Total petroleum production for the year rose 15% to 159 million barrels of oil equivalent, reflecting strong performance from the Shenzi and Pyrenees developments.
In addition, improved reservoir performance from the Atlantis development in the Gulf of Mexico and an absence of weather-related interruptions supported the strong production result.
Underlying EBIT also benefited from higher oil prices which averaged $US73.05 a barrel for the year compared to $US66.18/bbl in the previous year, offsetting lower average realised natural gas and liquefied natural gas prices.
The EBIT was, however, impacted by a $US59 million charge related to idle rig time in the GoM for operated rigs due to a drilling moratorium put in place by the Obama administration as a result of the BP oil spill.
BHP said the charge was part of its ongoing management of rig contracts which included negotiating revised terms for the rigs during the moratorium and would provide the company with continued access to rigs and experienced crews when the moratorium ended.
Gross exploration expenditure for the petroleum division increased $US269 million to $US817 million due to increased drilling activity in the GoM before the moratorium, Canada, Malaysia, the Falklands and the Philippines.
Several exploration wells were not commercial and resulted in the exploration expense increasing $US163 million to $US563 million.
Meanwhile, BHP reported its overall underlying EBITDA (earnings before interest, tax, depreciation and amortisation) increased 10% to $US24.5 billion while net profit rose 16% to $US12.4 billion.
Excluding exceptional items, BHP's attributable profit was $US12.5 billion.
Underlying EBIT reached $US19.7 billion following a $US966 million contribution from the Shenzi and Pyrenees developments. Revenue for the year was $52.8 billion, up 5.2% from the previous year.
Looking forward, BHP said that while it remains cautious on the short-term outlook for the global economy, it remains positive on the longer-term prospects for the global economy driven by the continuing urbanisation and industrialisation of emerging economies.
BHP was relatively unchanged at $37.08 this morning.
