Broda said BHP could get "first-mover advantage into the next cycle" if it sticks to its new framework.
"We therefore see BHP as likely much more active in M&A going forward, especially should the target have high-quality growth options," he said.
The major's CFO Peter Beaven summarised the plan as looking earlier at possible big plays.
"We could lose all our investment on these if, for instance, exploration fail...