CHRIS HEYHOE | INVESTEC
BHP was marginally ahead of consensus figures due to strong iron ore and petroleum results, with attributable profit seven per cent above consensus, partly down to positive change in tax provisions and liabilities. Although we expect prices and earnings will be volatile, BHP looks strongly positioned for 2012.
DOMINIC O’KANE | LIBERUM CAPITAL
Operating cash flow was a staggering $30.1bn and also well ahead of our $26bn estimate, underscoring BHP’s ability to comfortably finance the $15.1bn acquisition of Petrohawk. …Given the mammoth scale of potential project approvals to come, there seems to be plenty of opportunities for BHP to employ capital.
CHRIS ALEXANDER | BNP PARIBAS
Impressive as the figures are they are slightly below consensus estimates of $32.1bn underlying EBIT and earnings of $22bn…The outlook statement notes the slowing economic growth year-to-date with uncertainty created by sovereign debt issues. That said [BHP] is positive on the outlook for the global economy.