BHP Billiton Updates 2014 Production Guidance
BHP Billiton Ltd. has lowered its petroleum division’s production guidance by 2 percent for the 2014 financial year following recent activities at operations in the United Kingdom and United States.
The diversified resources company said it now expected to produce 245 million barrels of oil equivalent (MMboe) as a result of the divestment of the Liverpool Bay operation offshore UK and well remediation works at Hawkville at Eagle Ford.
“Total onshore U.S. production of approximately 107 MMboe is now anticipated for the 2014 financial year and primarily reflects a lower contribution from natural gas,” BHP Billiton said in an operational review Wednesday.
“The overall reduction in full-year guidance has been mitigated by an increased contribution from higher margin crude and condensate, predominantly from our Gulf of Mexico operations.”
For the nine month period to the end of March, BHP Billiton’s overall production increased by 3 percent against a year earlier to 181.3 MMboe.
The company’s petroleum liquids output rose by 16 percent to 77 MMboe, a result underpinned by a 71 percent improvement onshore US.
Despite delivering first gas from its Macedon project in Western Australia, BHP Billiton’s natural gas production for the nine month period declined by 5 percent to 624 billion cubic feet.
Meanwhile, BHP Billiton this week appointed former Royal Dutch Shell plc director Malcolm Brinded to its board.
Brinded served on Shell’s board between 2002 and 2012. During a 37 year career with the oil and gas company, he held leadership roles including Executive Director of Exploration and Production, Executive Director of Upstream International and UK Country Chair and Upstream Managing Director.
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