BHP Group Limited (NYSE:BHP) Q4 2023 Earnings Conference Call August 21, 2023 1:30 AM ET

Company Participants

Mike Henry - Chief Executive Officer

David Lamont - Chief Financial Officer

Conference Call Participants

Mike Henry

Hello, and thank you for joining us to hear about BHP's results for the 2023 financial year. I'm joined today by our Chief Financial Officer, David Lamont.

This year, our results have again proven that our focused strategy creates lasting value through the cycle. But before we talk about our performance and the outlook for our business, I do want to acknowledge the tragic deaths of two of our colleagues during the year. Safety is our top priority and fundamental to our success, and we remain resolute in our commitment to eliminating fatalities and serious injuries at BHP.

We have delivered a strong set of results against a backdrop of economic uncertainty. The ability to deliver in any environment is the hallmark of a high-performing company, and we continue to do so. We met our production guidance across each of our commodities and achieved record annual production at Western Australian Iron Ore, Olympic Dam and Spence. And our unwavering focus on cost means we continue to manage inflation well, particularly compared to our competitors.

Our disciplined performance has delivered earnings of over $13 billion and enabled us to announce a full-year dividend of US$1.70 per share. That's $8.6 billion that flows back to all of our investors, including the 17 million Australians or two-thirds of the population who are direct or indirect investors in BHP and brings our total ordinary dividends to shareholders over three years to more than $40 billion.

We also contribute significantly to the economies in which we operate. This year, our total economic contribution was $54 billion, and this includes almost $14 billion paid to governments, $12 billion of which was paid in Australia. We've continued to expand and execute on our suite of growth options. We've progressed projects, advanced studies, invested in technology, innovation and early-stage options, explore new regions and, of course, acquired OZ Minerals, which we are integrating with Olympic Dam to create a new copper province in South Australia.

The creation of shareholder value goes hand-in-hand with the creation of social value. Our positive contribution to society and development of relationships of mutual value with our partners and stakeholders. Social value is fundamental to our success and our future competitiveness, so it is deeply interwoven into our strategic thinking and day-to-day actions.