In short, the BHP boss said the company plans to cut costs by $500 million over the next three years and would spend $10 billion on new projects to drive earnings growth.

As for the company's petroleum division, Mr Gilberton said the division is still small by international standards but as a "value driver", it did give the group one big advantage over the rivals such as Rio Tinto.

"Our traditional competitors, already large in particular commodity areas, will increasingly find mergers and acquisitions hindered by competition legislation," he said.

"Although our customer sector groups can still grow through acquisition, competition issues must ultimately impose "limits-to-growth" ceiling.

"But for us, our petroleum removes that ceiling as BHP Billiton is still a small fish in the petroleum ocean."

He added the petroleum division had assets which were envied by the majors including mature operations such as Bass Strait and the North West Shelf, new discoveries in the Gulf of Mexico as well as off the coast of Trinidad. "Reflecting our quality, the Petroleum Finance Company survey has ranked BHP Billiton's profit per barrel in the top three in the industry for the last three years," Mr Gilbertson said.

With oil prices spiralling upward due to the crisis in the Middle East, analysts have upgraded full-year earnings forecasts from $US2 billion to $US2.2 billion. Every $US1 a barrel rise in the oil price adds $66 million to company's bottom line.

The BHPB boss told his audience that the company is looking "outside the box" for new opportunities and one identified was the energy market, which he described as one of the fastest growing in today's energy-hungry world. "BHP Billiton is in a unique position to contemplate at least a limited entry into this market, and if successful, might ultimately see energy join minerals and petroleum as a major future business arena," Mr Gilbertson said.

BHP Billiton shares closed 6c higher at $11.74.