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BHP

BHP is the largest mining company in the industry. The company was formed in 2001 from the merger of BHP of Australia and Billiton of London. The company's strategy is to operate a diversified (by commodity and region) set of upstream, long-life, low-cost, expandable, high-margin, and export-oriented assets. BHP divides its businesses into four operating segments, which include Petroleum (20% of FY17 EBITDA), Copper (17%), Iron Ore (45%), and Coal (18%). (10 Sep 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.
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BHP: Moody's Upgrades Rating to A2

Worth Watching: 31 Oct 2018, 9:40 PM ET - BHP (A2/A/A): Moody's upgraded BHP's long-term issuer ratings by a notch from A3 to A2, while changing its outlook from positive to stable. The upgrade was announced the same day the company completed the sale of its US onshore shale assets to BP ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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BHP: F1Q19 Production Results

Worth Watching: 17 Oct 2018, 11:12 AM ET - BHP (A3/A/A) posted mixed F1Q19 production results for the quarter that ended on September 30, 2018. The company reiterated FY19 production guidance for petroleum, iron ore, metallurgical and energy coal, but lowered its guidance for copper by 3% ..
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BHP: Fitch Downgrade to A

Worth Watching: 19 Sep 2018, 11:11 AM ET - BHP (A3/A/A): Fitch downgraded BHP's long-term issuer default and senior unsecured ratings to A from A+. In addition, the hybrid notes were downgraded to BBB+ from A-. The downgrade reflects the anticipated sale of the US onshore shale assets for ..
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BHP F2H18: Raining Shareholder Rewards

Earnings Note: 21 Aug 2018, 9:17 PM ET - Shareholders are benefiting from the peak cycle economics, with $6.3 bn of announced dividends in FY18 plus ~$10 bn on the way.
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BHP: Selling US O&G Assets for $10.8 bn

Worth Watching: 30 Jul 2018, 4:01 PM ET - BHP (A3/A) agreed to sell its US shale oil & gas assets in two separate transactions totaling $10.8 bn. Notably, BHP plans to use the net proceeds from the asset sales for shareholder enhancements. BP will acquire BHP's Petrohawk Energy, Eagle For ..
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BHP: F4Q18 Production Results

Worth Watching: 18 Jul 2018, 9:39 PM ET - BHP (A3/A) posted strong F4Q18 production results for the quarter that ended on June 30, 2018. The company met or exceeded FY18 production guidance for petroleum, copper, iron ore, and energy coal and met its revised guidance for metallurgical coa ..
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Vale/BHP: Samarco Settlement

Worth Watching: 25 Jun 2018, 9:54 PM ET - Vale/BHP have signed an agreement with Brazilian federal and state prosecutors that would presumably pave the way for a restart of the Samarco operations. The big cap miners agreed to establish a fund for clean-up costs & remediation and for compe ..
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Vale/BHP: Samarco Settlement Close

Worth Watching: 18 Jun 2018, 11:33 AM ET - Vale/BHP: The owners of the Samarco iron-ore mine are said to be close to signing a deal with Brazilian prosecutors which will allow for a project restart, according to Bloomberg. There are still some legal negotiations to conclude before the comp ..
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BHP: $3.4 bn South Flank IO Project Approved

Worth Watching: 14 Jun 2018, 3:44 PM ET - BHP (A3/A) is moving ahead with the $3.4 bn South Flank iron ore project in Western Australia's Pilbara region. BHP will fund 85% of the project ($2.9 bn), while Japanese partners Itochu and Mitsui will contribute the remaining 15% of the capital ..
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BHP: US O&G First Round Bids

Worth Watching: 06 Jun 2018, 10:01 PM ET - BHP (A3/A): According to a report in Bloomberg, BHP has received first-round bids for its onshore US oil & gas assets in the range of $7-$9 bn, lower than prior indications that the assets could fetch a valuation north of $10 bn. Some of the bigge ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 
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BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..
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Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.
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BHP F1H18: Continued Focus on Net Debt Reduction

Earnings Note: 20 Feb 2018, 5:53 PM ET - We review F1H18 results and guidance for the next half year.

January 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jan 2018, 10:26 PM ET - Our monthly report provides executive summaries for the twelve companies recommendation changes made on European companies during the month of January.

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