UBS wraps it up nicely for BHP:
BHP has today announced that it will return the full US$10.4bn net proceeds from shale to shareholders almost immediately through a combination of an off-market buyback in Nov/Dec 18 (US$5.2bn) and a special dividend of US$5.2bn (~US$1.01ps) payable in January 2019.
Further returns expected at the half year result in Feb 19 BHP in August 2018 at its full year result said that FCF in FY 19 at spot prices of the day was ~US$9bn. With ~80% of this expected to be paid out as an ordinary dividend, this implies there is head room for an on-market buy-back. We have incorporated a US$3bn pa on-market buy-back in our forward estimates from Mar 19 and expect an announcement of such at the half year result in Feb 19.