BHP Billiton Ltd. ADRs, New York symbol BHP, is the world’s largest mining company, with major operations in Australia, South Africa, Chile and the U.K. It produces iron ore, coal, oil, aluminum, manganese, diamonds and titanium.
In the fiscal year ended June 30, 2011, BHP earned $21.7 billion, or $7.87 per ADR (each American Depositary Receipt represents two BHP common shares). That’s up 73.9% from $12.5 billion, or $4.48 per ADR, in fiscal 2010. Even so, the latest earnings missed the consensus forecast of $7.16 per ADR. Revenue rose 35.9%, to $71.7 billion from $52.8 billion.
Strong economic growth in China, Brazil and other developing counties continues to push up prices for many of the blue chip mining stock’s commodities, such as iron ore, coal, copper, aluminum and diamonds.
In addition, BHP is expanding its oil and gas operations. It recently paid $4.75 billion to Chesapeake Energy Corp. (New York symbol CHK) for shale-gas properties in Arkansas. (Shale gas is natural gas that is trapped in rock formations. To extract it, companies must pump water and chemicals into the rock. This fractures the rock and releases the natural gas.)
In July 2011, BHP agreed to pay $12.1 billion for Petrohawk Energy Corp. (New York symbol HK). Petrohawk produces oil and natural gas from properties in Texas and Louisiana. This purchase should close by September 30, 2011.
These projects have big potential. However, the blue chip mining stock’s costs for labour and mining equipment are rising. That could hurt the profitability of these and other new projects. Moreover, the Australian government is considering new taxes on mining companies. That adds risk.
We updated our advice on BHP in our August 26, 2011, Wall Street Stock Forecaster hotline, which you can immediately view when you take a 1-month free trial to Wall Street Stock Forecaster. Click here to get started right away.
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