BHP Group Regulatory News (BHP)

UK Listing Authority Submissions

The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do:

· 2016 Petroleum Investor Briefing

The document may also be accessed via BHP Billiton's website - www.bhpbilliton.com

BHP Billiton Plc Registration number 3196209

Registered in England and Wales

Registered Office: Neathouse Place London SW1V 1LH United Kingdom

A member of the BHP Billiton Group which is headquartered in Australia

NEWS RELEASE

RICH SET OF OPPORTUNITIES TO DRIVE VALUABLE GROWTH

BHP Billiton today outlined the broad range of opportunities within its Petroleum business to grow value, returns and cash flow as markets improve.

Speaking at an investor briefing in London, BHP Billiton President Operations Petroleum, Steve Pastor said "Having both minerals and petroleum in our portfolio allows us to maximise the value of our petroleum assets at the right point in the cycle."

"While currently well supplied, underlying fundamentals suggest both oil and gas markets are improving more quickly than our minerals commodities."

"Over the next decade, demand growth, natural field decline and the effects of industry wide investment deferrals are expected to create a significant opportunity to invest and maximize value in oil. By 2025 the world is expected to consume more than 100,000 barrels of liquids per day - a third of which would come from new sources.

"We are well placed to capitalise on this opportunity. We have a large, high quality resource base. Our focus on productivity has significantly reduced both operating and capital costs, supporting a range of shale and conventional investment opportunities that would generate compelling returns at today's prices. As a result, Petroleum is well placed to maintain its position as BHP Billiton's highest margin business and to grow its free cash flow contribution."

BHP Billiton runs its Onshore US assets to maximise value rather than volumes and will continue to adjust its investment plans to reflect market conditions.

"Our Onshore US business gives us valuable flexibility. Our shale assets generate cash at current prices, with significant upside should oil and gas prices recover as we expect," Mr Pastor said.

"We operate in the heart of some of the best shale plays and by further reducing costs and improving capital efficiency to levels among the best in the industry, we have increased our investible well inventory. As a result, we now have up to 1,200 undrilled net oil wells, contingent upon trials in the Eagle Ford, and 220 undrilled net gas wells that generate a minimum 15 per cent internal rate of return (IRR) at US$50 per barrel of oil and US$3 per MMbtu.

"In the Permian, we have access to over one billion barrels of oil equivalent (boe) meaning this field has the potential to become the largest production and free cash contributor in our Petroleum portfolio within five years."

In Conventional, BHP Billiton is expecting unit operating costs to remain at approximately US$10 per boe over the 2017 and 2018 financial years as it pursues a number of options to extend high margin production from its existing facilities.

"We have a rich portfolio of brownfield project options, with total capital expenditure of US$2.5 billion and an average IRR of 45 per cent that will help offset field decline. With significant improvements in capital efficiency, major capital projects like Mad Dog 2 are now economically attractive, even below US$50 per barrel of oil," Mr Pastor said.

BHP Billiton today also announced positive drilling results at the Caicos exploration well in the Gulf of Mexico. Located in Green Canyon 564, this well is approximately 100 miles south of the Louisiana coast in the deep water Gulf of Mexico. Caicos was drilled to a total depth of 30,803 feet and encountered oil in multiple horizons.

"We are encouraged by the Caicos results and are moving to further appraise the area. The next step will be drilling the Wildling well in November. With success at Caicos and Shenzi North, we continue to be optimistic around the opportunity for a commercial development in the area."

Further information on BHP Billiton can be found at: bhpbilliton.com