BHP reports a mixed quarter

BHP Billiton said yesterday that its fourth-quarter petroleum output reached a new record, with the company logging a four per cent rise year-on-year.<br /><br />BHP logged 37.56m barrels, or 408,000 barrels per day, in the three months to the end of June, largely driven by the start up of a new project in the Gulf of Mexico and an increase in oil production from its fields off the coast of Victoria.<br /><br />But the mining giant also warned that falling copper prices over the year would cut full-year earnings by $936m (&pound;568m).