Note: All guidance is subject to further potential impacts from COVID-19 during the 2022 financial year.
Keeping our people and communities safe
- We achieved our third consecutive year fatality free.
- Our focus on safety and health has helped us to mitigate the impacts of COVID-19 and deliver continued strong
operational performance.
Margin of 64%, higher realised prices, disciplined cost performance and near record production at Western
Australia Iron Ore (WAIO)
• Profit from operations of US$14.8 billion, up 50%. Underlying EBITDA(i) of US$18.5 billion at a margin(i) of 64% for
continuing operations. Disciplined cost performance, with unit cost guidance reiterated (at guidance exchange
rates(ii)) with the exception of Queensland Coal which has increased, reflecting lower expected volumes for the full
year as a result of significant wet weather and labour constraints.
• Attributable profit of US$9.4 billion and Underlying attributable profit(i) of US$10.7 billion up 77% from the prior period
for total operations.
? Net operating cash flow of US$11.5 billion and free cash flow(i) of US$8.5 billion for continuing operations reflects
higher realised prices across our major commodities and reliable operational performance.
Disciplined capital allocation and a revised net debt target to between US$5 and US$15 billion
- Capital and exploration expenditure(i) of US$2.9 billion for continuing operations. Guidance for minerals capital and
exploration expenditure for the full year has decreased by US$0.2 billion to US$6.5 billion as a result of favourable
exchange rate movements.
- Our potash developments are tracking to plan. The Jansen shaft project is 98% complete and the Jansen Stage 1
project has commenced contract awards.
- We have added to our early stage growth options in future facing commodities by executing agreements for interests
in additional Australian copper projects in October 2021, including the Elliott project in the Northern Territory, and
investing in the Kabanga Nickel Project in Tanzania in December 2021.
- Our commitment to a strong balance sheet remains. We have revised our net debt target range to between US$5
and US$15 billion. The revised range will support a resilient balance sheet and retain the flexibility to allocate capital
towards shareholder returns and future organic and inorganic investment opportunities. Net debt(i) at 31 December
2021 was US$6.1 billion.
Value and returns: Record interim dividend of US$1.50 per share and Underlying ROCE up to 39.5%
- We will pay a record interim dividend of US$1.50 per share or US$7.6 billion, equivalent to a 78% payout ratio(iii)
.
- Underlying return on capital employed(i) strengthened further to 39.5% for total operations.
Strategic actions progressing to plan
- In January 2022, BHP completed the unification of BHP’s dual listed corporate structure.
- The Cerrejón divestment to Glencore completed in January 2022 and the announced share sale agreement to divest
BHP Mitsui Coal (BMC) is expected to complete in the middle of the 2022 calendar year. The review process for
New South Wales Energy Coal (NSWEC) is progressing, in line with the two-year timeframe we set last year.
- Completion of the proposed merger of our Petroleum business with Woodside is expected in the June 2022 quarter subject to satisfaction of conditions precedent including approval by Woodside shareholders.

Results for the half year ended 31 December 2021
The December 2021 half year financial results have been prepared on the basis that the BHP Petroleum business is a
discontinued operation. The financial contribution of Petroleum entities impacted has been disclosed as separate line
items, “Discontinued operations”, in the BHP Group’s Consolidated Income statement and Consolidated Cash flow
statement, and has not been included when calculating the minimum dividend payout. BMC will continue to be
consolidated with Queensland Coal as a continuing operation until the expected completion in the middle of the 2022
calendar year. On the Consolidated Balance Sheet, both BMC and BHP Petroleum have been reclassified as assets
held for sale and excluded from net operating assets.

Half year ended 31 December
2021 US$M 2020 US$M Change %
Total operations
Attributable profit 9,443 3,876 144%
Basic earnings per share (cents) 186.6 76.6 144%
Interim dividend per share (cents) 150.0 101.0 49%
Net operating cash flow 13,277 9,369 42%
Capital and exploration expenditure 3,677 3,614 2%
Net debt 6,090 11,839 (49%)
Underlying attributable profit 10,687 6,036 77%
Underlying basic earnings per ordinary share (cents)(i) 211.2 119.4 77%
Continuing operations
Profit from operations 14,845 9,889 50%
Underlying EBITDA 18,463 13,887 33%
Underlying attributable profit 9,715 6,200 57%
Net operating cash flow 11,529 9,148 26%
Capital and exploration expenditure 2,878 2,921 (1%)
Underlying basic earnings per ordinary share (cents) 192.0 122.6 57%
Underlying EBITDA including the contribution from Petroleum assets classified as
discontinued operations 21,381 14,680 46%
BHP Chief Executive Officer, Mike Henry:
“BHP had a strong first half. We achieved our third consecutive fatality free calendar year. We mitigated the impacts of
COVID-19 and significant adverse weather events to turn in a solid operational performance, particularly from our
flagship Western Australian Iron Ore business.
We have announced an interim dividend of US$1.50 per share, bringing total shareholder returns to more than
US$22 billion over the past 18 months.
Our record interim dividend was supported by our reliable operating performance and continued strong markets for a
number of our products.
We have made strong progress on the execution of our strategy. We unified the BHP corporate structure with strong
support from shareholders, we announced and advanced the proposed merger of our petroleum business with
Woodside, we progressed our divestments of certain coal assets and we announced the final investment decision for
our Jansen Stage 1 potash project. We have also secured further growth options in future facing commodities.
BHP is well positioned for the future. We are building on our strong foundations and capital discipline to reshape our business and grow long-term value for shareholders and other stakeholders.

Health and safety
The safety, health and wellbeing of our workforce and the communities in which we operate are fundamental priorities
for our business. Our global safety improvement programs are progressing and our safety leading indicators have
continued a strong underlying positive trend. We have now achieved our third consecutive year without a fatality and
we have seen a sustained improvement in our key safety performance indicators. High Potential Injury frequency has
decreased by 10 per cent during the half year, a reduction of 36 per cent since 31 December 2018. Total Recordable
Injury Frequency has increased slightly, up three per cent during the half year to 3.8, but is 12 per cent lower over the
last three years.
Community transmission of COVID-19 has increased in the jurisdictions in which we operate. We remain vigilant and
continue to escalate or deescalate controls taking into account the prevailing risk as well as guidelines from local and
national government bodies and expert health advice in the countries where we operate. Many of these measures
remain in an elevated state at present. BHP is strongly encouraging workers who have received their first and second
doses of COVID-19 vaccines to receive a booster dose as soon as they are eligible to do so. In Western Australia, a
public health direction requires, from 5 February 2022, the majority of resource industry workers to receive a booster
dose within one month of becoming eligible, and BHP is actively considering whether to make boosters a requirement
for entry to BHP workplaces in other locations.
We are firmly committed to eliminating incidents of sexual assault and sexual harassment in our workplaces and
accommodation villages, and have strengthened our approach to prevention, reporting and response. We have made
significant progress in implementing controls to prevent incidents of sexual assault and sexual harassment and to
mitigate the impact of incidents that do occur. Areas of focus include increased clarity and enforcement of respectful
and safe workplace behaviours, leadership and education, contractor and third-party engagement, security measures
at our accommodation villages and support for impacted persons. We also have ongoing engagement with external
experts to learn from best practice.
Social value
We are committed to creating long-term sustainable value for shareholders and all those who benefit from, or are
impacted by, BHP’s business. Social value and long-term financial value are intrinsically linked. We seek out
opportunities that grow both social and financial value. Our focus on social value positions us to maximise our
contribution more broadly to society – to our employees and contractors, customers and suppliers, governments,
Indigenous stakeholders and other communities.
We demonstrate social value through multiple dimensions – in our operational and business performance and how we
achieve it, in our setting and achieving of high standards of Environmental, Social and Governance (ESG) practices,
and in the nature of our relationships with stakeholders. Social value is not merely a concept or an intent; it involves
continued planned delivery of tangible outcomes. Over the course of the first half of the 2022 financial year, among
other outcomes, we continued to advance social value in a range of areas including in our interactions with small and
medium business enterprises, in supporting workforce skills development, in Indigenous partnerships and on
decarbonisation.
Empowered communities
We are committed to contributing to the prosperity of the communities where we have a presence. We have continued
to support local and Indigenous communities with additional funds to boost COVID-19 vaccine awareness and
accessibility. We continue to support local business and training to enhance economic recovery and diversification.
From 1 July 2021, we reduced our payment terms for small, local and Indigenous enterprises to 7 days. This came into
effect across 31 countries and benefited over 4,000 suppliers.
We recognise that building capacity and skills is a critical element in the long-term ability of local communities to prosper
and thrive. BHP partnered with the Australian Government Department of Education, Skills and Employment to deliver
up to 1,000 skills development opportunities in regional Australia, through our voluntary social investment program.
Through the Future of Work Program we are working with stakeholders to identify local workforce and business needs
in regional areas, and tailoring training opportunities accordingly. The program provides opportunities to unemployed,
young and Indigenous Australians across the regions where BHP operates to develop skills and better access
employment. It also helps small, medium and Indigenous-run businesses to upskill employees, including skills to work
in a digital environment, taking advantage of new opportunities we expect to be created through the economic recovery. see & read more on
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