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  "documentTitle": "BHP Billiton (BHP)",
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      "kind": "callout",
      "text": "Standard Deviation BHP Billiton: 32.9% Rio Tinto: 27.5%",
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      "text": "BHP claims its petroleum business provides unique risk-mitigation diversification benefits. Over the last ten years, however, BHP’s EBITDA trend has shown noticeably higher volatility than Rio Tinto’s – the precise opposite of what diversification should provide",
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      "text": "EBITDA Growth Comparison with Rio Tinto",
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      "text": "Aligned with our strategy of owning the best commodities, assets and capabilities; Petroleum growth portfolio expected IRR > 25%; Large, quality shale resource delivers attractive returns and substantial option value; Provides significant diversification benefits; superior margins and cash flow stability; lower cost of capital for BHP Billiton; greater competition for capital across the portfolio; Fewer market share constraints when assessing growth options; Talent, ideas and best practice flow across a more diverse Group",
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      "text": "Management's synergy arguments are weak and unconvincing – claims of synergies for BHP's conventional petroleum assets are clearly unfounded",
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      "text": "BHP claims its petroleum business provides unique risk-mitigation diversification benefits. Over the last ten years, however, BHP's EBITDA trend has shown noticeably higher volatility than Rio Tinto's – the precise opposite of what diversification should provide",
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      "kind": "quote",
      "text": "Petroleum is core to our strategy — BHP Billiton",
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      "text": "Source: Company filings. (1) Numbers shown on the basis of a June 30 year end. BHP is shown pro forma as if South32 had never been demerged in 2015. Rio Tinto is shown pro forma through the entire period as if Rio Tinto had owned Alcan throughout the entire period",
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      "text": "Petroleum Offers No Real Operational Synergies or Risk Diversification",
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      "text": "BHP Suggests That Its Petroleum Business Offers \"Stability\"",
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