BHP Billiton Investor Briefing - Day 2

UK Listing Authority Submissions

BHP Billiton President Petroleum and Potash, Tim Cutt, will present at the Company's Petroleum investor briefing in Houston, USA on Tuesday, 10 December 2013.

When discussing his presentation, Mr Cutt said: "Our high quality resource portfolio is concentrated in our core regions of the United States and Australia, where we have a thorough understanding of the geology and a proven operating track record. Although our resource base could support substantially higher rates of investment, we will focus on value over volume. Our production guidance for the 2014 financial year remains unchanged at 250 million barrels of oil equivalent (BHP Billiton share).

"Our conventional oil and gas portfolio is the foundation of the Petroleum business and we expect to maintain steady production in the medium term by focusing on low risk, high return investments in proximity to existing infrastructure. This will include infill drilling at Shenzi, Pyrenees, Atlantis and Mad Dog where individual wells can deliver investment returns of over 90 per cent."

When discussing BHP Billiton's Onshore US business, Mr Cutt said: "On the basis of annual investment of US$4 billion, liquids production in our shale business will grow to 200 thousand barrels per day in the 2017 financial year, with total Onshore US production reaching 500 thousand barrels of oil equivalent per day over the same period. In this scenario, Onshore US is expected to be self-funding in the 2016 financial year before generating almost US$3 billion of free cash flow in the 2020 financial year. As a result, Onshore US is well positioned to become another major cash flow generator for BHP Billiton.

"Consistent with our strategy, we continue to evaluate and strengthen our acreage position as we seek to extend our liquids production profile. Our evaluation program in the Permian has successfully identified a focus area where we are actively pursuing a 100 thousand barrel of oil equivalent per day development. The investment associated with our overall evaluation of the Permian Basin, which has identified this focus area, will lead to a depreciation charge of approximately US$600 million in the Permian in the 2014 financial year, which reflects the early stage of development.

"Our productivity agenda is also a major focus and some of the largest opportunities can be found right here in the shale industry. This is a business that looks a lot like a manufacturing operation where repetition, efficiency and advancements in technology characterise best practice."

Mr Cutt also said that he will continue to simplify the Petroleum portfolio, for value: "Future investment will be increasingly focused on those same core areas of Australia, the United States and potentially, Trinidad and Tobago. Our disciplined divestment process, which led to the US$1.7 billion sale of our interests in Browse, will continue to create substantial value for shareholders."

A copy of the presentation has today been submitted to the National Storage Mechanism and will shortly be available for inspection at:

www.hemscott.com/nsm.do

The document may also be accessed via BHP Billiton's website (www.bhpbilliton.com) or by using the following web link:

http://www.bhpbilliton.com/home/investors/reports/Documents/2013/131210_InvestorBriefing_Petroleum.pdf

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