BHP Billiton has made its first move into the US shale gas business with the acquisition of producing assets from Chesapeake Energy Corp for $US4.75 billion cash, in its first deal since a series of failed major deals.
In a relatively small acquisition for the world’s biggest diversified miner, BHP today said its Petroleum division would buy 487,000 net acres of leasehold and producing natural gas properties in the Fayetteville Shale play in central Arkansas.
BHP also said it would immediately commence the off-market portion of its increased $US10bn share buyback program, unveiled last week when the miner reported a record first-half net profit of $US10.7bn.
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