BHP Billiton Ltd. is going to raise oil output and fasten implementation of new projects after it spends some part of its high profits on reduction of debt and payment of dividends to investors, Bloomberg reports.

The largest miner in the world develops nine big projects and plans to spend $1 billion on exploration this year. Capital expenditures will grow by 18% to $8 billion.

Annual profit grew by 33% to the highest level in four years. Debt was reduced by $15 billion to target level, and dividends reached record sum.

Oil is still a priority for BHP. This year company forecasts reduction of output by 6%. BHP considers acquisitions options to increase output and benefit from favorable prices.

Producer is also planning to increase copper output as the market will most likely encounter deficit in the beginning of next decade.

Despite of global trade tensions, the company views China as main consumer of commodities. Some slowdown might be observed in copper sector.