Business Combination (Tables)

12 Months Ended

Dec. 31, 2023

Details of the purchase consideration and the fair value of goodwill, identifiable assets and liabilities of BHPP acquired are as follows:


Fair value of net identifiable assets and goodwill arising on acquisition date	US$m
Cash and cash equivalents		399
Receivables		1,164
Inventories		295
Investments accounted for using the equity method		267
Other financial assets		59
Other assets		284
Exploration and evaluation assets		180
Oil and gas properties		19,353
Lease assets		142
Payables		(1,035	)
Provisions		(4,827	)
Tax payable		(365	)
Deferred tax liabilities		(653	)
Lease liabilities		(268	)
Other liabilities		(1,054	)
Net identifiable assets acquired		13,941
Goodwill arising on acquisition		4,669
Purchase consideration		18,610


Purchase consideration	US$m
Shares issued, at fair value		19,265
Other reserves (share replacement awards)		18
Locked box payment received 1		(683	)
Adjustments to locked box payment		10
Total purchase consideration		18,610

1.	Represents the positive net cash flow of $1,513 million generated by BHPP assets from the effective date of the business combination offset by the notional dividend distribution of $830 million paid to BHP.


Analysis of cash flows on acquisition	US$m
Cash acquired on acquisition		399
Locked box payment received		683
Net cash flow on acquisition		1,082