BHP on track for guidance at the Sept Quarter
BHP Group (BHP) 1.77%
Out with Sep QTR production numbers today that were all okay. This quarter is generally a softer one due to more maintenance and that proved the case this time around however relative to this time last years, overall production was 2% higher. Importantly key earnings sources – iron ore and copper – delivered inline/ahead of expectations. The former underpinned by record production at 1of 3 iron ore production hubs and the later highlighting a faster post Covid ramp up especially from Peru. The oil unit also bucked the “natural field decline” commentary with new production from Atlantis (GoM) and strong gas demand from Bass Strait. With just one quarter delivered in FY21 so far, it was no surprise to see FY21 guidance maintained in terms of production and costs.
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