BHP -2.04%: a maintenance heavy first quarter weighed on the headline numbers today, however the stock held up well, falling in line with iron ore peers. BHP saw Copper production fall 9% YoY to 377kt, iron ore down marginally to 63mt and coal production, both met & energy, fall around 10% in the September quarter. Petroleum was the only area that printed better than 1Q21, hitting 28MMboe to start the year with BHP saying we will hear more about the demerger of that unit into Woodside (WPL) in November. The positive news was that scheduled maintenance weighed on the first quarter, however it will set operations up for a strong three quarters with the company maintaining production guidance across the board.
MM is bullish BHP
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