BHP Group Ltd (BHP) company history: the story so far

History

BHP unified its two listed companies, spun off its oil and gas business into Woodside, and then moved into Argentine copper through the Vicuña joint venture.

2020-2022: Deals, unification and the Woodside merger

In October 2020 BHP agreed to buy an extra 28% of the Shenzi deepwater Gulf of Mexico development from Hess for US$505 million. That would have lifted its stake from 44% to 72%. The filings do not confirm that the purchase completed.

The bigger changes came in 2022. On 31 January, BHP finished unifying under its Australian parent, BHP Group Limited. Shareholders in BHP Group Plc received one new Limited share for each Plc share, and 2,112,071,796 new shares were issued, about 42% of the 5,062,323,190 total. That is why the share count rose from about 2.95 billion at the end of 2021 to about 5.07 billion at the end of 2022.

On 1 June 2022, BHP merged its oil and gas business with Woodside. BHP received 914,768,948 Woodside shares and paid them to its shareholders as a dividend, which the filing valued at A$27.2 billion. BHP also made a net cash payment of about US$0.7 billion to Woodside, which a post-completion review could still adjust. No outcome is in the filings.

2023-2026: Copper in the Andes

The record for 2023 is quiet. In July 2024, BHP and Lundin Mining agreed to jointly buy Filo Corp., owner of the Filo del Sol copper project, for about C$4.1 billion. They also agreed to form a 50/50 joint venture that would hold Filo del Sol and Lundin's Josemaria project in Argentina and Chile. BHP already held a 5% stake in Filo from March 2022. Filo shareholders approved the deal on 26 September 2024.

The deal closed on 15 January 2025, creating Vicuña Corp. BHP's total cash payment was US$2.0 billion, slightly below the US$2.1 billion expected. That included US$690 million to Lundin for 50% of Josemaria. Vicuña Corp. operates the projects, and BHP and Lundin hold equal votes.

As of the latest record, in March 2026, BHP had 5,075,992,235 shares in issue as of 19 August 2025. It held half of Vicuña, and the joint venture's development progress remained an open question.

Written from the 6 story beats below (2020 to 15 Jan 2025), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

20255.07bn shares · US$247.64bn market cap

15 Jan
BHP and Lundin Mining completed the Filo Corp. acquisition and formed Vicuña Corp., a 50/50 joint venture holding the Filo del Sol and Josemaria copper projects. This completes the deal announced on 30 July 2024. BHP's total cash payment was US$2.0 billion, slightly below the US$2.1 billion expected, including US$690 million paid to Lundin Mining for 50% of Josemaria. Filo shareholders approved on 26 September 2024. Vicuña Corp. will run the projects as operator, with BHP and Lundin Mining holding equal votes.
business combination
5.07bn shUS$247.64bn

20245.07bn shares · US$289.53bn market cap

30 July
BHP and Lundin Mining agreed to jointly buy Filo Corp. (owner of the Filo del Sol copper project) for about C$4.1 billion, or C$33.00 per share, and to form a 50/50 joint venture holding Filo del Sol and Lundin's Josemaria project in Argentina and Chile. BHP's total cash payment is expected to be about US$2.1 billion, including about US$690 million for 50% of Josemaria. BHP already held a 5% stake in Filo Corp. from March 2022. Closing is expected in the first quarter of 2025, and the deals depend on each other and on Filo shareholder and court approvals.
business combination
5.07bn shUS$289.53bn

20222.95bn shares · US$185.96bn market cap

1 June
The merger of BHP's oil and gas business with Woodside completed on 1 June 2022. BHP received 914,768,948 Woodside shares and paid them out to eligible BHP shareholders as the in specie dividend announced on 20 May. The filing says the implied value was A$27.2 billion (US$19.6 billion), about A$5.38 per BHP share, based on Woodside's 31 May close of A$29.761. BHP also made a net cash payment of about US$0.7 billion to Woodside, subject to a post-completion review that could adjust it, and left about US$0.3 billion in the petroleum bank accounts. This resolves the merger and dividend threads. Sale proceeds for ineligible and electing holders may take up to 12 weeks.
business combination
2.95bn shUS$185.96bn
20 May
BHP's board set an in specie (paid in shares) fully franked dividend of Woodside shares tied to the merger of BHP's oil and gas portfolio with Woodside, payable 1 June 2022 and conditional on the merger completing. Eligible holders get one Woodside share per 5.5340 BHP shares held at the 26 May 2022 record date (one Woodside ADS per 2.7670 BHP ADSs), out of the 914,768,948 Woodside shares BHP receives; ineligible overseas holders and small holders who elect can have theirs sold.
dividend declaration
2.95bn shUS$176.28bn
31 Jan
The unification went through: the BHP Group Plc scheme became effective on 28 January 2022, and Plc shareholders receive one new BHP Group Limited share for each Plc share they held (ADS holders get one new Limited ADS per Plc ADS). 2,112,071,796 new Limited shares were issued, about 42% of the 5,062,323,190 total, and Plc's listings are being cancelled. This completes the process announced in December 2021.
business combination
2.95bn shUS$167.38bn

20202.95bn shares · US$135.89bn market cap

6 Oct
BHP signed an agreement with Hess to buy an additional 28% working interest in the Shenzi deepwater Gulf of Mexico development for US$505 million, subject to customary adjustments. This would lift BHP's stake from 44% to 72% and add about 11,000 barrels of oil equivalent per day of production (90% oil); completion is expected by December 2020, with Repsol keeping its 28%.
business combination
2.95bn shUS$135.89bn