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FY 2009 END-OF-YEAR RESULTS August 27, 2009 David Goodall Chief Executive Petroleum Steven Schulenberg President, Production Byron Grigsby President, Development Barry Bettes President, Exploration Slide 1 Slide 1

DG Year End Presentation

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Year End Presentation for DG Company

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Page 1: DG Year End Presentation

FY 2009 END-OF-YEAR RESULTSAugust 27, 2009

David GoodallChief Executive Petroleum

Steven SchulenbergPresident, Production

Byron GrigsbyPresident, Development

Barry BettesPresident, Exploration

Slide 1Slide 1

Page 2: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 2

Disclaimer

Purpose of PresentationThis presentation is strickly for the use of observing David Goodall’s abilities within the PowerPoint presentation arena.

Any information shown will be fictitious and obscured for confidentiality.

Page 3: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 3

DG Company – Full Year Results FY 2009

DG Company Corporate Results

DG Company Petroleum Results

Accomplishments and Path Forward by Divisions

Scorecard

Slide 3

Page 4: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 4

DG Company – Financial Highlights

Underlying EBITDA of $22.3 billion

Underlying EBIT of $18.2 billion

Attributable profit (excluding exceptionals) of $10.7 billion

Record cash flow of $18.9 billion

Earnings per share (excluding exceptionals) 192.7 US cents

Final dividend of 41 US cents, taking the full year dividend to 82 US cents, up 17.1% on last year

Strong financial position – Net gearing at 12.1%

Page 5: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 5

DG Company – Financial Highlights

Underlying EBITDA of $XX.X billion

Underlying EBIT of $XX.X billion

Attributable profit (excluding exceptionals) of $XX.X billion

Record cash flow of $XX.X billion

Earnings per share (excluding exceptionals) XXX.X US cents

Final dividend of XX US cents, taking the full year dividend to XX US cents, up XX.X% on last year

Strong financial position – Net gearing at XX.X%

Page 6: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 6

Strong Cash Flow – Delivering Value to Shareholders

(a) Includes capital and exploration expenditures (excludes acquisitions).FY2005 to FY2009 have been calculated on the basis of IFRS. Prior periods have been calculated on the basis of UKGAAP.FY2007 to FY2009 cashflow reflects proportional consolidation of joint ventures.

Net Operating Cash Flow(US$bn)

Organic Growth(a)

(US$bn)

Return to Shareholders(US$bn)

2

4

6

8

10

12

14

16

18

20

FY

2002

FY

2003

FY

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2005

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3

6

9

FY

2002

FY

2003

FY

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FY

2005

FY

2006

FY

2007

FY

2008

FY

2009

Share Buy Backs

Dividends

0

3

6

9

12

FY

2002

FY

2003

FY

2004

FY

2005

FY

2006

FY

2007

FY

2008

FY

2009

CAGR: XX% CAGR: XX%

Dividends CAGR: XX%

Page 7: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 7

Underlying EBIT by Customer Sector Group

Year Ended June (US$m) 2009 2008

Petroleum 4,085 5,485

Aluminium 192 1,465

Base Metals (including Uranium) 1,292 7,989

Diamonds & Specialty Products 145 189

Stainless Steel Materials (854) 1,275

Iron Ore 6,229 4,631

Manganese 1,349 1,644

Metallurgical Coal 4,711 937

Energy Coal 1,460 1,057

Group & Unallocated Items (395) (390)

BHP Billiton (Total) 18,214 24,282

Page 8: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 8

Underlying EBIT by Customer Sector Group

Year Ended June (US$m) 2009 2008

Petroleum X,XXX X,XXX

Aluminium XXX X,XXX

Base Metals (including Uranium) X,XXX X,XXX

Diamonds & Specialty Products XXX XXX

Stainless Steel Materials (XXX) X,XXX

Iron Ore X,XXX X,XXX

Manganese X,XXX X,XXX

Metallurgical Coal X,XXX XXX

Energy Coal X,XXX X,XXX

Group & Unallocated Items (XXX) (XXX)

BHP Billiton (Total) XX,XXX XXX,XXX

Page 9: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 9

Petroleum Performance within DG Company

Petroleum Corporate

EBIT $USD-billions $4.1 $18.2

EBIT Margin 58.2% 40.0%

Capex Spent-billions $1.9 $9.5

Exploration Spent-billions $0.5 $1.2

Projects Started Up 5 Projects - $3.1Billion 7 - $4.1Billion

Projects Under Development 3 Projects - $2.6Billion 8 - $8.1Billion

New Projects Sanctioned 3 Projects - $1.1Billion 4 - $5.9Billion

Page 10: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 10

Petroleum Performance within DG Company

Petroleum Corporate

EBIT $USD-billions $X.X $XX.X

EBIT Margin XX.X% XX.X%

Capex Spent-billions $X.X $X.X

Exploration Spent-billions $X.X $X.X

Projects Started Up X Projects - $X.XBillion X - $X.XBillion

Projects Under Development X Projects - $X.XBillion X - $X.XBillion

New Projects Sanctioned X Projects - $X.XBillion X - $X.XBillion

Page 11: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 11

DG Company – Performance

2009 2008

Production – MM Bbls/Yr 137.20 129.50

Realized Oil Price (US$/bbl) $ 66.18 $ 96.27

Opex/barrel $ 5.50 $ 6.14

Non Cash/barrel $ 9.64 $ 8.66

EBIT/bbl $ 29.75 $ 42.47

Capital Spend-billions $ 1.91 $ 2.11

Exploration Spend-billions $ 0.55 $ 0.69

“Oil, is the important differentiating factor compared to BHP’s competitors, which do not have this positive exposure….”

- Financial Times

12 Aug. 2009

Page 12: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 12

DG Company – Performance

2009 2008

Production – MM Bbls/Yr XXX.XX XXX.XX

Realized Oil Price (US$/bbl) $XX.XX $XX.XX

Opex/barrel $ X.XX $ X.XX

Non Cash/barrel $ X.XX $ X.XX

EBIT/bbl $XX.XX $XX.XX

Capital Spend-billions $ X.XX $ X.XX

Exploration Spend-billions $ X.XX $ X.XX

“Oil is the important differentiating factor compared to DG’s competitors, which do not have this positive exposure….”

- Financial Times

12 Aug. 2009

Page 13: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 13

DG Company – Volume Growth 2007-2009

IOC World Ranking (2008 Volumes) Company

Production(Average KBOE/Day)

1 ExxonMobil 4,069

2 BP 3859...

14 Anadarko 56215 Apache 536

.

.

.17 Marathon 39919 Hess 39023 BHBP 355

* excludes oil sands mining

Where we are today

Page 14: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 14

DG Company – Volume Growth 2007-2009

IOC World Ranking (2008 Volumes) Company

Production(Average KBOE/Day)

1 Company 1 X,XXX

2 Company 2 X,XXX...

14 Company 14 XXX15 Company 15 XXX

.

.

.17 Company 17 XXX19 Company 19 XXX23 Company 23 XXX

* excludes oil sands mining

Where we are today

Page 15: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 15

Zero Harm• Record safety performance

Volume Growth• Record production volumes

Costs • Costs per barrel controlled as per budget

Expanding Our Operation• 4 major operated projects started up over 3 years• Pyrenees & Angostura still to come

Reserve Replacement• Over 100% of production replaced

New Opportunities• Establishing new positions in India, Vietnam & Philippines• Now active in 14 countries

Growing Organizational Capacity• 800 New Employees in last 3 years• More functional depth across Petroleum

DG Company – Highlights FY 2009

Page 16: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 16

Zero Harm• Record safety performance

Volume Growth• Record production volumes

Costs • Costs per barrel controlled as per budget

Expanding Our Operation• X major operated projects started up over X years• Project 1 & Project 2 still to come

Reserve Replacement• Over 100% of production replaced

New Opportunities• Establishing new positions in Country 1, Country 2 & Country 3• Now active in XX countries

Growing Organizational Capacity• XXX New Employees in last X years• More functional depth across Petroleum

DG Company – Highlights FY 2009

Page 17: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 17

DG Company– HSE Performance

Best Petroleum performance ever

Best among DG companies

Excellent performance against peers*

60% reduction in Zero Barrier incidents

Liquids spills reduced to 3.7 barrels

All in a year of very high activity:

• Drilling in 5 countries

• 2 project start-ups

• 8 in-field exploration activities

Slide 9

* OGP Safety Performance Indicators Report No 419, May, 2009

Total Recordable Incident Frequency Rate

1.0

0.0

2.0

3.0

4.0

5.0

2006 2007 2008 2009

X.XXX.XXX.XX

X. XX

Lost Time Incident Frequency Rate

0.5

0.0

1.0

1.5

2.0

2.5

2006 2007 2008 2009

XX.XX

X.XX

X.XX

Page 18: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 18

Lost-Time Injury Frequency

DG Company

We were the only company in this industry ranking that achieved zero LTIs.

Page 19: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 19

Page 20: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 20

Production Division – Achievements

Safety – 85% Reduction in Recordable Incidents

Volumes – 316,000/day in 2007 to 475,000/day in July

Performance - >94% Facility/Well Uptime

Reserves - >100% Replacement

Operating Costs - Top Decile

Page 21: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 21

Production Division – Achievements

Safety – XX% Reduction in Recordable Incidents

Volumes – XXX,XXX/day in 2007 to XXX,XXX/day in July

Performance - >XX% Facility/Well Uptime

Reserves - >XXX% Replacement

Operating Costs - Top Decile

Page 22: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 22

Safety Milestones

Trinidad: Incident free year in FY2009

Australia: Reduced TRIR from 16.0 in 2007 to Zero today

Pakistan: 8 years Lost-Time Incident-free

Algeria: 1,000 days Lost-Time Incident-free

UK: 3 years Lost-Time Incident-free

GOM: 16 years Lost-Time Incident-free

Page 23: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 23

Safety Milestones

Country 1: Incident free year in FY2009

Country 2: Reduced TRIR from XX.X in 2007 to Zero today

Country 3: X years Lost-Time Incident-free

Country 4: X,XXX days Lost-Time Incident-free

Country 5: X years Lost-Time Incident-free

Country 6: XX years Lost-Time Incident-free

Page 24: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 24

0

20

40

60

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120

140

FY05 FY06 FY07 FY08 FY09 YTDFY10

kbo

e p

er d

ay

Gulf Of Mexico Production

Jan 05

Jul 08

Oct 07

Mar 09

Page 25: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 25

0%

20%

40%

60%

80%

100%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

BHPB Operated Uptime Performance

94.2% UptimeStybarrow 93%Trinidad 95%West Cam 96%Neptune 97%Pakistan 98%Ohanet 98%Minerva 99%UK 90%

Page 26: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 26

Big Oil

West

South

East

Big Oil Southappraisal well

& sidetrack

North

Gra

ben

1 mi.

Big Oil Westappraisal well Resources

Base - 2007: X.X billion West - 2008: +X.X billion South - 2009: +X.X billion North: more to come? Total: X.X billion

Major Oil Total: X.X billion

Page 27: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 27

Production Division – Moving Forward

Achieve Zero Harm

Strive for 100 / 100 / 100

Execute aggressive Development Drilling Program - $740MM

Start up Pyrenees FPSO 1st half of 2010

Develop and drill the huge Atlantis & Mad Dog reserves

Replace 100% reserves in a rapidly growing business

Page 28: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 28

Production Division – Moving Forward

Achieve Zero Harm

Strive for 100 / 100 / 100

Execute aggressive Development Drilling Program - $XXXMM

Start up Drill Site 1 FPSO 1st half of 2010

Develop and drill the huge Drill Site 2 & Drill Site 2 reserves

Replace 100% reserves in a rapidly growing business

Page 29: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 29

Page 30: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 30

Development Division Achievements

Shenzi• Startup 3 months early; above design capacity

NWS• Started up LNG Train 5 and Angel

Pyrenees• Recovering schedule, FPSO construction and sub-sea installation

Angostura• In construction and on track

Macedon• Final design in progress

Drilling• Completed Pakistan and Algeria Programs• Excellent Performance at Mad Dog South• Significant accomplishments at Pyrenees

Page 31: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 31

Development Division Achievements

Drill Site 1• Startup 3 months early; above design capacity

Drill Site 2• Started up LNG Drill 1 and Drill 2

Drill Site 3• Recovering schedule, FPSO construction and sub-sea installation

Drill Site 4• In construction and on track

Drill Site 5• Final design in progress

Drill Site 6• Completed Country 1 and Country 1 Programs• Excellent Performance at Drill 7 South• Significant accomplishments at Drill 8

Page 32: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 32

HSE - Continually Striving for Excellence

No Hands Lifting

Used first at Country 1

Thought it COULDN’T BE DONE

Only X out of XXX operations needed hands

NO INJURIES

FASTER

After

Before

Page 33: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 33

Biggest single capital investment by DG Company - EVER $X.X billion spent to date. $X.X billion to go.

1 10 20 30 40 50 60 70 80 90 100 110 120 130 140 1500

10

20

30

40

50

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80

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ar

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Actual Ramp-up

DAYS from Start

Sanction Ramp-upActual

Start-up

Sanction Start-up

Large Oil – Delivered Sooner and Better

Page 34: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 34

Biggest single capital investment by BHP Billiton - EVER $2.5 billion spent to date. $1.9 billion to go.

1 10 20 30 40 50 60 70 80 90 100 110 120 130 140 1500

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OP

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Actual Ramp-up

DAYS from Start

Sanction Ramp-upActual

Start-up

Sanction Start-up

1 10 20 30 40 50 60 70 80 90 100 110 120 130 140 1500

10

20

30

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15022

-Mar

5-A

pr

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pr

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ay

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ay

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OP

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Actual Ramp-up

DAYS from Start

Sanction Ramp-upActual

Start-up

Sanction Start-up

Large Oil – Delivered Sooner and Better

Page 35: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 35

Industry leading HSE performance

Initiatives often last longer than our tenure

Best-in-class drilling performance being achieved in all operations

Wells are not just fast, they deliver the barrels too!

Drilling – Continuing to Raise the Bar

Page 36: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 36

Industry leading HSE performance

Initiatives often last longer than our tenure

Best-in-class drilling performance being achieved in all operations

Wells are not just fast, they deliver the barrels too!

Drilling – Continuing to Raise the Bar

Page 37: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 37

Moderate Oil – Delivering Our Next Challenge

Page 38: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 38

Operated Projects

• Angostura Gas – Keep on track, integrate NGC activity

• Macedon – Progress to Sanction, Conclude Gas Spec Issue and Sales Contracts

OBO Projects

• NWS – Assist NR2 and CWLH Recovery

• Bass Strait – Monitor Kipper and Turrum

• Mad Dog – Progress New Rig, MD West and MD South Development Options

• Scarborough – Narrow from 3 to 1 Development Options

• Browse – Work Both B2B and B2K Select Decision Drilling

• Complete Pyrenees Program

• Success in new campaigns at Liverpool Bay and Sabah Supply

• Deliver the iSet project to the business

Development Division – Moving Forward

Page 39: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 39

Operated Projects

• Drilling Site 1 – Keep on track, integrate NGC activity

• Drilling Site 2 – Progress to Sanction, Conclude Gas Spec Issue and Sales Contracts OBO Projects

• Drilling Site 3 – Assist NR2 and CWLH Recovery

• Drilling Site 4 – Monitor Kipper and Turrum

• Drilling Site 5 – Progress New Rig, MD West and MD South Development Options

• Drilling Site 6 – Narrow from 3 to 1 Development Options

• Browse – Work Both B2B and B2K Select Decision Drilling

• Complete Drilling Site 7 Program

• Success in new campaigns at Drilling Site 8 and Sabah Supply

• Deliver the iSet project to the business

Development Division – Moving Forward

Page 40: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 40

Page 41: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 41

Exploration: Building Our Future

Record acreage and seismic spending

Capturing material / high quality opportunities

Aggressively maturing & preparing to drill

Page 42: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 42

Laying the Foundation

Seismic acquisition• Harsh environments, outstanding HSE performance• Industry leader in multi azimuth acquisition techniques• Since FY06-$XXXMM on acquisition; $XXXMM on

processing• Acquired XX,XXX line km of 2D and XX,XXXkm2 3D

• All current and future key areas covered World-class subsalt imaging capabilities

• Benchmarked with industry• State of the art techniques and processes• Competitive advantage in subsalt, foldbelts

Partner with IT to enhance our capabilities• Integrated hardware/software strategy• Data management & security

Falkland Islands

Page 43: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 43

Opportunity CaptureMaterial, High Quality, Focused

Built experienced New Ventures organization

• Global remit, but focused

• Rigorous basin analysis – “starts with the rocks”

• Have established material position in Country 10

• Country 11 and Country 12 Exploration teams have captured key, new acreage in core basins

• Drilling Site 10 – spent $XXXMM, XXX/XXX (XX%) blocks won; control 2 key plays

• Drilling Site 11 – WA-335-P Legal and L&UA – vital skills to obtain contracts, terms 2006 to 2009

• Acreage (km2) +XX% to XXX,XXXkm2

• Control

• Operated % +XX% to XX%

• Working Interest % +XX% to XX%Block 5 Onshore Country 13

Page 44: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 44

Maturing & Executing the Portfolio:Delivering on Commitments

Focus on maturation and Ready to Drill• Risked portfolio volume increased by +XX% (XXX MMBOE)• “Project” maturation plans in place for each piece of acreage

Meet our strategic commitment• Drill X-X “High Impact” wells & test X-X new plays per year

FYXX/XX/XX – Drilling up to XX wells across X countries

0

100

200

300

400

500

FY07 FY08 FY09 FY10 FY11

$MM

Jun-08 Jun-09

Risked MMboe

0

200

400

600

800

1000

1200

1400

1600

Captured

Pending

Drilling SpendPortfolio Volume

DG Affiliated Deepwater Expedition

Page 45: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 45

FY10-FY11 – Proposed Drilling Campaign

Canadian Laurentian1 well planned

Gulf of Mexico6 wells planned

NWS Australia4 wells planned

Malaysia4 wells plannedPhilippines2 wells plannedVietnam2 wells planned

Gippsland3 wells planned

Falklands2 wells planned

Page 46: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 46

FY10 – A Challenging and Exciting Year!

HSE – New challenges & operating environments

FY10/FY11 Focus on Exploration Drilling

• Resource replacement critical to replace increasing production levels

Continued Opportunity Capture and Maturation Focus

• Must continue to high grade, balance risk/reward and deliver on commitments

Managing a Global, Operated Portfolio

• Extensive drilling program, multiple new country entries will require multi-functional support to be successful

Page 47: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 47

FY10 – A Challenging and Exciting Year!

HSE – New challenges & operating environments

FY10/FY11 Focus on Exploration Drilling

• Resource replacement critical to replace increasing production levels

Continued Opportunity Capture and Maturation Focus

• Must continue to high grade, balance risk/reward and deliver on commitments

Managing a Global, Operated Portfolio

• Extensive drilling program, multiple new country entries will require multi-functional support to be successful

Page 48: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 48

Wrap Up

Page 49: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 49

FY2009 Scorecard Results

Item Target Result Weighting Score

Total Recordable Incident Frequency Rate per million hours X.XX X.XX XX%

Zero Barrier Incident Frequency Rate per million hours X.XX X.XX X%

EBIT (excluding price and FX effects) US$ million X,XXX X,XXX XX%

Production Volume million boe XXX.X XXX.X XX%

Field Operating Cost Rate US$ per boe X.XX X.XX X%

Depreciation Rate US$ per boe XX.XX X.XX X%

Direct G&A Costs US$ million XXX XXX.X X%

Reserves Additions million boe XXX XXX.X X%

Resource Additions million boe XXX XX.X X%

Development Projects Index capital & schedule XXX% XXX% XX%

CSG Components XX%

Individual Components Average result XX%

Total XXX%

XX.X%

X.X%

X.X%

X.X%

XX.X%

XX.X%

XX.X%

XX.X%

X.X%

XX.X%

XX.X%

XX.X%

XXX.X%

Page 50: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 50

Investment in Our Employees

Career ladders

• A road map for career progression – transparency Competency development

• Tools for developing functional excellence 110% Jobs

• Career management through functional “homes” Supervisory Toolkit

• Assuring the fundamentals of managing people Executive Leadership Program

• Building executive leadership capacity and alignment

“I make a difference.”

Page 51: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 51

BHP Billiton Petroleum – Summary - DLG

Excellent performance – Safety, Volumes, Costs, Projects, Reserves

Shareholder impacted – first downturn in 10 years

Invest through the cycle

More is expected in FY10

We need your Best.

Page 52: DG Year End Presentation

FY 2009 End-of-Year Results, August 27, 2009 Slide 52