BHP Billiton Petroleum 2010 CERAWEEKUpstream Oil PlenaryJ. Michael YeagerChief Executive – PetroleumMarch 9, 2010

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 2

Disclaimer

Reliance on Third Party Information

The views expressed here contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.

Forward Looking StatementsThis presentation includes forward-looking statements within the meaning of the U.S. Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of BHP Billiton. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2009 entitled “Risk factors”, “Forward looking statements” and “Operating and financial review and prospects” filed with the U.S. Securities and Exchange Commission.

No Offer of SecuritiesNothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billitonsecurities in any jurisdiction.

Non-GAAP Financial InformationBHP Billiton results are reported under International Financial Reporting Standards (IFRS). References to Underlying EBIT and EBITDA exclude any exceptional items. A reconciliation to statutory EBIT is contained within the profit announcement, available at our website www.bhpbilliton.com.

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 3

A global upstream portfolio

Note: Ranking based on production volumes. Location of markers indicative only.

Stainless Steel Materials#3 global nickel producer

Stainless Steel Materials#3 global nickel producer

Iron Ore#3 global supplier

of seaborne iron ore

Iron Ore#3 global supplier

of seaborne iron ore

Manganese#1 global supplier of

seaborne manganese ore

Manganese#1 global supplier of

seaborne manganese ore

Metallurgical Coal#1 global supplier of seaborne

traded metallurgical coal

Metallurgical Coal#1 global supplier of seaborne

traded metallurgical coal

Base Metals#3 global producer of copper,

silver and lead

Base Metals#3 global producer of copper,

silver and lead

Aluminium#4 global producer of bauxite and #4 aluminium

company based on net third party sales

Aluminium#4 global producer of bauxite and #4 aluminium

company based on net third party sales

Energy Coal#4 global supplier of seaborne

export thermal coal

Energy Coal#4 global supplier of seaborne

export thermal coal

PetroleumA 450KBD oil and gas exploration

and production business

PetroleumA 450KBD oil and gas exploration

and production business

Diamonds & Specialty ProductsEKATI Diamond Mine is one of the world’s

largest gem quality diamond producers

Diamonds & Specialty ProductsEKATI Diamond Mine is one of the world’s

largest gem quality diamond producers

PetroleumIron OreMetallurgical CoalBase MetalsEnergy CoalAluminiumManganeseStainless Steel MaterialsDiamonds & Specialty ProductsOffices

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 4

An E&P Player with the Power and Reach of a Super-major

0 25 50 75 100 125 150 175 200

Husky EnergyEOG

Encana CorpXTO Energy

RepsolDevon Energy

WoodsideImperial Oil

ApacheCanadian

LukoilSuncorONGC

EcopetrolBG GroupOccidental

CNOOCStatoilHydro

ConocoPhillipsRosneft

EniTotal

GazpromChevron

BPRoyal Dutch

PetrobrasBHP Billiton

Exxon MobilPetrochina

Integrated E & P

Market Capitalisation(US$bn, March 2010)

Petroleum Peer Group

Source: Bloomberg* Rio Tinto Market Cap = Market Cap of Rio Tinto Plc + 62.6% of Market Cap of Rio Tinto Ltd (due to Rio Tinto Plc’s approximate 37.4% holding of Rio Tinto Ltd, as per

http://www.riotinto.com/annualreport2007/shareholderinformation/dual_listed_companies/index.html)** Market value may be unreliable due to a high percentage of non free-float shares.

Mining Peer Group

→ $327bn→ $309bn

0 25 50 75 100 125 150 175 200

Alcoa

Impala Platinum

**Aluminium Corp. of China

Anglo Platinum

Southern Copper

GoldCorp

**Norilisk Nickel

Freeport McMoRan

Barrick Gold

Xstrata

Anglo American

**China Shenhua

*Rio Tinto

Vale

BHP Billiton

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 5

BHP Billiton Petroleum

Core Strategy

Pursue large, upstream opportunities with multiple options

Take large positions, early

Be functionally strong where we compete

Fundamentals focus – safety, volume, cost

Maintain long term view with continued investment through the cycles

Same for all BHP Billiton businesses

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 6

Large, multiple options

Pyrenees Stybarrow

Shenzi Neptune

Exmouth PlateauNWS (Train V – South West View)

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 7

Taking large positions

Petroleum HQ

Gulf of Mexico

Algeria Pakistan

Bass Strait

The Falklands

ColombiaTrinidad

East Canada

W Australia

Malaysia

UK

India

Exploration

Vietnam Philippines

Producing and development

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 8

Being functionally strong

Source: Offshore Magazine / Mustang Engineering – 2007 Deepwater Solutions & Records for Concept Selection

4,000-foot water depth3,000-foot water depth

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 9

Being functionally strong

0

1

2

3

4

5

6

7

8

BHPBilliton

A B C D E F G H I J

GoM deepwater exploration and appraisal wells(Days per 1000 ft drilled, Jan-2000 to Jul-2008)

23 Wells

68 Wells

17 Wells

26 Wells

44 Wells

39 Wells

8 Wells

28 Wells

10 Wells

13 Wells

2 WellsBest BHP Billiton development

well at 1.12 days/1000 ft (Shenzi B2-4)

Best BHP Billiton development well at 1.12 days/1000 ft (Shenzi

B2-4)

On average, it takes BHP Billiton less time to reach total depth than our competitors– Rigorous well planning,

geographic experience, and robust procedures

Time = Cost

Consistently reach target depth

Committed rigs on contract to execute deepwater program

Manage global drilling operations centrally

Industry best completions technology

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 10

Fundamentals: Safety, Volume, Cost

Safety RecordAchieved 100% reduction in LTIFR between FY07 and FY09Negligible level of hydrocarbon releases

100,100,100Operated production uptime increasing year-over-year – now 95%Record production ramp-ups from new projects – Shenzi, Stybarrow, Pyrenees

Unit Cost FocusUnit operating costs holding steady at less than $6/boeUnit DD&A currently at ~$12.50/boe

Reserve Replacement>100% past two years

Cash operating costs(US$/boe)

0

5

10

15

20

25

CY05 CY06 CY07 CY08

Peers

Lost Time Injury Frequency Rate (LTIFR)(Per million hours)

0.47 0.270

1.93

0.0

1.0

2.0

3.0

4.0

5.0

FY06 FY07 FY08 FY09

OGP Top Quartile

Peers: APC, APA, DVN, HES, WPL, MUR, TLM.

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 11

Fundamentals: Safety, Volume, Cost

0

20

40

60

80

100

120

140

FY05 FY06 FY07 FY08 FY09 YTDFY10

Production(kboe per day)

Mad DogJan 05

NeptuneJul 08

AtlantisOct 07

ShenziMar 09

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 12

Pyrenees (71.43% w.i., BHP Billiton Operated)

96 kbpd and 60 mmcfd capacity (gross)

Sanction date: July 2007

Start-up: March 2010

Sanction CAPEX: US$ 1.7 billion (Gross)

Partner: Apache Corporation, 28.57% interest

Project Overview

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 13

Deep Opportunity Pipeline

GoM

Mad Dog South

Atlantis North

Western Australia

Pyrenees Ramp Up

Macedon Gas

NRB

CWLH

Bass Strait

Kipper

Turrum

Worldwide

Angostura Gas

Pakistan FEC

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 14

Maintain long term view

Continue to invest through the cycle, while maintaining good balance sheet discipline

Net gearing at 15.1 percent

Top credit rating: ~Moody’s A1 ~Standards & Poors A+

0

3

6

9

12

15

18

21

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10F FY11F

Investment

Exploration

Sustaining Capex

Growth Expenditure

(US$bn)

(a) FY10F includes US$800m for Petroleum.(b) Reflecting announced transactions only. FY11F relates to Western Australia Iron Ore Production Joint Venture equalisation payment to Rio Tinto which is

subject to finalisation adjustments.Calculated on the basis of UKGAAP for periods prior to FY05.

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 15

A+

We are in a unique position

Underlying Gearing and Underlying EBITDA interest cover shown for FY05 to 1H10.Calculated on the basis of UKGAAP for periods prior to FY05.

Net Gearing(%)

0

10

20

30

40

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 1H100

25

50

75

100Net Gearing (LHS)

Underlying EBITDA Interest Cover

Interest Cover(Times)

Moody’s Investment Services

Standard & Poor’s

A2 A1A3 A1

A+AA-

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 16

Same for all BHP Billiton businesses

Iron Ore Copper

Metallurgical Coal Petroleum

CERAweek, Upstream Oil Plenary, 9 March 2010 Slide 17

Conclusions

BHP Billiton’s approach has been successful

Strong financial position to stay the course

Safety, volume, cost

Positioned in Petroleum and other businesses to grow