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Markets :: Basic Chemicals :: Petrochemicals :: Ethylene

BHP Billiton Acquires Petrohawk Energy for $12.1 Billion

9:35 AM MDT | July 15, 2011 | Lindsey Bewley

BHP Billiton (Melbourne) says it will acquire Petrohawk Energy Corporation’s (Houston) shale assets for $12.1 billion ($38.75/share) in cash. BHP Billiton will gain operating positions in the Eagle Ford and Haynesville shale plays in Texas, and the Permian Basin in west Texas. The deal is expected to close in the third quarter.   Petrohawk’s assets cover about 1 million net acres in Texas and Louisiana, with estimated 2011 net production of about 950 million cubic feet equivalent per day (MMcfe/d), or 158 thousand barrels of oil equivalent per...

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