BHP Billiton Petroleum Eyes 10% Annual Volume Growth
August 25 2011 - 8:51PM
Dow Jones News
BHP Billiton Ltd. (BHP) said Friday its petroleum arm is on
track to deliver 10% compound annual growth in production volumes
for the remainder of the decade after completing the US$12.1
billion acquisition of U.S. shale company Petrohawk Energy Corp.
(HK).
Petrohawk has requested the New York Stock Exchange to take
steps with the U.S. Securities and Exchange Commission to delist
its stock, the Anglo-Australian resources company said in a
statement.
"We are excited that Petrohawk's sizeable U.S. workforce is
joining our talented group of professionals and we are ready to
grow this business over the long-term," said Michael Yeager, chief
executive of BHP Billiton Petroleum.
The purchase of Petrohawk is BHP's second venture into the U.S.
shale industry after it acquired Chesapeake Energy Corp.'s (CHK)
Fayetteville shale gas holdings in Arkansas and some pipeline
assets in a $4.75 billion deal in February. Petrohawk's assets
cover about one million acres in Texas and Louisiana.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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