Mining giant BHP Billiton smashed through iron ore production guidance in the year ended 30 June, posting output of 233m tonnes against a projected 230m tonnes.
Petroleum production climbed by four per cent in the year, up to 256m barrels of oil equivalent, and metallurgical coal output was up 13 per cent to 43m tonnes.
Pre-tax profit rose to $21.7bn (£13.9bn) from $20.8bn in the year to the end of June 2014, and revenue was up to $56.8bn from $53.9bn.
However, shares in the company tumbled 5.71 per cent to close at 1,180p as the company slashed production guidance for all its core products, except iron ore.
The firm has projected a 12 per cent reduction in output in 2016 compared to 2015. The group also reduced its outlook for petroleum, by seven per cent, metallurgical coal, by six per cent, and energy coal, by two per cent.
The company has cut its annual shale spending by over 50 per cent for 2016, and boss Andrew Mackenzie said: “Although our decision to cut spending in the onshore US will mean deferring gas volumes in the near term, we expect to realise greater value by developing our acreage later.”
Meanwhile, BHP updated its guidance for exceptional losses it anticipates to book, which could now total $4.45bn to $4.75bn on an attributable profit basis, including additional one-time charges of $350m-$650m. Net losses from the demerger of South32 are expected to cost $2.1bn.