BHP’s Capital Allocation Approach Shows Learnings from Past Mistakes
BHP updated the market on its capital allocation framework. Overall the update is pleasing, particularly the detail BHP went into around its process and approach, how it has changed based on learnings from past mistakes and how it fits with the overall business strategy. Pleasing too is the honesty BHP showed around the track record for the industry, which has been mixed and at times materially value destructive. Investing procyclically in large projects raises the risk of value destruction.For...
BHP Billiton is a global resources company. Co. operates under a Dual Listed Company (DLC) structure, which consists of the BHP Billiton Limited Group and the BHP Billiton Plc Group, operating as a single economic entity. As of June 30 2017, Co. operated four reportable segments: Petroleum, which is involved in the exploration, development and production of oil and gas; Copper, which is involved in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron ore, which is involved in the mining of iron ore; and Coal, which is involved in the mining of metallurgical coal and thermal (energy) coal.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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