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BHP Billiton Enters U.S. Shale Gas Market in $4.75-Billion Deal with Chesapeake Energy

9:36 AM MST | February 22, 2011 | Lindsey Bewley

Australian mining firm BHP Billiton says it will enter the U.S. shale gas market in a $4.75-billion deal with Chesapeake Energy (Oklahoma City, OK). BHP Billiton will acquire about 487,000 net acres of Chesapeake’s leasehold and producing natural gas properties in the Fayetteville Shale play in central Arkansas. The transaction also includes existing net production of approximately 415 million cubic feet of natural gas equivalent per day and midstream assets with about 420 miles of pipeline. Chesapeake has agreed to provide essential services for up to one...

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