OBN Feasibility Study - NOIA

OBN Feasibility Study - NOIA

NOIA Conference 2017 October 4-6, Jackson Hole, Wyoming BHP portfolio Our strategy is to own and operate large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market. Petroleum Copper Iron Ore 2 Coal Our Petroleum Conventional Asset - Quality Conventional assets concentrated in Australia and GoM

Conventional production outlook (FY17e, BHP Billiton share) International other 3-4 MMboe North West Shelf 28-30 MMboe Gulf of Mexico 33-35 MMboe Trinidad & Tobago 5-6 MMboe Crude & Condensate NGL Gas

LNG Australia operated 16-17 MMboe Bass Strait 35-37 MMboe Note: Based on FY17 forecast production. Size of bubbles scaled to overall production. Ranking of production based on Woodmac and BHP Billiton analysis. 3 BHP submits winning bid for Trion in Mexico's first deepwater bid round Mexico 4

BHP wins bid for Trion interest Acquiring a operated 60% participating interest in Blocks AE-0092 and AE-0093 in the deep-water GOM in Mexico Pemex to retain a non-operated 40% working interest PEMEX and BHP believe that, once fully appraised, Trion could be one of the top 10 fields discovered in the Gulf of Mexico. Bid elements include: 4% royalty in addition to existing royalty Commitment to a minimum work program A cash offer of US$624 million consisting of US$62.4 million cash payment at closing Commitment to a Minimum Work Programme in the order of $320 million Transaction closed 3 March 2017

5 Why Trion? Selection process Portfolio growth Oil Copper Conventional Deepwater New heartland

Mexico Discovered resource Trion Exploratus Maximino Supremus 6

Milestones and Whats Ahead Achieved to date: HSE management system approved by ASEA August 17. This is the foundation for our license to operate. Social Impact Study assessment submitted August 24 (submitted but not yet approved). E&A plan submitted to CNH on August 29; entails our initial plans and thoughts for potential exploration, work program and budget. Tender process for preferred rig under way with focus on safety, quality and cost competitiveness.

Next Steps (next 6 months) Prioritize exploration prospects and advance assessment of preferred option. Develop basis of well designs to enable us to execute the wells safely and efficiently. Advance the well permitting process - as the first international operator to drill in the deepwater, we are working through the permitting process with the help of the regulators involved. Review and award the Shorebase operations and decide on the best option for aviation and vessels. Base of operations will be in Mexico; continue to evaluate which is the best location to service the Trion area We expect to start drilling the first of the appraisal wells in the second half of the 2018 calendar year. 7

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