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BHP GROUP PLC - Operational Review for the Quarter Ended 30 September 2021

Release Date: 19/10/2021 07:05
Code(s): BHP     PDF:  
Wrap Text
Operational Review for the Quarter Ended 30 September 2021

BHP Group Plc
Registration number 3196209
Registered in England and Wales
Share code: BHP
ISIN: GB00BH0P3Z91

NEWS RELEASE                             

Release Time       IMMEDIATE

Date               19 October 2021

Release Number     23/21

                             BHP OPERATIONAL REVIEW
                     FOR THE QUARTER ENDED 30 SEPTEMBER 2021

Note: All guidance is subject to further potential impacts from COVID-19 during
the 2022 financial year.

.    We safely delivered reliable operational performance during the quarter as
     we executed a series of planned major maintenance activities across our
     assets.

.    All production and unit cost guidance/(1)/ remains unchanged for the 2022
     financial year.

.    Our major projects under development are tracking to plan, with two new
     projects, the Jansen Stage 1 potash project and the Shenzi North
     development project in the US Gulf of Mexico, approved during the September
     2021 quarter. The Jansen shaft project is 96% complete, and the Trion oil
     project in Mexico moved into the Front End Engineering Design (FEED) phase
     and is expected to progress to a Final Investment Decision from
     mid-calendar year 2022.

.    The announced agreement to pursue a proposed merger of our Petroleum
     business with Woodside to create a global top 10 independent energy company
     is progressing to plan, with full form transaction documents expected in
     November 2021.

.    We announced our intention to unify our corporate structure under BHP's
     existing Australian parent company subject to final Board and other
     approvals. Unification would create a simplified structure and enhance
     strategic flexibility. If approved, unification is expected to occur in 
     March 2022 quarter.

.    In Petroleum, the Calypso appraisal well Bongos-3 in Trinidad and Tobago
     spud on 27 July 2021 and encountered hydrocarbons. A side track is
     currently being drilled to complete the appraisal.

.    In Copper exploration, BHP exercised its option to form an exploration
     joint venture with Red Tiger Resources for the Intercept Hill copper
     project, which borders BHP's Oak Dam site in South Australia.

                                  Sep Q21      Sep Q21
Production                     (vs Sep Q20) (vs Jun Q21) Sep Q21 vs Jun Q21 commentary
----------                     ------------ ------------ -----------------------------
Petroleum (MMboe).............     27.5        27.5      Higher volumes due to increased production from Ruby and higher seasonal
                                      3%          2%     gas demand at Bass Strait, partially offset by lower production at North
                                                         West Shelf and natural field decline.

Copper (kt)...................    376.5       376.5      Lower volumes at Olympic Dam due to the commencement of the planned
                                     (9%)        (7%)    smelter maintenance campaign, albeit approximately one month delayed due
                                                         to COVID-19 related border restrictions.

Iron ore (Mt).................     63.3        63.3      Lower volumes reflects planned major maintenance including car dumper
                                     (4%)        (3%)    one and the impacts of temporary rail labour shortages due to COVID-19
                                                         related border restrictions, which have improved during September 2021.

Metallurgical coal (Mt).......      8.9         8.9      Lower volumes due to planned maintenance at BMA, a planned longwall move
                                     (9%)       (25%)    at Broadmeadow and mining in higher strip ratio areas at BMC. This was
                                                         partially offset by record stripping at BMC reflecting a step up in
                                                         underlying truck productivity at South Walker Creek.

Energy coal (Mt)..............      4.2         4.2      Lower volumes at NSWEC due to mining in higher strip ratio areas,
                                     17%         (6%)    partially offset by increased stripping enabled by continued improvement
                                                         in underlying truck productivity.

Nickel (kt)...................     17.8        17.8      Lower volumes due to planned maintenance across the supply chain.
                                    (20%)       (21%)

Group copper equivalent production decreased by 5% in the September 2021 quarter
following lower minerals volumes largely a result of planned maintenance.

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                     BHP Operational Review for the       1
                     quarter ended 30 September 2021

Summary

BHP Chief Executive Officer, Mike Henry:

"BHP's operations delivered reliably during the first quarter and we completed
planned major maintenance activities across a number of our assets. We continue
to skilfully navigate the ongoing challenges of COVID-19.

We progressed the ramp-up of production of high quality iron ore at South Flank
and copper from the Spence Growth Option, and we delivered first nickel sulphate
from our new plant at Kwinana.

We sanctioned the Jansen Stage 1 potash project in Canada, and made a series of
targeted investments in copper and nickel exploration in Australia and Canada.
These are aligned with our efforts to increase our exposure to future facing
commodities and to position the portfolio to continue to deliver attractive
returns and long-term value to shareholders."

Operational performance

Production and guidance are summarised below.

Note: All guidance is subject to further potential impacts from COVID-19 during
the 2022 financial year.

                                                 Sep Q21  Sep Q21    Current
                                                   vs       vs        FY22
Production                              Sep Q21  Sep Q20  Jun Q21    guidance
----------                              -------  -------  -------  -------------
Petroleum (MMboe)......................    27.5      3%       2%        99 - 106  Unchanged
Copper (kt)............................   376.5     (9%)     (7%)  1,590 - 1,760
   Escondida (kt)......................   243.7    (14%)     (1%)  1,000 - 1,080  Unchanged
   Pampa Norte (kt)....................    67.5     59%      (3%)      330 - 370  Unchanged
   Olympic Dam (kt)....................    29.5    (43%)    (42%)      140 - 170  Unchanged
   Antamina (kt).......................    35.8      3%      (1%)      120 - 140  Unchanged
Iron ore (Mt)..........................    63.3     (4%)     (3%)      249 - 259
   WAIO (Mt)...........................    62.3     (6%)     (3%)      246 - 255  Unchanged
   WAIO (100% basis) (Mt)..............    70.6     (5%)     (3%)      278 - 288  Unchanged
   Samarco (Mt)........................     1.0    100%       2%           3 - 4  Unchanged
Metallurgical coal (Mt)................     8.9     (9%)    (25%)        39 - 44
   Queensland Coal (100% basis) (Mt)...    15.6     (9%)    (26%)        70 - 78  Unchanged
Energy coal (Mt)/(i)/..................     4.2     17%      (6%)        13 - 15
   NSWEC (Mt)..........................     4.2     17%      (6%)        13 - 15  Unchanged
Nickel (kt)............................    17.8    (20%)    (21%)        85 - 95  Unchanged
Assets held for sale
Energy coal - Cerrejon (Mt)/(i)/.......     2.1     98%      15%             n/a

(i)  Cerrejon production guidance has ceased reflecting the announced divestment
     of our interest in June 2021 and volumes will be reported separately from 1
     July 2021 until transaction completion.

Major development projects

During the September 2021 quarter, the BHP Board approved an investment of
US$5.7 billion (C$7.5 billion) for the Jansen Stage 1 project in Canada and
US$544 million for the Shenzi North development project in the US Gulf of
Mexico.

At the end of the September 2021 quarter, BHP had four major projects under
development, in petroleum (Mad Dog Phase 2 and Shenzi North development) and
potash (Jansen mine shafts and Jansen Stage 1), with a combined budget of
US$11.42 billion over the life of the projects.

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                     BHP Operational Review for the       2
                     quarter ended 30 September 2021

Corporate update

In August 2021, we announced a merger proposal to combine our Petroleum business
with Woodside Petroleum Ltd by an all-stock merger, subject to confirmatory due
diligence, negotiation and execution of full form transaction documents and
satisfaction of conditions precedent including required approvals. The proposed
merger would create a global top 10 independent energy company by production and
be the largest energy company on the Australian Stock Exchange. Execution of a
Share Sale Agreement and Integration and Transition Services Agreement is
expected to take place in November 2021. Following receipt of all approvals, the
merger is expected to be completed in the second quarter of the 2022 calendar
year with an effective date of 1 July 2021. An integration team with
representatives from both companies has been established and is progressing
integration planning activities, which includes developing a path to unlock
estimated synergies of more than US$400 million per annum.

In August 2021, we also announced that we intend to unify our dual listed
company (DLC) structure, subject to final Board approval, third party consents,
regulatory, shareholder and court approvals. Unification would result in a
corporate structure that is simpler, more efficient and improves portfolio
flexibility to maximise value for shareholders over the long-term, including
facilitating a simpler separation of Petroleum. Constructive engagement with
regulators and third parties continues and the process remains on track. If all
approvals are received, unification is expected to occur in the March 2022
quarter.

On 14 September 2021, BHP released its Climate Transition Action Plan 2021
(CTAP). The CTAP builds on the Climate Change Report we released in September
last year and has been designed with reference to the structure of the Climate
Action 100+ Net Zero Company Benchmark, which was established in late 2020. It
provides an update on BHP's performance in a format that responds to evolving
investor assessment and disclosure frameworks, announces our enhanced position
on Scope 3, and continues BHP's demonstrated and long-term commitment to
engagement and transparency on our approach to climate change.

In October 2021, we entered into renewable energy supply agreements that will
see Olympic Dam reduce its operational emissions to zero for 50 per cent of its
electricity consumption by 2025, based on current forecast demand. Iberdrola
Renewable Energy Park near Port Augusta in South Australia will supply the
renewable energy under the agreement and, once in operation in July 2022, will
be Australia's largest solar-wind hybrid plant. This announcement follows BHP's
entry into renewable energy agreements for BHP's operations in Western
Australia, Queensland and Chile.

In October 2021, we also signed a Memorandum of Understanding (MoU) with South
Korea's POSCO, one of the world's largest steelmakers to jointly explore
greenhouse gas emissions reduction technologies in the integrated steelmaking
value chain.

Our Support Agreement with Noront Resources (Noront) to make an all-cash
takeover offer for Noront remains in place. Noront owns an
extensive land package that includes the Eagle's Nest nickel and copper deposit
in the James Bay Lowlands, Ontario, in an emerging metals area known as the Ring
of Fire.

Samarco's Judicial Reorganisation process is continuing in the Commercial Courts
of Belo Horizonte, State of Minas Gerais. The Judicial Reorganisation is a means
for Samarco to restructure its financial debts in order to establish a
sustainable independent financial position as Samarco continues to rebuild its
operations safely and meet its Renova Foundation obligations.

In addition, negotiations are ongoing with State and Federal Prosecutors and
certain other Brazilian public authorities in relation to the review of the
Framework Agreement. The Framework Agreement was entered into between Samarco,
Vale and BHP Brasil and the relevant Brazilian authorities in March 2016 and
established Foundation Renova to develop and implement environmental and
socio-economic programs to remediate and provide compensation for damage caused
by the Samarco dam failure. The suspended R$155 billion (approximately US$30
billion) Federal Public Prosecution Office claim is under discussion as part of
these negotiations, which were provided for in the Governance Agreement signed
between the parties in 2018.

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                     BHP Operational Review for the       3
                     quarter ended 30 September 2021

Petroleum

Production

                                                                   Sep Q21  Sep Q21
                                                                     vs       vs
                                                          Sep Q21  Sep Q20  Jun Q21
                                                          -------  -------  -------
Crude oil, condensate and natural gas liquids (MMboe)...     12.8     11%        4%
Natural gas (bcf).......................................     88.4     (3%)       0%
Total petroleum production (MMboe)......................     27.5      3%        2%

Petroleum - Total petroleum production increased by three per cent to 28 MMboe.
Guidance for the 2022 financial year remains unchanged at between 99 and 106
MMboe.

Crude oil, condensate and natural gas liquids production increased by eleven per
cent to 13 MMboe, reflecting lower impact from weather events in the Gulf of
Mexico, increased volumes from Ruby following first production in May 2021 and
the additional 28 percent working interest acquired in Shenzi in November 2020,
partially offset by natural field decline across the portfolio.

Natural gas production decreased by three per cent to 88 bcf, reflecting
decreased production at North West Shelf and natural field decline across the
portfolio, partially offset by increased volumes from Ruby and higher seasonal
demand for gas at Bass Strait.

Projects

                           Capital     Initial
Project and              expenditure production
ownership                   US$M     target date                   Capacity                               Progress
-----------              ----------- -----------  --------------------------------------  ---------------------------------------
Mad Dog Phase 2                2,154    Mid-CY22  New floating production facility with   On schedule and budget.
(US Gulf of Mexico)                               the capacity to produce up to 140,000   The overall project is 95% complete.
23.9% (non-operator)                              gross barrels of oil equivalent per
                                                  day.

Shenzi North                     392        CY24  A two-well subsea tie-in to the         Approved in August 2021.
development                                       Shenzi platform, with the capacity to
(US Gulf of Mexico)                               produce up to 30,000 gross barrels of
72% (operator)                                    oil equivalent per day.
---------------------------------------------------------------------------------------------------------------------------------

On 5 August 2021, we announced an investment of US$544 million for Shenzi North
development in the US Gulf of Mexico. The capital expenditure represents a 100
per cent share interest. BHP is the operator and holds a 72 per cent share in
Shenzi North. Repsol holds the remaining 28 per cent working interest.
First production is targeted for the 2024 calendar year.

We also announced the approval of US$258 million in capital expenditure to move
the Trion oil project in Mexico into the Front End Engineering Design (FEED)
phase. The focus of these studies will be on completion of the engineering,
commercial arrangements and execution planning required to progress to a Final
Investment Decision (FID) from mid-calendar year 2022.

In the September 2021 quarter, onshore construction and commissioning of the Mad
Dog Phase 2 project's semi-submersible floating production platform, Argos, was
completed and it is in the process of being towed to the final location for
offshore execution. First production from Mad Dog Phase 2 is expected in the
middle of the 2022 calendar year.

In October 2021, one of the two Shenzi infill wells was brought online and early
flowback results looks promising. Both Shenzi infill wells are expected to be
online in the 2022 financial year.

Engineering work continues to progress at Scarborough. BHP and Woodside (the
operator) have developed a plan towards Scarborough FID by the end of the 2021
calendar year prior to the proposed completion date for the merger. As part of
this plan, BHP and Woodside have agreed an option for BHP to divest its 26.5 per
cent interest in the Scarborough Joint Venture (JV) to Woodside and 50 per cent
interest in the Thebe and Jupiter JVs to Woodside if the Scarborough JV takes a
FID by 15 December 2021 and the merger does not proceed.

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                     BHP Operational Review for the       4
                     quarter ended 30 September 2021

Petroleum exploration

Exploration and appraisal wells drilled during the September 2021 quarter are
summarised below.

                                                                                     Water    Total well
Well          Location          Target       Formation age BHP equity Spud date      depth    depth         Status
------------- ----------------- ------------ ------------- ---------- ------------- --------- ------------- -------------------
Bongos-3..... Trinidad & Tobago Lowest       Late Miocene  70% (BHP   27 July 2021   2,114 m   5,360 m      Hydrocarbons
              Block TTDAA 14    hydrocarbons               Operator)                                        encountered

Bongos-3X.... Trinidad & Tobago Gas          Late Miocene  70% (BHP   27 July 2021   2,114 m   4,197 m/(i)/ Drilling ahead/(i)/
              Block TTDAA 14                               Operator)

Bongos-4..... Trinidad & Tobago Gas          Late Miocene  70% (BHP   6 August 2021  2,177 m   3,368 m      Suspended/(ii)/
              Block TTDAA 14                               Operator)

(i)  Well depth and status as at 30 September 2021.
(ii) Bongos-4 will resume at completion of Bongos-3X.

In Trinidad and Tobago, the Calypso appraisal program is currently underway. The
Bongos-3 well was spud on 27 July 2021 and the formation evaluation program was
completed on 18 September 2021. The well encountered hydrocarbons and a side
track (Bongos-3X) is currently being drilled for further appraisal. The Bongos-4
well was spud on 6 August 2021 and is currently suspended, with operations due
to recommence following the completion of Bongos-3X operations.

In the central Gulf of Mexico, the Wasabi exploration well (GC124-001) was spud
on 7 October 2021.

In Barbados, the government has approved our proposed seismic program and we
plan to acquire a 3D seismic survey over a portion of the Bimshire and Carlisle
Bay blocks. The survey is expected to commence in the December 2021 quarter.

Petroleum exploration expenditure for the September 2021 quarter was US$87
million, of which US$35 million was expensed. An approximate US$540 million
exploration and appraisal program is being executed for the 2022 financial year.

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                     BHP Operational Review for the       5
                     quarter ended 30 September 2021

Copper

Production

                                     Sep Q21 Sep Q21
                                       vs      vs
                             Sep Q21 Sep Q20 Jun Q21
                             ------- ------- -------
     Copper (kt)............   376.5    (9%)    (7%)
     Zinc (t)...............  33,289    (3%)    (6%)
     Uranium (t)............     531   (39%)   (14%)

Copper - Total copper production decreased by nine per cent to 377 kt. Guidance
for the 2022 financial year remains unchanged at between 1,590 and 1,760 kt,
with production weighted to the second half of the financial year.

In the September 2021 quarter, the operating environment for our Chilean assets
improved due to high COVID-19 vaccination rates. However, some uncertainty
related to COVID-19 impacts remains as the pandemic evolves.

Escondida copper production decreased by 14 per cent to 244 kt due to forecast
concentrator feed grade decline. Guidance for the 2022 financial year remains
unchanged at between 1,000 and 1,080kt. Decline in concentrator feed grade is
expected to be approximately two per cent for the year. Medium term guidance of
an annual average of 1.2 Mt of copper production over the next five years
remains unchanged, with production expected to be weighted towards the latter
years. On 13 August 2021, Escondida successfully completed negotiations for a
new collective agreement with the Union No1 of Operators and Maintainers,
effective for 36 months from 2 August 2021.

Pampa Norte copper production increased by 59 per cent to 68 kt, reflecting the
continued ramp-up of the Spence Growth Option (SGO), which has brought on a new
concentrate stream. Guidance for the 2022 financial year remains unchanged at
between 330 and 370 kt with the new stream of concentrate production at Spence
partially offset by a forecast decline in stacking grade at Pampa Norte of
approximately 10 per cent. The ramp up to full production capacity at SGO is
expected to be complete by December 2021, following which Spence is forecast to
average 300 ktpa of production (including cathodes) over the first four years of
operation. On 11 September 2021, Cerro Colorado and Union No1 (Operators and
Maintainers) reached a new collective agreement, effective for 36 months from 1
September 2021.

Olympic Dam copper production decreased by 43 per cent to 30 kt, reflecting the
ramp down and commencement of the major smelter maintenance campaign,
approximately one month later than plan due to COVID-19 border restrictions
impacting the availability of workforce. The maintenance campaign is expected to
complete towards the end of the December 2021 quarter, followed by a ramp up to
full capacity by March 2022. Guidance for the 2022 financial year remains
unchanged at between 140 and 170 kt.

Antamina copper production increased by three per cent to 36 kt and zinc
production decreased by three per cent to 33 kt, reflecting higher copper and
lower zinc head grades. Guidance remains unchanged for the 2022 financial year,
with copper production of between 120 and 140 kt, and zinc production of between
115 and 130 kt.

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                     BHP Operational Review for the       6
                     quarter ended 30 September 2021

Iron Ore

Production

                                             Sep Q21 Sep Q21
                                               vs      vs
                                     Sep Q21 Sep Q20 Jun Q21
                                     ------- ------- -------
     Iron ore production (kt).......  63,299    (4%)    (3%)

Iron ore - Total iron ore production decreased by four per cent to 63 Mt.
Guidance for the 2022 financial year remains unchanged at between 249 and
259 Mt.

WAIO production decreased by six per cent to 62 Mt (71 Mt on a 100 per cent 
basis), mainly reflecting higher planned maintenance during the quarter, 
including major maintenance of car dumper one and the train load out at Jimblebar. 
Temporary rail labour shortages related to COVID-19 related border restrictions 
also had a minor impact. This was partially offset by strong mine performance and 
optimisation of Yandi’s end-of-life ramp-down. South Flank ramp up continues, with 
additional temporary crushing capacity to provide an ore for rail buffer during 
commissioning. Ramp up to full production capacity of 80 Mtpa (100 per cent basis) 
over three years remains unchanged. 

On 7 September 2021, BHP received regulatory approval to increase capacity at
our Port Hedland operations to 330 Mtpa (100 per cent basis), subject to the
outcomes of standard appeals processes. Our near-term focus remains on
sustainable achievement of 290 Mtpa, with plans to creep beyond this through
productivity in the medium term. To support this on the 13 October 2021, the
Board approved a port debottlenecking program which is expected to commence in
the December 2021 quarter.

Samarco production was 1.0 Mt following the recommencement of iron ore pellet
production at one concentrator in December 2020. Guidance of between 3 and 4 Mt
(BHP share) remains unchanged for the 2022 financial year.

Coal

Production

                                             Sep Q21 Sep Q21
                                               vs      vs
                                     Sep Q21 Sep Q20 Jun Q21
                                     ------- ------- -------
     Metallurgical coal (kt)........   8,850    (9%)   (25%)
     Energy coal (kt)...............   4,238     17%    (6%)

Metallurgical coal - Metallurgical coal production decreased by nine per cent to
9 Mt (16 Mt on a 100 per cent basis). Guidance for the 2022 financial year
remains unchanged at between 39 and 44 Mt (70 and 78 Mt on a 100 per cent
basis), with volumes weighted to the second half of the year following planned
maintenance in the September 2021 quarter.

Queensland Coal production decreased as a result of planned wash plant
maintenance at Goonyella and Peak Downs, planned dragline maintenance at Caval
Ridge and mining in higher strip ratio areas at Poitrel in line with the mine
plan. This was partially offset by record stripping at BMC and a significant
uplift in truck productivity at South Walker Creek.

Energy coal - Energy coal production increased by 17 per cent to 4 Mt. Guidance
for the 2022 financial year remains unchanged at between 13 and 15 Mt. Following
our announcement to divest our interest in Cerrejon in June 2021, Cerrejon
volumes are no longer included in energy coal guidance and will be reported
separately until transaction completion, which is expected to occur in the
second half of the 2022 financial year.

NSWEC production increased as a result of increased stripping volumes enabled by
improved truck productivity and reduced wet weather impacts. The shiploader at
the Newcastle port, which was damaged in November 2020, is now back in operation
and operating at full design capacity.

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                     BHP Operational Review for the       7
                     quarter ended 30 September 2021

Other

Nickel production

                                     Sep Q21 Sep Q21
                                       vs      vs
                             Sep Q21 Sep Q20 Jun Q21
                             ------- ------- -------
     Nickel (kt)...........     17.8   (20%)   (21%)

Nickel - Nickel West production decreased by 20 per cent to 18 kt, reflecting
planned maintenance at the Kalgoorlie Smelter, Kwinana Refinery and the Leinster
and Kambalda concentrators in the September 2021 quarter. Guidance for the 2022
financial year remains unchanged at between 85 and 95 kt. The first batch of
nickel sulphate crystals were produced in the September 2021 quarter and
customer certification is underway. We expect first saleable
production in the December 2021 quarter.

Potash - In August 2021, we announced the approval of capital expenditure of
US$5.7 billion (C$7.5 billion) for the Jansen Stage 1 project. Construction is
expected to take approximately six years, followed by a ramp up period of two
years, with first production expected in the 2027 calendar year.

A separate US$2.97 billion scope of work for construction of two shafts and
associated infrastructure at the site is 96% complete and is expected to be
complete in the 2022 calendar year.

Projects

                           Capital     Initial
Project and              expenditure production
ownership                   US$M     target date                 Capacity                               Progress
-----------              ----------- -----------  --------------------------------------  ------------------------------------
Jansen Potash...........   2,972        CY27      Investment to finish the excavation     The project is 96% complete.
(Canada)                                          and lining of the production and        Target project completion in CY22.
100%                                              service shafts, and to continue the
                                                  installation of essential surface
                                                  infrastructure and utilities.

Jansen Stage 1..........   5,723        CY27      Design, engineering and construction    Approved in August 2021.
(Canada)                                          of an underground potash mine and
100%                                              surface infrastructure, with capacity
                                                  to produce 4.35 Mtpa.
------------------------------------------------------------------------------------------------------------------------------

Minerals exploration

Minerals exploration expenditure for the September 2021 quarter was US$56
million, of which US$42 million was expensed. We have continued to add to our
early stage options in future facing commodities. Greenfield minerals
exploration is being undertaken on advancing copper targets in Chile, Ecuador,
Colombia, Mexico, Peru, Canada, Australia and the south-west United States.
Nickel targets are also being advanced in Canada and Australia. Specifically in
copper, we are undertaking target drilling in Chile, Ecuador and the United
States, while further drilling is planned in the 2022 financial year in
Australia and Mexico.

On 14 October 2021, BHP exercised its option to form an exploration joint
venture with Red Tiger Resources for the Intercept Hill copper project, which borders 
Oak Dam in South Australia. BHP's joint venture interest commences at 65 per cent 
with the option to earn a further 10 per cent over the next three years. This follows 
BHP's completion of Stage 1 of an exploration farm-in agreement with Red Tiger Resources, 
announced on 31 October 2018.

In October 2021, BHP also executed its farm-in agreement for the early-stage
prospective Elliott copper project in the Northern Territory, Australia. On
execution of the agreement, the area of tenements covered had increased by
approximately 40 per cent since September 2020, up to 7,200 km/2/. Under the terms
of the agreement, BHP can earn up to 75 per cent interest in Elliott by spending
up to A$25 million over 10 years.

At Oak Dam in South Australia, BHP is continuing next stage resource definition
drilling, after commencing the program in May 2021.

In nickel, additional to our Support Agreement with Noront Resources (Noront) to
make an all-cash takeover offer for Noront, our Midland Exploration partners are
progressing work towards drill-targets in northern Quebec for nickel sulphides.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       8
                     quarter ended 30 September 2021

Variance analysis relates to the relative performance of BHP and/or its
operations during the 2022 financial year compared with the 2021 financial year,
unless otherwise noted. Production volumes, sales volumes and capital and
exploration expenditure from subsidiaries are reported on a 100 per cent basis;
production and sales volumes from equity accounted investments and other
operations are reported on a proportionate consolidation basis. Numbers
presented may not add up precisely to the totals provided due to rounding.
Copper equivalent production based on 2021 financial year average realised
prices.

The following footnotes apply to this Operational Review:

(1)  2022 financial year unit cost guidance: Petroleum US$11-12/boe, Escondida
     US$1.20-1.40/lb, WAIO US$17.50-18.50/t, Queensland Coal US$80-90/t and
     NSWEC US$62-70/t; based on exchange rates of AUD/USD 0.78 and USD/CLP 727.

The following abbreviations may have been used throughout this report: barrels
(bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and
freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per
tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million
barrels of oil equivalent (MMboe); million barrels of oil per day (MMbpd);
million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent
(Mboe); thousand barrels of oil equivalent per day (Mboe/d); thousand ounces
(koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand
tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet
metric tonnes (wmt).

In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and ourselves' are used to refer to BHP Group Limited, BHP Group plc and, except
where the context otherwise requires, their respective subsidiaries as defined
in note 30 `Subsidiaries' in section 3.1 of BHP's 30 June 2021 Annual Report and
Form 20-F. Those terms do not include non-operated assets. Notwithstanding that
this release may include production, financial and other information from
non-operated assets, non-operated assets are not included in the BHP Group and,
as a result, statements regarding our operations, assets and values apply only
to our operated assets unless stated otherwise. Our non-operated assets include
Antamina, Cerrejon, Samarco, Atlantis, Mad Dog, Bass Strait and North West
Shelf. BHP Group cautions against undue reliance on any forward-looking
statement or guidance in this release, particularly in light of the current
economic climate and significant volatility, uncertainty and disruption arising
in connection with COVID-19. These forward looking statements are based on
information available as at the date of this release and are not guarantees or
predictions of future performance and involve known and unknown risks,
uncertainties and other factors, many of which are beyond our control and which
may cause actual results to differ materially from those expressed in the
statements contained in this release.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       9
                     quarter ended 30 September 2021

Further information on BHP can be found at: bhp.com

Sponsor: UBS South Africa (Pty) Limited

Authorised for lodgement by:
Stephanie Wilkinson
Group Company Secretary

Media Relations                                  Investor Relations

Email: media.relations@bhp.com                   Email: investor.relations@bhp.com

Australia and Asia                               Australia and Asia

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--------------------------------------------------------------------------------
                     BHP Operational Review for the       10
                     quarter ended 30 September 2021

Production summary

                                                              Quarter ended               Year to date
                                                    ------------------------------------ ---------------
                                                      Sep     Dec     Mar    Jun    Sep    Sep     Sep
                                             BHP     2020    2020    2021   2021   2021   2021    2020
                                           interest ------ ------- ------- ------ ------ ------- -------
Petroleum /(1)/
Petroleum
Production
   Crude oil, condensate and NGL (Mboe)...          11,507  10,729  11,601 12,205 12,751  12,751  11,507
   Natural gas (bcf)......................            90.9    78.5    82.6   88.6   88.4    88.4    90.9
                                                    ------ ------- ------- ------ ------ ------- -------
   Total (Mboe)...........................          26,657  23,812  25,368 26,972 27,484  27,484  26,657
                                                    ------ ------- ------- ------ ------ ------- -------
Copper /(2)/
Copper
Payable metal in concentrate (kt)
   Escondida /(3)/........................  57.5%    236.7   236.7   202.7  195.6  194.7   194.7   236.7
   Pampa Norte /(4)/...................... 100.0%       --     0.7     5.6   21.1   26.4    26.4      --
   Antamina...............................  33.8%     34.6    38.6    34.7   36.1   35.8    35.8    34.6
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           271.3   276.0   243.0  252.8  256.9   256.9   271.3
                                                    ------ ------- ------- ------ ------ ------- -------
Cathode (kt)
   Escondida /(3)/........................  57.5%     47.9    50.9    46.6   51.1   49.0    49.0    47.9
   Pampa Norte /(4)/......................   100%     42.5    53.6    46.4   48.3   41.1    41.1    42.5
   Olympic Dam............................   100%     51.5    47.6    55.4   50.8   29.5    29.5    51.5
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           141.9   152.1   148.4  150.2  119.6   119.6   141.9
                                                    ------ ------- ------- ------ ------ ------- -------
                                                    ------ ------- ------- ------ ------ ------- -------
Total copper (kt).........................           413.2   428.1   391.4  403.0  376.5   376.5   413.2
                                                    ------ ------- ------- ------ ------ ------- -------
Lead
Payable metal in concentrate (t)
   Antamina...............................  33.8%      690     993     468    381    378     378     690
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             690     993     468    381    378     378     690
                                                    ------ ------- ------- ------ ------ ------- -------
Zinc
Payable metal in concentrate (t)
   Antamina...............................  33.8%   34,398  41,909  33,299 35,483 33,289  33,289  34,398
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................          34,398  41,909  33,299 35,483 33,289  33,289  34,398
                                                    ------ ------- ------- ------ ------ ------- -------
Gold
Payable metal in concentrate (troy oz)
   Escondida /(3)/........................  57.5%   42,332  47,789  37,954 38,893 41,962  41,962  42,332
   Pampa Norte /(4)/......................   100%       --      --      --  4,728  6,967   6,967      --
   Olympic Dam (refined gold).............   100%   36,608  23,837  37,075 48,478 26,277  26,277  36,608
                                                    ------ ------- ------- ------ ------ ------- -------
   Total .................................          78,940  71,626  75,029 92,099 75,206  75,206  78,940
                                                    ------ ------- ------- ------ ------ ------- -------
Silver
Payable metal in concentrate (troy koz)
   Escondida /(3)/........................  57.5%    1,580   1,627   1,318  1,234  1,291   1,291   1,580
   Pampa Norte /(4)/......................   100%       --      --      --    214    273     273      --
   Antamina...............................  33.8%    1,326   1,767   1,463  1,409  1,367   1,367   1,326
   Olympic Dam (refined silver)...........   100%      157     193     275    185    191     191     157
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           3,063   3,587   3,056  3,042  3,122   3,122   3,063
                                                    ------ ------- ------- ------ ------ ------- -------
Uranium
Payable metal in concentrate (t)
   Olympic Dam............................   100%      874     945     834    614    531     531     874
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             874     945     834    614    531     531     874
                                                    ------ ------- ------- ------ ------ ------- -------
Molybdenum
Payable metal in concentrate (t)
   Pampa Norte /(4)/......................   100%       --      --      --     --     --      --      --
   Antamina...............................  33.8%      284     192     276    111    142     142     284
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             284     192     276    111    142     142     284
                                                    ------ ------- ------- ------ ------ ------- -------

--------------------------------------------------------------------------------
                     BHP Operational Review for the       11
                     quarter ended 30 September 2021

Production summary

                                                              Quarter ended               Year to date
                                                    ------------------------------------ ---------------
                                                      Sep     Dec     Mar    Jun    Sep    Sep     Sep
                                             BHP     2020    2020    2021   2021   2021   2021    2020
                                           interest ------ ------- ------- ------ ------ ------- -------
Iron Ore
Iron Ore
Production (kt) /(5)/
   Newman.................................    85%   16,410  17,637  14,614 14,560 16,461  16,461  16,410
   Area C Joint Venture...................    85%   11,889  11,567  13,010 15,920 18,947  18,947  11,889
   Yandi Joint Venture....................    85%   17,666  16,413  16,112 18,405 11,834  11,834  17,666
   Jimblebar /(6)/........................    85%   20,075  16,740  15,241 15,337 15,009  15,009  20,075
   Samarco................................    50%       --      37     878  1,023  1,048   1,048      --
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................          66,040  62,394  59,855 65,245 63,299  63,299  66,040
                                                    ------ ------- ------- ------ ------ ------- -------
Coal
Metallurgical coal
Production (kt) /(7)/
   BMA....................................    50%    7,365   7,539   7,727  9,253  6,715   6,715   7,365
   BHP Mitsui Coal /(8)/..................    80%    2,325   1,983   1,863  2,570  2,135   2,135   2,325
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           9,690   9,522   9,590 11,823  8,850   8,850   9,690
                                                    ------ ------- ------- ------ ------ ------- -------
Energy coal
Production (kt)
   NSW Energy Coal........................   100%    3,624   3,229   2,981  4,492  4,238   4,238   3,624
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           3,624   3,229   2,981  4,492  4,238   4,238   3,624
                                                    ------ ------- ------- ------ ------ ------- -------
Other
Nickel
Saleable production (kt)
   Nickel West............................   100%     22.2    24.0    20.4   22.4   17.8    17.8    22.2
                                                    ------ ------- ------- ------ ------ ------- -------
   Total...................................           22.2    24.0    20.4   22.4   17.8    17.8    22.2
                                                    ------ ------- ------- ------ ------ ------- -------
Cobalt
Saleable production (t)
   Nickel West............................   100%      238     236     273    241    177     177     238
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             238     236     273    241    177     177     238
                                                    ------ ------- ------- ------ ------ ------- -------
Assets held for sale /(9)/
Energy coal
Production (kt)
   Cerrejon...............................  33.3%    1,038     347   1,795  1,784  2,060   2,060   1,038
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           1,038     347   1,795  1,784  2,060   2,060   1,038
                                                    ------ ------- ------- ------ ------ ------- -------

(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific
    conversions are made and NGL is reported in barrels of oil equivalent (boe).
    Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product.
    Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%.
(9) Cerrejon volumes will be reported separately from 1 July 2021 until
    transaction completion.

Throughout this report figures in italics indicate that this figure has been
adjusted since it was previously reported.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       12
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Petroleum /(1)/

Bass Strait
   Crude oil and condensate.......................    (Mboe)        1,305    1,003      859    1,205    1,201    1,201    1,305
   NGL............................................    (Mboe)        1,660    1,057    1,035    1,563    1,655    1,655    1,660
   Natural gas....................................    (bcf)          34.1     23.4     22.7     32.8     35.8     35.8     34.1
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        8,648    5,960    5,677    8,235    8,823    8,823    8,648
                                                                  -------  -------  -------  -------  -------  -------  -------

North West Shelf
   Crude oil and condensate.......................    (Mboe)        1,215    1,180    1,183      933      973      973    1,215
   NGL............................................    (Mboe)          162      165      188      177      148      148      162
   Natural gas....................................    (bcf)          29.6     30.4     31.1     26.5     24.3     24.3     29.6
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        6,310    6,412    6,554    5,527    5,171    5,171    6,310
                                                                  -------  -------  -------  -------  -------  -------  -------

Pyrenees
   Crude oil and condensate.......................    (Mboe)          837      826      679      690      710      710      837
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          837      826      679      690      710      710      837
                                                                  -------  -------  -------  -------  -------  -------  -------

Macedon /(2)/
   Crude oil and condensate.......................    (Mboe)            1        1        1       --        1        1        1
   Natural gas....................................    (bcf)          12.7     12.6     12.4     12.6     12.7     12.7     12.7
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        2,118    2,101    2,068    2,100    2,118    2,118    2,118
                                                                  -------  -------  -------  -------  -------  -------  -------

Atlantis /(3)/
   Crude oil and condensate.......................    (Mboe)        2,421    2,385    2,590    3,117    3,171    3,171    2,421
   NGL............................................    (Mboe)          154      147      171      218      222      222      154
   Natural gas....................................    (bcf)           1.2      1.1      1.4      1.6      1.7      1.7      1.2
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        2,775    2,715    2,994    3,602    3,676    3,676    2,775
                                                                  -------  -------  -------  -------  -------  -------  -------

Mad Dog /(3)/
   Crude oil and condensate.......................    (Mboe)        1,211      930    1,209    1,099    1,155    1,155    1,211
   NGL............................................    (Mboe)           48       38       57       77       46       46       48
   Natural gas....................................    (bcf)           0.2      0.1      0.2      0.2      0.2      0.2      0.2
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        1,292      985    1,299    1,209    1,234    1,234    1,292
                                                                  -------  -------  -------  -------  -------  -------  -------

Shenzi /(3)//(4)/
   Crude oil and condensate.......................    (Mboe)        1,395    1,764    2,328    2,023    2,016    2,016    1,395
   NGL............................................    (Mboe)           71       87      130       87      102      102       71
   Natural gas....................................    (bcf)           0.3      0.3      0.4      0.1      0.4      0.4      0.3
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        1,516    1,901    2,525    2,127    2,185    2,185    1,516
                                                                  -------  -------  -------  -------  -------  -------  -------

Trinidad/Tobago
   Crude oil and condensate.......................    (Mboe)          102       96      139      236      491      491      102
   Natural gas....................................    (bcf)          12.8     10.5     14.4     14.7     13.3     13.3     12.8
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        2,235    1,846    2,539    2,686    2,708    2,708    2,235
                                                                  -------  -------  -------  -------  -------  -------  -------

Other Americas /(3)//(5)/
   Crude oil and condensate.......................    (Mboe)          212      190      187      104       83       83      212
   NGL............................................    (Mboe)            2       11       --        8        3        3        2
   Natural gas....................................    (bcf)            --      0.1       --      0.1       --       --       --
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          214      218      187      129       86       86      214
                                                                  -------  -------  -------  -------  -------  -------  -------

Algeria
   Crude oil and condensate.......................    (Mboe)          711      849      845      668      774      774      711
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          711      849      845      668      774      774      711
                                                                  -------  -------  -------  -------  -------  -------  -------

--------------------------------------------------------------------------------
                     BHP Operational Review for the       13
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Petroleum /(1)/

Total production
   Crude oil and condensate.......................    (Mboe)        9,410    9,224   10,020   10,075   10,575   10,575    9,410
   NGL............................................    (Mboe)        2,097    1,505    1,581    2,130    2,176    2,176    2,097
   Natural gas....................................    (bcf)          90.9     78.5     82.6     88.6     88.4     88.4     90.9
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total..........................................    (Mboe)       26,657   23,812   25,368   26,972   27,484   27,484   26,657
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
    Negative production figures represent finalisation adjustments.
(2) Previously reported as 'Other Australia'. No change to reported numbers.
(3) Gulf of Mexico volumes are net of royalties.
(4) BHP completed the acquisition of an additional 28% working interest in
    Shenzi on 6 November 2020, taking its total working interest to 72%.
(5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       14
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Copper
Metals production is payable metal unless otherwise stated.

Escondida, Chile /(1)/
   Material mined.................................    (kt)         83,357   97,274   95,978  104,043  113,874  113,874   83,357
   Concentrator throughput /(2)/..................    (kt)         34,733   36,303   32,654   31,903   33,528   33,528   34,733
   Average copper grade - concentrator /(3)/......    (%)            0.85%    0.83%    0.78%    0.77%    0.73%    0.73%    0.85%
   Production ex mill.............................    (kt)          243.9    246.1    207.8    202.8    201.2    201.2    243.9

   Production
   Payable copper.................................    (kt)          236.7    236.7    202.7    195.6    194.7    194.7    236.7
   Copper cathode (EW)............................    (kt)           47.9     50.9     46.6     51.1     49.0     49.0     47.9
    - Oxide leach.................................    (kt)           15.3     18.0     16.1     14.5     14.8     14.8     15.3
    - Sulphide leach..............................    (kt)           32.6     32.9     30.5     36.6     34.2     34.2     32.6
                                                                  -------  -------  -------  -------   ------- -------  -------
   Total copper...................................    (kt)          284.6    287.6    249.3    246.7    243.7    243.7    284.6
                                                                  -------  -------  -------  -------   ------- -------  -------
   Payable gold concentrate.......................    (troy oz)    42,332   47,789   37,954   38,893   41,962   41,962   42,332
   Payable silver concentrate.....................    (troy koz)    1,580    1,627    1,318    1,234    1,291    1,291    1,580

   Sales
   Payable copper.................................    (kt)          237.1    244.3    196.9    194.1    190.5    190.5    237.1
   Copper cathode (EW)............................    (kt)           46.5     47.7     49.6     49.6     46.7     46.7     46.5
   Payable gold concentrate.......................    (troy oz)    42,332   47,789   37,954   38,893   41,962   41,962   42,332
   Payable silver concentrate.....................    (troy koz)    1,580    1,627    1,318    1,234    1,291    1,291    1,580

(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(2) Previously reported as 'Sulphide ore milled'. No change to reported numbers.
(3) Previously reported as 'Average concentrator head grade'. No change to
    reported numbers.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       15
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Copper (continued)
Metals production is payable metal unless otherwise stated.

Pampa Norte, Chile
   Cerro Colorado
   Material mined.................................    (kt)         12,618    6,750    6,153    5,498    5,378    5,378   12,618
   Ore stacked /(1)/..............................    (kt)          4,036    3,562    3,283    3,702    3,566    3,566    4,036
   Average copper grade - stacked /(2)/...........    (%)            0.66%    0.58%    0.58%    0.58%    0.60%   0.60%     0.66%

   Production
   Copper cathode (EW)............................    (kt)           15.8     15.8     13.9     14.7     13.4     13.4     15.8

   Sales
   Copper cathode (EW)............................    (kt)           14.6     16.6     13.2     15.4     12.1     12.1     14.6

   Spence
   Material mined.................................    (kt)         18,260   18,485   19,195   21,262   21,154   21,154   18,260
   Ore stacked /(1)/..............................    (kt)          4,408    5,602    5,536    4,609    5,258    5,258    4,408
   Average copper grade - stacked /(2)/...........    (%)            1.10%    0.83%    0.64%    0.72%    0.64%   0.64%     1.10%
   Concentrator throughput /(3)/..................    (kt)             --    1,207    2,471    4,929    5,786    5,786       --
   Average copper grade - concentrator /(4)/......    (%)              --     0.43%    0.58%    0.63%    0.65%   0.65%       --

   Production
   Payable copper.................................    (kt)             --      0.7      5.6     21.1     26.4     26.4       --
   Copper cathode (EW)............................    (kt)           26.7     37.8     32.5     33.6     27.7     27.7     26.7
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total copper...................................    (kt)           26.7     38.5     38.1     54.7     54.1     54.1     26.7
                                                                  -------  -------  -------  -------  -------  -------  -------
   Payable gold concentrate /(5)/.................    (troy oz)        --       --       --    4,728    6,967    6,967       --
   Payable silver concentrate /(5)/...............    (troy koz)       --       --       --      214      273      273       --
   Payable molybdenum /(6)/.......................    (t)              --       --       --       --       --       --       --

   Sales
   Payable copper.................................    (kt)             --       --      1.8     20.8     28.4     28.4       --
   Copper cathode (EW)............................    (kt)           24.1     40.9     30.7     34.1     27.7     27.7     24.1
   Payable gold concentrate /(5)/.................    (troy oz)        --       --       --  4,728.0    6,967    6,967       --
   Payable silver concentrate /(5)/...............    (troy koz)       --       --       --    214.0      273      273       --
   Payable molybdenum /(6)/.......................    (t)              --       --       --       --       --       --       --

(1) Previously reported as 'Ore milled'. No change to reported numbers.
(2) Previously reported as 'Average copper grade'. No change to reported
    numbers.
(3) New line reflecting ore processed through the concentrator.
(4) New line reflecting the amount of copper contained in the ore processed
    through the concentrator.
(5) New line reflecting payable metal contained in the copper concentrate.
(6) New line reflecting payable molybdenum contained in the molybdenum
    concentrate. No saleable production in the September 2021 quarter.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       16
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Copper (continued)
Metals production is payable metal unless otherwise stated.

Antamina, Peru
   Material mined (100%)..........................    (kt)         45,458   57,029   53,762   63,393   66,581   66,581   45,458
   Concentrator throughput (100%) /(1)/...........    (kt)         13,202   14,083   12,651   13,466   13,219   13,219   13,202
   Average head grades
    - Copper......................................    (%)            0.94%    0.97%    0.94%    0.93%    0.97%    0.97%    0.94%
    - Zinc........................................    (%)            1.30%    1.30%    1.16%    1.24%    1.16%    1.16%    1.30%
   Production
   Payable copper.................................    (kt)           34.6     38.6     34.7     36.1     35.8     35.8     34.6
   Payable zinc...................................    (t)          34,398   41,909   33,299   35,483   33,289   33,289   34,398
   Payable silver.................................    (troy koz)    1,326    1,767    1,463    1,409    1,367    1,367    1,326
   Payable lead...................................    (t)             690      993      468      381      378      378      690
   Payable molybdenum.............................    (t)             284      192      276      111      142      142      284
   Sales
   Payable copper.................................    (kt)           33.8     40.7     31.7     37.3     32.7     32.7     33.8
   Payable zinc...................................    (t)          32,769   45,109   34,141   32,044   32,635   32,635   32,769
   Payable silver.................................    (troy koz)    1,310    1,728    1,342    1,540    1,103    1,103    1,310
   Payable lead...................................    (t)             748      945      689      556      232      232      748
   Payable molybdenum.............................    (t)             392      352      192      268       86       86      392

(1) Previously reported as 'Sulphide ore milled (100%)'. No change to reported
    numbers.

Olympic Dam, Australia
   Material mined /(1)/...........................    (kt)          2,203    2,379    1,979    2,143    1,935    1,935    2,203
   Ore Milled.....................................    (kt)          2,443    2,377    2,238    2,429    2,024    2,024    2,443
   Average copper grade...........................    (%)            2.03%    2.01%    2.02%    1.95%    2.03%    2.03%    2.03%
   Average uranium grade..........................    (kg/t)         0.53     0.60     0.61     0.56     0.55     0.55     0.53
   Production
   Copper cathode (ER and EW).....................    (kt)           51.5     47.6     55.4     50.8     29.5     29.5     51.5
   Payable uranium................................    (t)             874      945      834      614      531      531      874
   Refined gold...................................    (troy oz)    36,608   23,837   37,075   48,478   26,277   26,277   36,608
   Refined silver.................................    (troy koz)      157      193      275      185      191      191      157
   Sales
   Copper cathode (ER and EW).....................    (kt)           49.5     46.6     55.6     52.7     29.1     29.1     49.5
   Payable uranium................................    (t)             859      999      779    1,179      536      536      859
   Refined gold...................................    (troy oz)    36,054   21,390   38,852   47,300   24,654   24,654   36,054
   Refined silver.................................    (troy koz)      222      165      242      245      126      126      222

(1) Material mined refers to underground ore mined, subsequently hoisted or
    trucked to surface.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       17
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.

Western Australia Iron Ore, Australia
   Production
   Newman.........................................    (kt)         16,410   17,637   14,614   14,560   16,461   16,461   16,410
   Area C Joint Venture...........................    (kt)         11,889   11,567   13,010   15,920   18,947   18,947   11,889
   Yandi Joint Venture............................    (kt)         17,666   16,413   16,112   18,405   11,834   11,834   17,666
   Jimblebar /(1)/................................    (kt)         20,075   16,740   15,241   15,337   15,009   15,009   20,075
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total production...............................    (kt)         66,040   62,357   58,977   64,222   62,251   62,251   66,040
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total production (100%)........................    (kt)         74,152   70,407   66,695   72,848   70,587   70,587   74,152
                                                                  -------  -------  -------  -------  -------  -------  -------

   Sales
   Lump...........................................    (kt)         17,056   16,703   15,593   16,410   17,546   17,546   17,056
   Fines..........................................    (kt)         48,390   46,124   42,939   48,837   45,039   45,039   48,390
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total..........................................    (kt)         65,446   62,827   58,532   65,247   62,585   62,585   65,446
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total sales (100%).............................    (kt)         73,355   70,772   66,032   73,712   70,815   70,815   73,355
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) Shown on a 100% basis. BHP interest in saleable production is 85%.

Samarco, Brazil /(1)/
   Production.....................................    (kt)             --       37      878    1,023    1,048    1,048       --
   Sales..........................................    (kt)             --       --      646    1,052    1,111    1,111       --

(1) Samarco commenced iron ore pellet production in December 2020 after meeting
    the licencing requirements to restart operations at the Germano complex in
    Minas Gerais and Ubu complex in Espirito Santo, Brazil.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       18
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Coal
Coal production is reported on the basis of saleable product.

Queensland Coal, Australia
   Production /(1)/
   BMA
   Blackwater.....................................    (kt)          1,184    1,737    1,416    1,887    1,403    1,403    1,184
   Goonyella......................................    (kt)          2,312    2,152    2,232    2,752    1,798    1,798    2,312
   Peak Downs.....................................    (kt)          1,487    1,213    1,595    1,597    1,223    1,223    1,487
   Saraji.........................................    (kt)            817    1,043    1,238    1,391      999      999      817
   Daunia.........................................    (kt)            490      464      496      478      377      377      490
   Caval Ridge....................................    (kt)          1,075      930      750    1,148      915      915    1,075
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA......................................    (kt)          7,365    7,539    7,727    9,253    6,715    6,715    7,365
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA (100%)...............................    (kt)         14,730   15,078   15,454   18,506   13,430   13,430   14,730
                                                                  -------  -------  -------  -------  -------  -------  -------
   BHP Mitsui Coal /(2)/
   South Walker Creek.............................    (kt)          1,238    1,118    1,031    1,500    1,462    1,462    1,238
   Poitrel........................................    (kt)          1,087      865      832    1,070      673      673    1,087
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BHP Mitsui Coal..........................    (kt)          2,325    1,983    1,863    2,570    2,135    2,135    2,325
                                                                  -------  -------  -------  -------  -------  -------  -------
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal..........................    (kt)          9,690    9,522    9,590   11,823    8,850    8,850    9,690
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal (100%)...................    (kt)         17,055   17,061   17,317   21,076   15,565   15,565   17,055
                                                                  -------  -------  -------  -------  -------  -------  -------
   Sales
   BMA
   Coking coal....................................    (kt)          6,187    6,531    6,752    7,801    5,415    5,415    6,187
   Weak coking coal...............................    (kt)            977      936    1,038    1,069      734      734      977
   Thermal coal...................................    (kt)             58        3      206      400      576      576       58
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA......................................    (kt)          7,222    7,470    7,996    9,270    6,725    6,725    7,222
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA (100%)...............................    (kt)         14,444   14,940   15,992   18,540   13,450   13,450   14,444
                                                                  -------  -------  -------  -------  -------  -------  -------
   BHP Mitsui Coal /(2)/
   Coking coal....................................    (kt)            671      604      357      535      313      313      671
   Weak coking coal...............................    (kt)          1,545    1,518    1,404    2,027    1,788    1,788    1,545
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BHP Mitsui Coal..........................    (kt)          2,216    2,122    1,761    2,562    2,101    2,101    2,216
                                                                  -------  -------  -------  -------  -------  -------  -------
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal..........................    (kt)          9,438    9,592    9,757   11,832    8,826    8,826    9,438
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal (100%)...................    (kt)         16,660   17,062   17,753   21,102   15,551   15,551   16,660
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.

NSW Energy Coal, Australia
   Production.....................................    (kt)          3,624    3,229    2,981    4,492    4,238    4,238    3,624
   Sales thermal coal - export....................    (kt)          3,168    3,940    2,827    4,691    3,780    3,780    3,168

--------------------------------------------------------------------------------
                     BHP Operational Review for the       19
                     quarter ended 30 September 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Sep      Dec      Mar      Jun      Sep      Sep      Sep
                                                                    2020     2020     2021     2021     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Other
Nickel production is reported on the basis of saleable product

Nickel West, Australia
   Mt Keith
   Nickel concentrate.............................    (kt)           64.4     55.7     54.1     50.4     53.7     53.7     64.4
   Average nickel grade...........................    (%)            15.8     14.7     13.3     13.3     14.6     14.6     15.8

   Leinster
   Nickel concentrate.............................    (kt)           66.2     72.8     71.5     71.4     73.8     73.8     66.2
   Average nickel grade...........................    (%)             9.0      9.5     10.2     10.5      8.9      8.9      9.0

   Saleable production
   Refined nickel /(1)/...........................    (kt)           17.3     20.4     15.2     17.1     14.4     14.4     17.3
   Nickel sulphate /(2)/..........................    (kt)             --       --       --       --       --       --       --
   Intermediates and nickel by-products /(3)/.....    (kt)            4.9      3.6      5.2      5.3      3.4      3.4      4.9
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total nickel...................................    (kt)           22.2     24.0     20.4     22.4     17.8     17.8     22.2
                                                                  -------  -------  -------  -------  -------  -------  -------
   Cobalt by-products.............................    (t)             238      236      273      241      177      177      238

   Sales
   Refined nickel /(1)/...........................    (kt)           17.1     20.9     15.0     17.8     13.8     13.8     17.1
   Nickel sulphate /(2)/..........................    (kt)             --       --       --       --       --       --       --
   Intermediates and nickel by-products /(3)/.....    (kt)            4.6      2.6      5.9      4.0      3.9      3.9      4.6
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total nickel...................................    (kt)           21.7     23.5     20.9     21.8     17.7     17.7     21.7
                                                                  -------  -------  -------  -------  -------  -------  -------
   Cobalt by-products.............................    (t)             238      237      273      241      177      177      238

(1) High quality refined nickel metal, including briquettes and powder.
(2) New line for nickel sulphate product. No saleable production in the
    September 2021 quarter.
(3) Nickel contained in matte and by-product streams.

Assets held for sale /(1)/
Coal production is reported on the basis of saleable product.

Cerrejon, Colombia
   Production.....................................    (kt)          1,038      347    1,795    1,784    2,060    2,060    1,038
   Sales thermal coal - export....................    (kt)            994      370    1,746    1,619    2,180    2,180      994

(1) Cerrejon volumes will be reported separately from 1 July 2021 until
    transaction completion.

--------------------------------------------------------------------------------
                     BHP Operational Review for the       20
                     quarter ended 30 September 2021
Date: 19-10-2021 07:05:00
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