3.	Revenue

Revenue by segment


Half year ended 31 December 2018 US$M	Petroleum		Copper			Iron Ore		Coal		Group and unallocated items/ eliminations			Group total
Revenue from contracts with customers		3,071		5,328			7,401		4,509		549			20,858
Other revenue		132		(259	)		17		3		(9	)		(116	)

Total revenue		3,203		5,069			7,418		4,512		540			20,742


Half year ended 31 December 2017 US$M	Petroleum		Copper			Iron Ore		Coal		Group and unallocated items/ eliminations			Group total
Revenue from contracts with customers		2,525		5,790			7,196		4,044		533			20,088
Other revenue		56		342			25		3		12			438

Total revenue		2,581		6,132			7,221		4,047		545			20,526


Year ended 30 June 2018 US$M	Petroleum		Copper			Iron Ore		Coal		Group and unallocated items/ eliminations			Group total
Revenue from contracts with customers		5,194		12,660			14,782		8,887		1,225			42,748
Other revenue		214		121			28		2		16			381

Total revenue		5,408		12,781			14,810		8,889		1,241			43,129

Revenue by geographical location


	Revenue by location of customer
	Half Year ended 31 Dec 2018 US$M		Half year ended 31 Dec 2017 US$M		Year ended 30 June 2018 US$M
Australia		1,247		1,110		2,304
Europe		983		818		1,886
China		11,176		10,511		22,660
Japan		2,081		2,015		4,628
India		1,141		1,285		2,439
South Korea		1,067		1,374		2,588
Rest of Asia		1,355		1,454		2,620
North America		1,176		1,234		2,715
South America		362		566		1,054
Rest of world		154		159		235

		20,742		20,526		43,129

Recognition and measurement (following adoption of IFRS 15)

The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer’s appointed vessel. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for the goods or services.

Where the Group’s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9 and recognised in revenue. Provisional pricing adjustments are separately disclosed as other revenue. The period between provisional pricing and final invoicing is typically between 60 and 120 days.

Revenue from concentrate is net of treatment costs and refining charges.

Revenue from the sale of significant by-products is included within revenue. Where a by-product is not significant, revenue is credited against costs.