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Actionable news in BHP: BHP BILLITON LIMITED,

UPDATE 2-BHP lifts iron ore output, cuts $200 mln from petroleum unit

* BHP lifts quarterly iron ore output 7 pct

* Says will mine 247 million/t in FY 2016

* Shaves $200 million off petroleum spending (Adds cost cuts, petroleum output)

SYDNEY, Oct 21 (Reuters) - BHP Billiton boosted September quarter iron ore production by 7 percent on Wednesday, while maintaining full-year guidance and shrugging off growing concerns of a mounting global supply glut.

The mining giant also trimmed its planned capital spending in oil and gas, finding a further $200 million in cost savings as it tightens its belt during a commodities downturn driven by softer demand in China.

"BHP Billiton remains on track to meet full-year production and cost guidance after a solid operational performance this quarter," Chief Executive Andrew Mackenzie said in the report, ahead of the company's...