Page 257 - Annual Report 2020

5.7 Supplementary oil and gas information – unaudited continued
Results of operations from oil and gas producing activities
The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 5.1, but differs in several respects as to the Strategic Report
level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general
corporate overheads. Further, the amounts shown below include Onshore US however the disclosures in note 1 ‘Segment reporting’
in Section 5.1 do not.
Income taxes were determined by applying the applicable statutory rates to pre-tax income with adjustments for permanent differences
and tax credits.
United
Australia States (7) Other (8) Total
US$M US$M US$M US$M
2020
Oil and gas revenue (1) 2,535 1,101 350 3,986
Production costs (575) (161) (80) (816) Governance at BHP
Exploration expenses (37) (271) (252) (560)
Depreciation, depletion, amortisation and valuation provision (2) (906) (476) (75) (1,457)
Production taxes (3) (177) (1) (13) (191)
840 192 (70) 962
Accretion expense (4) (78) (24) (10) (112)
Income taxes (275) (35) (157) (467)
Royalty-related taxes (5) (85) − − (85)
Results of oil and gas producing activities (6) 402 133 (237) 298
2019
Oil and gas revenue (1) 3,404 2,675 610 6,689 Remuneration Report
Production costs (752) (568) (118) (1,438)
Exploration expenses (44) (162) (229) (435)
Depreciation, depletion, amortisation and valuation provision (2) (917) (621) (103) (1,641)
Production taxes (3) (198) − (25) (223)
1,493 1,324 135 2,952
Accretion expense (4) (80) (34) (13) (127)
Income taxes (530) (193) (267) (990)
Royalty-related taxes (5) (164) − − (164)
Results of oil and gas producing activities (6) 719 1,097 (145) 1,671
2018 Directors’ Report
Oil and gas revenue (1) 3,229 3,747 421 7,397
Production costs (701) (1,312) (121) (2,134)
Exploration expenses (25) (270) (254) (549)
Depreciation, depletion, amortisation and valuation provision (2) (1,045) (2,842) (81) (3,968)
Production taxes (3) (171) − (1) (172)
1,287 (677) (36) 574
Accretion expense (4) (81) (46) (14) (141) 5
Income taxes (418) (723) (124) (1,265)
Royalty-related taxes (5) (103) − − (103)
Results of oil and gas producing activities (6) 685 (1,446) (174) (935)
(1) Includes sales to affiliated companies of US$62 million (2019: US$75 million; 2018: US$75 million).
(2) Includes valuation provision of US$12 million (2019: US$21 million; 2018: US$596 million). Financial Statements
(3) Includes royalties and excise duty.
(4) Represents the unwinding of the discount on the closure and rehabilitation provision.
(5) Includes petroleum resource rent tax and petroleum revenue tax where applicable.
(6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable
to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 5.1.
(7) Results of oil and gas producing activities includes Onshore US assets of US$ nil (2019: US$431 million; 2018: US$(465) million).
(8) Other is primarily comprised of Algeria, Canada, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). Additional information

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