |
Charge/(credit) for the year: | |
Underlying | 55 |
Discounting | 42 |
Net interest expense | (21) |
Exchange variations | (6) |
Remeasurement gains taken to retained earnings | 20 |
Utilisation | (46) |
At the end of the financial year | $ 493 |
Pension and Other Post-retire_3
Pension and Other Post-retirement Obligations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of defined contribution plans [abstract] | |||
Contributions paid | $ 274 | $ 277 | $ 247 |
Pension and Other Post-retire_4
Pension and Other Post-retirement Obligations - Summary of Net Liability Recognised in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Defined benefit pension schemes/post-employment obligations [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of defined benefit scheme assets | $ (648) | $ (633) |
Scheme deficit | 290 | 257 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 290 | 257 |
Defined benefit pension schemes/post-employment obligations [member] | Funded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | 632 | 616 |
Defined benefit pension schemes/post-employment obligations [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | 306 | 274 |
Post-retirement medical schemes [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Scheme deficit | 203 | 192 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 203 | 192 |
Post-retirement medical schemes [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | $ 203 | $ 192 |
Employees - Summary of Employee
Employees - Summary of Employees (Detail) - Employees | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of average number of employees [line items] | |||
Average number of employees | 28,926 | 27,161 | 26,146 |
Continuing operation [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 28,926 | 26,510 | 25,432 |
Continuing operation [member] | Australia [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 18,146 | 16,504 | 15,906 |
Continuing operation [member] | South America [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 6,979 | 6,729 | 6,361 |
Continuing operation [member] | North America [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 1,999 | 1,839 | 2,072 |
Continuing operation [member] | Asia [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 1,743 | 1,368 | 1,019 |
Continuing operation [member] | Europe [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 59 | 70 | 74 |
Discontinued operations [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 651 | 714 |
Employees - Summary of Employ_2
Employees - Summary of Employees (Parenthetical) (Detail) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Average Number Of Employees [abstract] | |||
Percentage of employees of subsidiary companies | 100.00% | 100.00% | 100.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Sep. 28, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Total comprehensive income (loss) attributable to BHP shareholders | $ 8,282 | $ 3,608 | $ 5,841 | ||||
Exceptional items net | $ 818 | $ 2,970 | $ 1,006 | ||||
US corporate tax rate | 30.00% | 30.00% | 30.00% | ||||
Taxation (income) charges related to exceptional items | $ 242 | $ (2,320) | $ (243) | ||||
US tax reform [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Exceptional items net | 2,320 | ||||||
US corporate tax rate | 21.00% | 35.00% | |||||
Taxation (income) charges related to exceptional items | (2,320) | ||||||
BHP Billiton Petroleum (Arkansas) Inc. [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Percentage of issued share capital sold | 100.00% | ||||||
BHP Billiton Petroleum (Fayetteville) LLC [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Percentage of issued share capital sold | 100.00% | ||||||
BHP Billiton Petroleum Arkansas and BHP Billiton Petroleum Fayetteville LLC [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Agreement purchase price | $ 300 | ||||||
Petrohawk Energy Corporation [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Percentage of issued share capital sold | 100.00% | ||||||
Agreement purchase price | $ 10,300 | ||||||
Customary completion adjustments | $ (200) | ||||||
Discontinued operations [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Total comprehensive income (loss) attributable to BHP shareholders | (342) | (2,943) | (489) | ||||
Exceptional items net | $ 0 | 2,258 | 0 | ||||
Taxation (income) charges related to exceptional items | 601 | ||||||
Discontinued operations [member] | US tax reform [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Exceptional items net | (492) | ||||||
Taxation (income) charges related to exceptional items | $ 492 | ||||||
Discontinued operations - Onshore US Cash Generating Units [member] | |||||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||||
Goodwill | $ 3,022 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Income Statement - Discontinued Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |||
Revenue | $ 851 | $ 2,171 | $ 2,150 |
Other income | 94 | 34 | 74 |
Expenses excluding net finance costs | (729) | (5,790) | (3,025) |
Profit/(loss) from operations | 216 | (3,585) | (801) |
Financial expenses | (8) | (22) | (14) |
Net finance costs | (8) | (22) | (14) |
Profit/(loss) before taxation | 208 | (3,607) | (815) |
Income tax (expense)/benefit | (33) | 686 | 343 |
Profit/(loss) after taxation from operating activities | 175 | (2,921) | (472) |
Net loss on disposal | (510) | ||
Loss after taxation | (335) | (2,921) | (472) |
Attributable to non-controlling interests | 7 | 26 | 13 |
Attributable to BHP shareholders | $ (342) | $ (2,947) | $ (485) |
Basic loss per ordinary share (cents) | $ (0.066) | $ (0.554) | $ (0.091) |
Diluted loss per ordinary share (cents) | $ (0.066) | $ (0.554) | $ (0.091) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net operating cash flows | $ 474 | $ 900 | $ 928 |
Net investing cash flows | (443) | (861) | (437) |
Net financing cash flows | (13) | (40) | (28) |
Net increase/(decrease) in cash and cash equivalents from Discontinued operations | 18 | (1) | 463 |
Less Cash and cash equivalents | (15,613) | (15,871) | (14,153) |
Proceeds from divestment of Onshore US, net of its cash | 4 | 187 | |
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net operating cash flows | 474 | 900 | 928 |
Net investing cash flows | (443) | (861) | (437) |
Net financing cash flows | (13) | (40) | (28) |
Net increase/(decrease) in cash and cash equivalents from Discontinued operations | 18 | (1) | 463 |
Net proceeds received from the sale of Onshore US | 10,531 | ||
Less Cash and cash equivalents | (104) | ||
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Total cash impact | $ 10,445 | $ (1) | $ 463 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Purchases of property, plant and equipment | $ 6,250 | $ 4,979 | $ 3,697 |
Proceeds from sale of assets | 145 | 89 | 529 |
Net repayment of interest bearing liabilities | 2,604 | 4,188 | 7,114 |
Dividends paid to non-controlling interests | 1,198 | 1,582 | 575 |
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Purchases of property, plant and equipment | 443 | 900 | 555 |
Proceeds from sale of assets | 0 | 39 | 118 |
Net repayment of interest bearing liabilities | 6 | 4 | 6 |
Distribution (contribution) to non-controlling interests | 0 | 14 | 16 |
Dividends paid to non-controlling interests | $ 7 | $ 22 | $ 6 |
Discontinued Operations - Sum_4
Discontinued Operations - Summary of Net Loss on Disposal of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 15,613 | $ 15,871 | $ 14,153 |
Trade and other receivables | 3,775 | 3,276 | |
Other financial assets | 1,390 | 1,199 | |
Inventories | 3,840 | 3,764 | |
Property, plant and equipment | 68,041 | 67,182 | 80,497 |
Intangible assets | 675 | 778 | 3,968 |
Total assets | 100,861 | 111,993 | 117,006 |
LIABILITIES | |||
Trade and other payables | 6,722 | 5,980 | |
Total liabilities | 49,037 | 51,323 | $ 54,280 |
Net assets | 51,824 | $ 60,670 | |
Net loss on disposal | (510) | ||
Discontinued operations [member] | |||
ASSETS | |||
Cash and cash equivalents | 104 | ||
Trade and other receivables | 562 | ||
Other financial assets | 31 | ||
Inventories | 34 | ||
Property, plant and equipment | 10,998 | ||
Intangible assets | 667 | ||
Total assets | 12,396 | ||
LIABILITIES | |||
Trade and other payables | 794 | ||
Provisions | 491 | ||
Total liabilities | 1,285 | ||
Net assets | 11,111 | ||
Less non-controlling interest share of net assets disposed | (168) | ||
BHP Share of net assets disposed | 10,943 | ||
Gross consideration | 10,555 | ||
Less transaction costs | (54) | ||
Income tax expense | (68) | ||
Net loss on disposal | $ (510) |
Discontinued Operations - Sum_5
Discontinued Operations - Summary of Exceptional Items - Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | $ (1,060) | $ (650) | $ (763) |
Exceptional items tax | 242 | (2,320) | (243) |
Exceptional items net | (818) | (2,970) | (1,006) |
US tax reform [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items tax | (2,320) | ||
Exceptional items net | (2,320) | ||
Non-controlling interests [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | (232) | ||
Exceptional items tax | 68 | ||
Exceptional items net | (164) | ||
Attributable to BHP shareholders [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | (1,060) | (650) | (531) |
Exceptional items tax | 242 | (2,320) | (311) |
Exceptional items net | (818) | (2,970) | (842) |
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | ||
Exceptional items tax | 601 | ||
Exceptional items net | $ 0 | (2,258) | $ 0 |
Discontinued operations [member] | US tax reform [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | |||
Exceptional items tax | 492 | ||
Exceptional items net | 492 | ||
Discontinued operations [member] | Impairment of Onshore US assets [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | ||
Exceptional items tax | 109 | ||
Exceptional items net | (2,750) | ||
Discontinued operations [member] | Non-controlling interests [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | |||
Exceptional items tax | |||
Exceptional items net | |||
Discontinued operations [member] | Attributable to BHP shareholders [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Exceptional items gross | (2,859) | ||
Exceptional items tax | 601 | ||
Exceptional items net | $ (2,258) |
Discontinued Operations - Sum_6
Discontinued Operations - Summary of Impairment of Non-current Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | $ (264) | $ (333) | $ (193) |
Impairment of Onshore US assets [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (2,859) | ||
Impairment of Onshore US assets [member] | Property, plant and equipment [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (520) | ||
Impairment of Onshore US assets [member] | Goodwill and other intangibles [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (2,339) | ||
Impairment of Onshore US assets [member] | Petrohawk [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (2,253) | ||
Impairment of Onshore US assets [member] | Petrohawk [member] | Goodwill and other intangibles [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (2,253) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (606) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | Property, plant and equipment [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | (520) | ||
Impairment of Onshore US assets [member] | Fayetteville [member] | Goodwill and other intangibles [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Impairment charges | $ (86) |
Subsidiaries - Summary of Signi
Subsidiaries - Summary of Significant Subsidiaries (Detail) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
BHP Billiton Mitsui Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group's interest | 80.00% | 80.00% |
Hunter Valley Energy Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Olympic Dam Corporation Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Copper and uranium mining | |
Group's interest | 100.00% | 100.00% |
Compania Minera Cerro Colorado Limitada [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 100.00% | 100.00% |
Minera Escondida Limitada [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 57.50% | 57.50% |
Minera Spence S.A. [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Iron Ore Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Service company | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Minerals Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore and coal mining | |
Group's interest | 100.00% | 100.00% |
BHP Iron Ore (Jimblebar) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
BHP (Towage Service) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Towing services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Freight Singapore Pte Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Singapore | |
Principal activity | Freight services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Marketing AG [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Switzerland | |
Principal activity | Marketing and trading | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Marketing Asia Pte Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Singapore | |
Principal activity | Marketing support and other services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Canada Inc. [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Canada | |
Principal activity | Potash development | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance BV [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | The Netherlands | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance (USA) Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
BHP Group Operations Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Administrative services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Nickel West Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Nickel mining, smelting, refining and administrative services | |
Group's interest | 100.00% | 100.00% |
WMC Finance (USA) Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
Subsidiaries - Summary of Sig_2
Subsidiaries - Summary of Significant Subsidiaries (Parenthetical) (Detail) - BHP Iron Ore (Jimblebar) Pty Ltd [member] | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of significant subsidiaries [line items] | ||
Effective Group interest | 92.50% | 92.50% |
Group's interest | 85.00% | 85.00% |
Investments Accounted for Usi_3
Investments Accounted for Using the Equity Method - Summary of Ownership Interest in Equity Accounted Investments (Detail) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of significant investments in associates and joint ventures [line items] | ||
Reporting date | --06-30 | |
Samarco Mineracao S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Brazil | |
Principal place of business | Brazil | |
Principal activity | Iron ore mining | |
Reporting date | --12-31 | |
Ownership interest | 50.00% | 50.00% |
Carbones del Cerrejon LLC [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Anguilla | |
Principal place of business | Colombia/Ireland | |
Principal activity | Coal mining in Colombia | |
Reporting date | --12-31 | |
Ownership interest | 33.33% | 33.33% |
Compania Minera Antamina S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Peru | |
Principal place of business | Peru | |
Principal activity | Copper and zinc mining | |
Reporting date | --12-31 | |
Ownership interest | 33.75% | 33.75% |
Investments Accounted for Usi_4
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant investments in associates and joint ventures [line items] | |||
At the beginning of the financial year | $ 2,473 | $ 2,448 | |
(Loss)/profit from equity accounted investments, related impairments and expenses | (546) | 147 | $ 272 |
Investment in equity accounted investments | 303 | ||
Dividends received from equity accounted investments | (510) | ||
Other | 849 | ||
At the end of the financial year | 2,569 | 2,473 | $ 2,448 |
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
(Loss)/profit from equity accounted investments, related impairments and expenses | (945) | ||
Investment in equity accounted investments | 96 | ||
Other | 849 | ||
Associates [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
At the beginning of the financial year | 2,473 | ||
(Loss)/profit from equity accounted investments, related impairments and expenses | 399 | ||
Investment in equity accounted investments | 207 | ||
Dividends received from equity accounted investments | (510) | ||
At the end of the financial year | $ 2,569 | $ 2,473 |
Investments Accounted for Usi_5
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant investments in associates and joint ventures [line items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | $ (546) | $ 147 | $ 272 |
Funding provided during the period | (303) | ||
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | (945) | ||
Funding provided during the period | (96) | ||
Joint ventures [member] | Samarco dam failure [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Share of loss | (96) | ||
Funding provided during the period | (96) | ||
Other movements | (849) | ||
Change in estimate | (579) | ||
Exchange translation | (7) | ||
Samarco Germano dam decommissioning | $ (263) |
Investments Accounted for Usi_6
Investments Accounted for Using the Equity Method - Additional Information (Detail) - BHP Billiton Brasil Ltda [member] - Samarco Mineracao S.A. [member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of significant investments in associates and joint ventures [line items] | ||
Commitment percentage | 50.00% | 50.00% |
Commitments in relation to joint ventures | $ 250 | $ 550 |
Investments Accounted for Usi_7
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | $ 2,569 | $ 2,473 | $ 2,448 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (546) | 147 | 272 |
Dividends received from equity accounted investments | 510 | ||
Compania Minera Antamina S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 1,065 | 1,099 | |
Non-current assets | 4,495 | 4,385 | |
Current liabilities | (498) | (532) | |
Non-current liabilities | (1,076) | (1,064) | |
Net assets/(liabilities) - 100% | 3,986 | 3,888 | |
Net assets/(liabilities) - Group share | 1,345 | 1,312 | |
Adjustments to net assets related to accounting policy adjustments | 1 | ||
Carrying amount of investments accounted for using the equity method | 1,345 | 1,313 | |
Revenue - 100% | 3,203 | 3,866 | 2,905 |
Profit/(loss) from Continuing operations - 100% | 1,168 | 1,613 | 1,010 |
Share of operating profit/(loss) of equity accounted investments | 394 | 544 | 341 |
(Loss)/profit from equity accounted investments, related impairments and expenses | 394 | 544 | 341 |
Comprehensive income/(loss) - 100% | 1,168 | 1,613 | 1,010 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 394 | 544 | 341 |
Dividends received from equity accounted investments | 361 | 496 | 425 |
Carbones del Cerrejon LLC [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 845 | 1,187 | |
Non-current assets | 2,664 | 2,485 | |
Current liabilities | (344) | (585) | |
Non-current liabilities | (801) | (663) | |
Net assets/(liabilities) - 100% | 2,364 | 2,424 | |
Net assets/(liabilities) - Group share | 788 | 808 | |
Adjustments to net assets related to accounting policy adjustments | 65 | 75 | |
Carrying amount of investments accounted for using the equity method | 853 | 883 | |
Revenue - 100% | 2,094 | 2,453 | 2,247 |
Profit/(loss) from Continuing operations - 100% | 309 | 576 | 388 |
Share of operating profit/(loss) of equity accounted investments | 103 | 192 | 129 |
(Loss)/profit from equity accounted investments, related impairments and expenses | 103 | 192 | 129 |
Comprehensive income/(loss) - 100% | 309 | 576 | 388 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 103 | 192 | 129 |
Dividends received from equity accounted investments | 134 | 181 | 163 |
Individually immaterial, associates [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | 371 | 277 | |
(Loss)/profit from equity accounted investments, related impairments and expenses | (98) | (80) | (26) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (98) | (80) | (26) |
Dividends received from equity accounted investments | 15 | 16 | 32 |
Samarco Mineracao S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 290 | 79 | |
Non-current assets | 6,103 | 6,023 | |
Current liabilities | (6,704) | (5,811) | |
Non-current liabilities | (5,830) | (4,265) | |
Net assets/(liabilities) - 100% | (6,141) | (3,974) | |
Net assets/(liabilities) - Group share | (3,071) | (1,987) | |
Adjustments to net assets related to accounting policy adjustments | 366 | 357 | |
Impairment of the carrying value of the investment in Samarco | (525) | (525) | |
Additional share of Samarco losses | 3,145 | 2,092 | |
Unrecognised losses | 85 | 63 | |
Revenue - 100% | 24 | 30 | 28 |
Profit/(loss) from Continuing operations - 100% | (2,166) | (1,558) | (1,520) |
Share of operating profit/(loss) of equity accounted investments | (1,075) | (823) | (760) |
Additional share of Samarco losses | 108 | 251 | 588 |
Unrecognised losses | 22 | 63 | |
(Loss)/profit from equity accounted investments, related impairments and expenses | (945) | (509) | (172) |
Comprehensive income/(loss) - 100% | (2,166) | (1,558) | (1,520) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (945) | (509) | (172) |
Investments accounted for using equity method [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | 2,569 | 2,473 | |
(Loss)/profit from equity accounted investments, related impairments and expenses | (546) | 147 | 272 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (546) | 147 | 272 |
Dividends received from equity accounted investments | $ 510 | $ 693 | $ 620 |
Investments Accounted for Usi_8
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Cash and cash equivalents | $ 15,613 | $ 15,871 | $ 14,153 | |
Investment | 2,569 | 2,473 | 2,448 | |
Net finance costs | (1,064) | (1,245) | (1,417) | |
Depreciation and amortisation | 5,829 | 6,288 | 6,184 | |
Interest income | 446 | 322 | 143 | |
Interest expense | 1,510 | 1,567 | 1,560 | |
Income tax benefit/(expense) | (5,529) | (7,007) | (4,443) | |
Samarco Mineracao S.A. [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Cash and cash equivalents | 246 | 23 | ||
Current financial liabilities (excluding trade and other payables and provisions) | 5,510 | 5,066 | ||
Investment | ||||
Share of loss | (655) | |||
Impairment | $ (525) | |||
Additional share of loss | (3,145) | |||
Loss from funding provided to Samarco | (310) | |||
Net finance costs | (319) | |||
Depreciation and amortisation | 85 | 73 | 88 | |
Interest income | 22 | 31 | 57 | |
Interest expense | 342 | 385 | 473 | |
Income tax benefit/(expense) | 52 | (154) | $ (851) | |
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Other movements | (2,835) | |||
Individually immaterial, associates [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Unrecognised share of profits (losses) | 15 | (56) | ||
Cumulative losses | 181 | 196 | ||
Investment | $ 371 | $ 277 |
Interests in Joint Operations -
Interests in Joint Operations - Summary of Significant Interests in Joint Operations (Detail) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Bass Strait Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
Group's interest | 50.00% | 50.00% |
Greater Angostura Trinidad and Tobago [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Trinidad and Tobago | |
Principal activity | Hydrocarbons production | |
Group's interest | 45.00% | 45.00% |
Gulf of Mexico United States [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons exploration and production | |
Gulf of Mexico United States [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 23.90% | 23.90% |
Gulf of Mexico United States [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 44.00% | 44.00% |
Macedon Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons exploration and production | |
Group's interest | 71.43% | 71.43% |
North West Shelf Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
North West Shelf Australia [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 12.50% | 12.50% |
North West Shelf Australia [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 16.67% | 16.67% |
Pyrenees Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons exploration and production | |
Pyrenees Australia [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 40.00% | 40.00% |
Pyrenees Australia [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 71.43% | 71.43% |
ROD Integrated Development Algeria [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Algeria | |
Principal activity | Hydrocarbons exploration and production | |
Group's interest | 29.50% | 29.50% |
Mt Goldsworthy Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Mt Newmen Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Yandi Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Central Queensland Coal Associates Australia [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Coal mining | |
Group's interest | 50.00% | 50.00% |
Interests in Joint Operations_2
Interests in Joint Operations - Summary of Assets Held in Joint Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of significant joint operations [line items] | |||
Current assets | $ 23,373 | $ 35,130 | |
Non-current assets | 77,488 | 76,863 | $ 95,950 |
Total assets | 100,861 | 111,993 | $ 117,006 |
Joint operations [member] | |||
Disclosure of significant joint operations [line items] | |||
Current assets | 1,946 | 2,445 | |
Non-current assets | 35,682 | 36,144 | |
Total assets | $ 37,628 | $ 38,589 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of transactions between related parties [abstract] | ||
Guarantees provided for related party receivables or payables | $ 0 | |
Guarantees received for related party receivables or payables | 0 | |
Provision for expected credit losses | 0 | |
Expense for expected credit losses due from related parties | 0 | |
Other related party transactions | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions with Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Joint operations [member] | ||
Disclosure of transactions between related parties [line items] | ||
Sales of goods/services | $ 0 | $ 0 |
Interest income | 1,532 | 1,764 |
Net loans made to/(repayments from) related parties | 12,539 | 60,566 |
Joint ventures [member] | ||
Disclosure of transactions between related parties [line items] | ||
Sales of goods/services | 0 | 0 |
Associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Sales of goods/services | 0 | 0 |
Purchases of goods/services | 1,141,230 | 1,358,016 |
Interest income | 826 | 19,337 |
Interest expense | 11 | |
Dividends received | 509,577 | 693,105 |
Net loans made to/(repayments from) related parties | $ 14,547 | $ (599,979) |
Related Party Transactions - _2
Related Party Transactions - Summary of Outstanding Balances with Related Parties (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Joint operations [member] | Loans [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing to related parties | $ 40,513 | $ 55,667 |
Amounts owing from related parties | 15,474 | 18,089 |
Associates [member] | Trade payables [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing to related parties | 169,773 | 210,716 |
Associates [member] | Loans [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing to related parties | 10,097 | 4,097 |
Amounts owing from related parties | 33,486 | 12,939 |
Associates [member] | Trade receivables [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing from related parties | $ 3,828 | $ 3,932 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Capital commitments [abstract] | ||
Commitments for capital expenditure | $ 3,308 | $ 2,110 |
Commitments - Summary of Other
Commitments - Summary of Other Commitments (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Commitments under finance leases | ||
Commitments under finance leases | $ 1,028 | $ 1,165 |
Future financing liability | (313) | (363) |
Finance lease liability | 715 | 802 |
Commitments under operating leases | ||
Commitments under operating leases | 1,905 | 2,012 |
Due not later than one year [member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 110 | 127 |
Commitments under operating leases | ||
Commitments under operating leases | 440 | 388 |
Due later than one year and not later than five years [member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 417 | 448 |
Commitments under operating leases | ||
Commitments under operating leases | 876 | 785 |
Due later than five years [member] | ||
Commitments under finance leases | ||
Commitments under finance leases | 501 | 590 |
Commitments under operating leases | ||
Commitments under operating leases | $ 589 | $ 839 |
Contingent Liabilities - Summar
Contingent Liabilities - Summary of Contingent Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 3,443 | $ 3,503 |
Associates and joint ventures [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | 1,822 | 1,588 |
Subsidiaries and joint operations [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 1,621 | $ 1,915 |
Auditor's Remuneration - Summar
Auditor's Remuneration - Summary of Auditors' Remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Auditors remuneration [line items] | |||
Other assurance services | $ 594 | $ 1,343 | $ 1,849 |
Total assurance services | 13,991 | 23,193 | 15,867 |
Other services | 537 | 657 | 631 |
Total fees | 14,528 | 23,850 | 16,498 |
Parent [member] | |||
Auditors remuneration [line items] | |||
Audit | 4,033 | 3,909 | 3,381 |
Subsidiaries, joint ventures and associates [member] | |||
Auditors remuneration [line items] | |||
Audit | 5,275 | 13,902 | 7,040 |
Audit-related assurance services [member] | |||
Auditors remuneration [line items] | |||
Audit | 4,089 | 4,039 | 3,597 |
Corporate finance [member] | |||
Auditors remuneration [line items] | |||
Other services | 55 | 104 | 42 |
Other services [member] | |||
Auditors remuneration [line items] | |||
Other services | $ 482 | $ 553 | $ 589 |
Auditor's Remuneration - Additi
Auditor's Remuneration - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Auditors remuneration [line items] | |||
Tax compliance services | $ 537,000 | $ 657,000 | $ 631,000 |
Tax compliance services [member] | |||
Auditors remuneration [line items] | |||
Tax compliance services | 13,000 | 0 | 27,000 |
Pension funds [member] | |||
Auditors remuneration [line items] | |||
Fees payable in respect of the audit of pension funds | $ 0 | $ 0 | $ 0 |
Deed of Cross Guarantee - Summa
Deed of Cross Guarantee - Summary of Consolidated Statement of Comprehensive Income and Retained Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of comprehensive income and retained earnings [line items] | |||
Revenue | $ 44,288 | $ 43,129 | $ 35,740 |
Other income | 393 | 247 | 662 |
Expenses excluding net finance costs | (28,022) | (27,527) | (24,120) |
Net finance costs | (1,064) | (1,245) | (1,417) |
Income tax expense | (5,529) | (7,007) | (4,443) |
Profit after taxation | 9,185 | 4,823 | 6,222 |
Total other comprehensive income | (25) | (97) | (49) |
Total comprehensive income | 9,160 | 4,726 | 6,173 |
Retained earnings at the beginning of the financial year | 51,064 | ||
Profit after taxation for the year | 9,185 | 4,823 | 6,222 |
Shares bought back and cancelled | (5,274) | ||
Dividends | (12,507) | (6,720) | (3,472) |
Retained earnings at the end of the financial year | 42,819 | 51,064 | |
Deed of Cross Guarantee [member] | |||
Disclosure of comprehensive income and retained earnings [line items] | |||
Revenue | 22,660 | 20,434 | |
Other income | 2,881 | 3,188 | |
Expenses excluding net finance costs | (14,610) | (12,693) | |
Net finance costs | (414) | (470) | |
Income tax expense | (2,317) | (2,218) | |
Profit after taxation | 8,200 | 8,241 | |
Total other comprehensive income | 10 | 12 | |
Total comprehensive income | 8,210 | 8,253 | |
Retained earnings at the beginning of the financial year | 48,442 | 45,979 | |
Net effect on retained earnings of entities added to/removed from the Deed | (34) | 48 | |
Profit after taxation for the year | 8,200 | 8,241 | |
Transfers to and from reserves | (31) | (15) | |
Shares bought back and cancelled | (5,199) | ||
Dividends | (6,655) | (5,811) | |
Retained earnings at the end of the financial year | $ 44,723 | $ 48,442 | $ 45,979 |
Deed of Cross Guarantee - Sum_2
Deed of Cross Guarantee - Summary of Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets | ||||
Cash and cash equivalents | $ 15,613 | $ 15,871 | $ 14,153 | |
Trade and other receivables | 3,462 | 3,096 | ||
Inventories | 3,840 | 3,764 | ||
Total current assets | 23,373 | 35,130 | ||
Non-current assets | ||||
Trade and other receivables | 313 | 180 | ||
Inventories | 768 | 1,141 | ||
Property, plant and equipment | 68,041 | 67,182 | 80,497 | |
Intangible assets | 675 | 778 | 3,968 | |
Deferred tax assets | 3,764 | 4,041 | ||
Total non-current assets | 77,488 | 76,863 | 95,950 | |
Total assets | 100,861 | 111,993 | 117,006 | |
Current liabilities | ||||
Trade and other payables | 6,717 | 5,977 | ||
Interest bearing liabilities | 1,661 | 2,736 | ||
Current tax payable | 1,546 | 1,773 | ||
Provisions | 2,175 | 2,025 | ||
Deferred income | 113 | 118 | ||
Total current liabilities | 12,339 | 13,989 | ||
Non-current liabilities | ||||
Trade and other payables | 5 | 3 | ||
Interest bearing liabilities | 23,167 | 24,069 | ||
Non-current tax payable | 187 | 137 | ||
Deferred tax liabilities | 3,234 | 3,472 | ||
Provisions | 8,928 | 8,223 | ||
Deferred income | 281 | 337 | ||
Total non-current liabilities | 36,698 | 37,334 | ||
Total liabilities | 49,037 | 51,323 | 54,280 | |
Net assets | 51,824 | 60,670 | ||
EQUITY | ||||
Treasury shares | (32) | (5) | ||
Reserves | 2,285 | 2,290 | 2,400 | |
Retained earnings | 42,819 | 51,064 | ||
Total equity | 51,824 | 60,670 | 62,726 | $ 60,071 |
BHP Group Limited [member] | ||||
EQUITY | ||||
Share capital - BHP Group Limited | 1,111 | 1,186 | ||
Deed of Cross Guarantee [member] | ||||
Current assets | ||||
Cash and cash equivalents | 13 | 2 | ||
Trade and other receivables | 4,875 | 3,977 | ||
Loans to related parties | 4,255 | 16,730 | ||
Inventories | 1,677 | 1,649 | ||
Other | 92 | 90 | ||
Total current assets | 10,912 | 22,448 | ||
Non-current assets | ||||
Trade and other receivables | 40 | 73 | ||
Loans to related parties | 151 | |||
Inventories | 326 | 323 | ||
Property, plant and equipment | 31,508 | 31,009 | ||
Intangible assets | 362 | 444 | ||
Investments in Group companies | 33,123 | 27,354 | ||
Deferred tax assets | 442 | 329 | ||
Other | 59 | 68 | ||
Total non-current assets | 65,860 | 59,751 | ||
Total assets | 76,772 | 82,199 | ||
Current liabilities | ||||
Trade and other payables | 4,790 | 3,425 | ||
Loans from related parties | 13,682 | 15,719 | ||
Interest bearing liabilities | 104 | 115 | ||
Current tax payable | 694 | 1,053 | ||
Provisions | 889 | 952 | ||
Deferred income | 6 | 6 | ||
Total current liabilities | 20,165 | 21,270 | ||
Non-current liabilities | ||||
Trade and other payables | 8 | 3 | ||
Loans from related parties | 7,689 | 7,870 | ||
Interest bearing liabilities | 143 | 191 | ||
Non-current tax payable | 75 | |||
Deferred tax liabilities | 542 | 573 | ||
Provisions | 2,136 | 2,475 | ||
Deferred income | 14 | 18 | ||
Total non-current liabilities | 10,607 | 11,130 | ||
Total liabilities | 30,772 | 32,400 | ||
Net assets | 46,000 | 49,799 | ||
EQUITY | ||||
Treasury shares | (31) | (5) | ||
Reserves | 197 | 176 | ||
Retained earnings | 44,723 | 48,442 | $ 45,979 | |
Total equity | 46,000 | 49,799 | ||
Deed of Cross Guarantee [member] | BHP Group Limited [member] | ||||
EQUITY | ||||
Share capital - BHP Group Limited | $ 1,111 | $ 1,186 |
New and Amended Accounting St_3
New and Amended Accounting Standards and Interpretations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jul. 01, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Financial assets | $ 20,411 | $ 20,411 | $ 20,008 | ||
Available for sale | 1,390 | 1,390 | 1,199 | ||
Cumulative cost of hedging | 114 | 114 | 58 | $ 153 | |
Impact of applying this change would have been to increased/(reduce) revenue | (44,288) | (43,129) | (35,740) | ||
Impact of applying this change would have been to increased/(reduce) expenses | 28,022 | 27,527 | 24,120 | ||
Impact on profit after tax | 9,185 | 4,823 | 6,222 | ||
IAS 39 [member] | Loans and receivables [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Financial assets | 17,700 | ||||
IAS 39 [member] | Non-current investment in shares [member] | Available for sale securities [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Available for sale | 33 | ||||
IAS 39 [member] | Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Available for sale | 47 | ||||
IFRS 9 [member] | Financial assets held at amortised cost [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Financial assets | $ 17,700 | ||||
IFRS 9 [member] | Non-current investment in shares [member] | Financial assets held at fair value through other comprehensive income [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Available for sale | 33 | ||||
IFRS 9 [member] | Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Available for sale | 47 | ||||
Impact of adopting IFRS 9 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Expected credit loss provision | (7) | (7) | (7) | ||
Cumulative cost of hedging | $ 176 | ||||
Increase (decrease) due to application of IFRS 15 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Impact of applying this change would have been to increased/(reduce) revenue | 522 | 509 | 395 | ||
Impact of applying this change would have been to increased/(reduce) expenses | 522 | 509 | 395 | ||
Impact on profit after tax | $ 0 | $ 0 | $ 0 | ||
Impact on the basic and diluted earnings per ordinary share | $ 0 | $ 0 | $ 0 | ||
Increase (decrease) due to application of IFRS 16 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Increase in lease liabilities | 2,300 | $ 2,300 | |||
Increase in right of use assets | 2,200 | $ 2,200 | |||
Net adjustments to other assets and liabilities | $ 100 | ||||
Weighted average incremental borrowing rate | 2.10% | 2.10% |
New and Amended Accounting St_4
New and Amended Accounting Standards and Interpretations - Summary of Impact of Adopting IFRS 9 on Total Equity (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Equity | $ 51,824 | $ 60,670 | $ 62,726 | $ 60,071 | |
Impact of adopting IFRS 9 [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Impairment provision resulting from application of the Expected Credit Loss model | $ (7) | $ (7) | |||
Restated balance [member] | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Equity | $ 60,663 | $ 60,663 |
New and Amended Accounting St_5
New and Amended Accounting Standards and Interpretations - Summary of Reconciliation of Operating Lease Commitments to Expected Total Lease Liability to be Recognised (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of initial application of standards or interpretations [abstract] | ||
Operating lease commitments as at 30 June 2019 | $ 1,905 | $ 2,012 |
Add: Leases which did not meet the definition of a lease under IAS 17 | 700 | |
Add: Cost of reasonably certain extension options (undiscounted) | 100 | |
Less: Components excluded from lease liability (undiscounted) | (200) | |
Less: Effect of discounting | (200) | |
Total additional lease liabilities recognised on transition | $ 2,300 |
Capitalised Costs Relating to O
Capitalised Costs Relating to Oil and Gas Production Activities (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | $ 1,343 | $ 4,740 | $ 5,543 |
Proved properties | 29,890 | 62,567 | 60,431 |
Total costs | 31,233 | 67,307 | 65,974 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (20,508) | (45,486) | (42,038) |
Net capitalised costs | 10,725 | 21,821 | 23,936 |
Australia [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 10 | 10 | 94 |
Proved properties | 16,514 | 16,258 | 16,190 |
Total costs | 16,524 | 16,268 | 16,284 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (10,867) | (9,984) | (9,085) |
Net capitalised costs | 5,657 | 6,284 | 7,199 |
United States [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 875 | 4,528 | 5,284 |
Proved properties | 11,751 | 43,885 | 41,837 |
Total costs | 12,626 | 48,413 | 47,121 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (8,339) | (33,437) | (30,969) |
Net capitalised costs | 4,287 | 14,976 | 16,152 |
Other countries [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 458 | 202 | 165 |
Proved properties | 1,625 | 2,424 | 2,404 |
Total costs | 2,083 | 2,626 | 2,569 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (1,302) | (2,065) | (1,984) |
Net capitalised costs | $ 781 | $ 561 | $ 585 |
Capitalised Costs Relating to_2
Capitalised Costs Relating to Oil and Gas Production Activities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Net capitalised costs | $ 10,725 | $ 21,821 | $ 23,936 |
United States [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Net capitalised costs | 4,287 | 14,976 | 16,152 |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Net capitalised costs | $ 10,672 | $ 11,803 |
Costs Incurred Relating to Oil
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | $ 0 | $ 0 | $ 0 |
Acquisitions of unproved property | 5 | 9 | 74 |
Exploration | 726 | 734 | 738 |
Development | 978 | 1,777 | 1,412 |
Total costs | 1,709 | 2,520 | 2,224 |
Australia [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Exploration | 44 | 25 | 32 |
Development | 132 | 195 | 360 |
Total costs | 176 | 220 | 392 |
United States [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Acquisitions of unproved property | 5 | 9 | 12 |
Exploration | 190 | 418 | 471 |
Development | 792 | 1,548 | 1,034 |
Total costs | 987 | 1,975 | 1,517 |
Other countries [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | 0 | 0 | 0 |
Acquisitions of unproved property | 62 | ||
Exploration | 492 | 291 | 235 |
Development | 54 | 34 | 18 |
Total costs | $ 546 | $ 325 | $ 315 |
Costs Incurred Relating to Oi_2
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Total costs capitalised during the year | $ 1,275 | $ 1,970 | $ 1,744 |
Total costs | 1,709 | 2,520 | 2,224 |
United States [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Total costs | 987 | 1,975 | 1,517 |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Total costs | $ 331 | $ 1,081 | $ 608 |
Results of Operations from Oil
Results of Operations from Oil and Gas Producing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | $ 6,689 | $ 7,397 | $ 6,711 |
Production costs | (1,438) | (2,134) | (2,248) |
Exploration expenses | (435) | (549) | (480) |
Depreciation, depletion, amortisation and valuation provision | (1,641) | (3,968) | (3,497) |
Production taxes | (223) | (172) | (162) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 2,952 | 574 | 324 |
Accretion expense | (127) | (141) | (102) |
Income taxes | (990) | (1,265) | (117) |
Royalty-related taxes | (164) | (103) | (104) |
Results of oil and gas producing activities | 1,671 | (935) | 1 |
Australia [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 3,404 | 3,229 | 2,876 |
Production costs | (752) | (701) | (533) |
Exploration expenses | (44) | (25) | (32) |
Depreciation, depletion, amortisation and valuation provision | (917) | (1,045) | (814) |
Production taxes | (198) | (171) | (158) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 1,493 | 1,287 | 1,339 |
Accretion expense | (80) | (81) | (56) |
Income taxes | (530) | (418) | (361) |
Royalty-related taxes | (164) | (103) | (104) |
Results of oil and gas producing activities | 719 | 685 | 818 |
United States [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 2,675 | 3,747 | 3,479 |
Production costs | (568) | (1,312) | (1,515) |
Exploration expenses | (162) | (270) | (242) |
Depreciation, depletion, amortisation and valuation provision | (621) | (2,842) | (2,592) |
Production taxes | (4) | ||
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 1,324 | (677) | (874) |
Accretion expense | (34) | (46) | (32) |
Income taxes | (193) | (723) | 386 |
Results of oil and gas producing activities | 1,097 | (1,446) | (520) |
Other countries [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 610 | 421 | 356 |
Production costs | (118) | (121) | (200) |
Exploration expenses | (229) | (254) | (206) |
Depreciation, depletion, amortisation and valuation provision | (103) | (81) | (91) |
Production taxes | (25) | (1) | |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 135 | (36) | (141) |
Accretion expense | (13) | (14) | (14) |
Income taxes | (267) | (124) | (142) |
Results of oil and gas producing activities | $ (145) | $ (174) | $ (297) |
Results of Operations from Oi_2
Results of Operations from Oil and Gas Producing Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Sales to affiliated companies | $ 75 | $ 75 | $ 83 |
Valuation provision | 21 | 596 | 102 |
Results of oil and gas producing activities | 1,671 | (935) | 1 |
United States [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Results of oil and gas producing activities | 1,097 | (1,446) | (520) |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Results of oil and gas producing activities | $ 431 | $ (465) | $ (564) |
Standardised Measure of Discoun
Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Standardised Measure) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | $ 38,175 | $ 47,534 | $ 43,898 | |
Future production costs | (10,086) | (17,028) | (18,373) | |
Future development costs | (8,602) | (10,585) | (10,373) | |
Future income taxes | (4,919) | (4,056) | (2,272) | |
Future net cash flows | 14,568 | 15,865 | 12,880 | |
Discount at 10 per cent per annum | (5,416) | (5,625) | (4,638) | |
Standardised measure | 9,152 | 10,240 | 8,242 | $ 8,987 |
Australia [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 18,292 | 17,398 | 18,407 | |
Future production costs | (4,710) | (5,345) | (6,663) | |
Future development costs | (3,860) | (3,842) | (3,714) | |
Future income taxes | (2,551) | (1,919) | (1,508) | |
Future net cash flows | 7,171 | 6,292 | 6,522 | |
Discount at 10 per cent per annum | (1,926) | (1,713) | (2,104) | |
Standardised measure | 5,245 | 4,579 | 4,418 | |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 18,076 | 28,012 | 23,537 | |
Future production costs | (4,917) | (11,182) | (11,176) | |
Future development costs | (4,516) | (6,554) | (6,451) | |
Future income taxes | (1,657) | (1,236) | (18) | |
Future net cash flows | 6,986 | 9,040 | 5,892 | |
Discount at 10 per cent per annum | (3,396) | (3,783) | (2,426) | |
Standardised measure | 3,590 | 5,257 | 3,466 | |
Other countries [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 1,807 | 2,124 | 1,954 | |
Future production costs | (459) | (501) | (534) | |
Future development costs | (226) | (189) | (208) | |
Future income taxes | (711) | (901) | (746) | |
Future net cash flows | 411 | 533 | 466 | |
Discount at 10 per cent per annum | (94) | (129) | (108) | |
Standardised measure | $ 317 | $ 404 | $ 358 |
Standardised Measure of Disco_2
Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Standardised Measure) (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | $ 9,152 | $ 10,240 | $ 8,242 | $ 8,987 |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | 3,590 | 5,257 | 3,466 | |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | $ 1,932 | $ 1,962 |
Changes in the Standardised Mea
Changes in the Standardised Measure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Extractive Industries [Abstract] | |||
Standardised measure at the beginning of the year | $ 10,240 | $ 8,242 | $ 8,987 |
Revisions: | |||
Prices, net of production costs | 3,821 | 5,540 | (96) |
Changes in future development costs | (228) | (358) | 275 |
Revisions of reserves quantity estimates | 1,268 | (166) | 2,961 |
Accretion of discount | 1,178 | 1,016 | 1,147 |
Changes in production timing and other | (618) | 946 | (1,611) |
Revisions | 15,661 | 15,220 | 11,663 |
Sales of oil and gas, net of production costs | (5,029) | (5,091) | (4,301) |
Acquisitions of reserves-in-place | 0 | 0 | 0 |
Sales of reserves-in-place | (1,489) | (26) | (15) |
Previously estimated development costs incurred | 545 | 1,068 | 718 |
Extensions, discoveries, and improved recoveries, net of future costs | (33) | 502 | (401) |
Changes in future income taxes | (503) | (1,433) | 578 |
Standardised measure at the end of the year | $ 9,152 | $ 10,240 | $ 8,242 |
Changes in the Standardised M_2
Changes in the Standardised Measure (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | $ 9,152 | $ 10,240 | $ 8,242 | $ 8,987 |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | 3,590 | 5,257 | 3,466 | |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Standardised measure | $ 1,932 | $ 1,962 |
Movement in Capitalised Explora
Movement in Capitalised Exploratory Well Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Extractive Industries [Abstract] | |||
At the beginning of the year | $ 794 | $ 668 | $ 770 |
Additions to capitalised exploratory well costs pending the determination of proved reserves | 297 | 186 | 258 |
Capitalised exploratory well costs charged to expense | (9) | (62) | (69) |
Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves | (42) | 2 | (155) |
Other | (136) | ||
At the end of the year | $ 1,040 | $ 794 | $ 668 |
Ageing of Capitalised Explorato
Ageing of Capitalised Exploratory Well Costs (Detail) $ in Millions | Jun. 30, 2019USD ($)Project | Jun. 30, 2018USD ($)Project | Jun. 30, 2017USD ($)Project | Jun. 30, 2016USD ($) |
Extractive Industries [Abstract] | ||||
Exploratory well costs capitalised for a period of one year or less | $ 210 | $ 124 | $ 120 | |
Exploratory well costs capitalised for a period greater than one year | 830 | 670 | 548 | |
At the end of the year | $ 1,040 | $ 794 | $ 668 | $ 770 |
Number of projects that have been capitalised for a period greater than one year | Project | 13 | 17 | 14 |
Number of Crude Oil and Natural
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 5 | 1 | 3 |
Net exploratory wells, Dry | 2 | 1 | 2 |
Net exploratory wells, Total | 7 | 2 | 5 |
Net development wells, Productive | 34 | 85 | 81 |
Net development wells, Dry | 1 | ||
Net development wells, Total | 34 | 86 | 81 |
Total | 41 | 88 | 86 |
Australia [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 1 | 1 | |
Net development wells, Total | 1 | 1 | |
Total | 1 | 1 | |
United States [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 1 | 1 | |
Net exploratory wells, Dry | 1 | ||
Net exploratory wells, Total | 1 | 2 | |
Net development wells, Productive | 33 | 84 | 80 |
Net development wells, Dry | 1 | ||
Net development wells, Total | 33 | 85 | 80 |
Total | 34 | 87 | 80 |
Other countries [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 4 | 3 | |
Net exploratory wells, Dry | 2 | 2 | |
Net exploratory wells, Total | 6 | 5 | |
Net development wells, Productive | 1 | ||
Net development wells, Total | 1 | ||
Total | 6 | 6 |
Number of Crude Oil and Natur_2
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Parenthetical) (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 34 | 85 | 81 |
Net development wells, Dry | 1 | ||
Net exploratory wells | 7 | 2 | 5 |
United States [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 33 | 84 | 80 |
Net development wells, Dry | 1 | ||
Net exploratory wells | 1 | 2 | |
Discontinued operations - Onshore US Cash Generating Units [member] | United States [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 33 | 84 | 79 |
Net development wells, Dry | 1 | ||
Net exploratory wells |
Number of Productive Crude Oil
Number of Productive Crude Oil and Natural Gas Wells in which we Held an Interest (Detail) | Jun. 30, 2019Wells |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 469 |
Crude oil wells, Net | 222 |
Natural gas wells, Gross | 161 |
Natural gas wells, Net | 57 |
Total, Gross | 630 |
Total, Net | 279 |
Australia [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 352 |
Crude oil wells, Net | 176 |
Natural gas wells, Gross | 153 |
Natural gas wells, Net | 53 |
Total, Gross | 505 |
Total, Net | 229 |
United States [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 60 |
Crude oil wells, Net | 25 |
Total, Gross | 60 |
Total, Net | 25 |
Other countries [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 57 |
Crude oil wells, Net | 21 |
Natural gas wells, Gross | 8 |
Natural gas wells, Net | 4 |
Total, Gross | 65 |
Total, Net | 25 |
Supplementary Oil and Gas Inf_3
Supplementary Oil and Gas Information - Additional Information (Detail) a in Thousands | Jun. 30, 2019aWells |
Disclosure of oil and gas producing activities [line items] | |
Operated wells that had multiple completions, gross | Wells | 43 |
Operated wells that had multiple completions, net | Wells | 18 |
Expiring June 2019 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 126 |
Approximately acres of undeveloped acreage that will expire, net | 59 |
Expiring June 2020 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 1,612 |
Approximately acres of undeveloped acreage that will expire, net | 932 |
Expiring June 2021 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 1,257 |
Approximately acres of undeveloped acreage that will expire, net | 889 |
Developed and Undeveloped Acrea
Developed and Undeveloped Acreage (Including Both Leases and Concessions) Held (Detail) a in Thousands | Jun. 30, 2019a |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 2,403 |
Developed acreage, Net | 919 |
Undeveloped acreage, Gross | 5,317 |
Undeveloped acreage, Net | 4,038 |
Australia [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 2,152 |
Developed acreage, Net | 823 |
Undeveloped acreage, Gross | 963 |
Undeveloped acreage, Net | 393 |
United States [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 105 |
Developed acreage, Net | 39 |
Undeveloped acreage, Gross | 828 |
Undeveloped acreage, Net | 776 |
Other countries [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 146 |
Developed acreage, Net | 57 |
Undeveloped acreage, Gross | 3,526 |
Undeveloped acreage, Net | 2,869 |