BHP Billiton takes over Petrohawk Energy Corp

August 25, 2011 - 10:50 PM

SYDNEY (AP) — BHP Billiton Ltd. announced Friday that it completed its takeover of U.S.-based Petrohawk Energy Corp.

BHP Billiton said the $12.1 billion acquisition follows the previously announced completion of the tender offer.

BHP Billiton petroleum chief executive Michael Yeager said the Petrohawk takeover adds high-quality growth to the company.

"With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of 10 percent for the remainder of the decade," he said.

"We are excited that Petrohawk's sizable U.S. work force is joining our talented group of professionals and we are ready to grow this business over the long-term," he added.

BHP Billiton announced in July it would buy Petrohawk for $12.1 billion in cash, giving it greater access to U.S. shale gas assets.

The acquisition gives BHP Billiton assets covering about 1 million acres in Texas and Louisiana, with an estimated 2011 production of 158,000 barrels of oil equivalent each day.

"Petrohawk has requested the New York Stock Exchange to take the necessary steps with the U.S. Securities and Exchange Commission to delist Petrohawk's common stock from the NYSE," BHP Billiton's statement said.