MELBOURNE, Australia,
Aug. 25, 2011 /PRNewswire/ -- BHP
Billiton [ASX: BHP, LSE: BLT, NYSE: BHP, NYSE: BBL, JSE: BIL]
announced today that it has completed its acquisition of Petrohawk
Energy Corporation through a short-form merger under Delaware law of its wholly owned subsidiary
with and into Petrohawk, with Petrohawk being the surviving
corporation as a wholly owned subsidiary of BHP Billiton. The
merger was the final step of the acquisition process and follows
the previously announced completion of the tender offer by BHP
Billiton to acquire all outstanding shares of common stock of
Petrohawk.
BHP Billiton Petroleum Chief Executive, J. Michael Yeager, said the Petrohawk
acquisition 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 ten percent for the remainder of the decade. 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."
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.
Cautionary Statement Regarding Forward-Looking
Statements
This communication may contain, in addition to historical
information, certain forward-looking statements regarding future
events, conditions, circumstances or the future financial
performance of BHP Billiton Plc and BHP Billiton Limited and their
affiliates, including BHP Billiton Petroleum (North America) Inc. and Petrohawk
(collectively, the "BHP Billiton Group"), following completion of
the Offer, the merger and other related transactions (the
"Transactions"). Often, but not always, forward-looking statements
can be identified by the use of words such as "plans," "expects,"
"expected," "scheduled," "estimates," "intends," "anticipates", "on
track" or "believes," or variations of such words and phrases or
state that certain actions, events, conditions, circumstances or
results "may," "could," "would," "might" or "will" be taken, occur
or be achieved. Such forward-looking statements are not guarantees
or predictions of future performance, and are subject to known and
unknown risks, uncertainties and other factors, many of which are
beyond our control, that could cause actual results, performance or
achievements of any member of the BHP Billiton Group or the
enlarged BHP Billiton Group following completion of the
Transactions to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties include:
(i) beliefs and assumptions relating to available borrowing
capacity and capital resources generally, (ii) expectations
regarding environmental matters, including costs of compliance and
the impact of potential regulations or changes to current
regulations to which Petrohawk or any member of the BHP Billiton
Group is or could become subject, (iii) beliefs about oil and gas
reserves, (iv) anticipated liquidity in the markets in which BHP
Billiton or any member of the BHP Billiton Group transacts,
including the extent to which such liquidity could be affected by
poor economic and financial market conditions or new regulations
and any resulting impacts on financial institutions and other
current and potential counterparties, (v) beliefs and assumptions
about market competition and the behaviour of other participants in
the oil and gas exploration, development or production industries,
(vi) the effectiveness of Petrohawk's or any member of the BHP
Billiton Group's strategies to capture opportunities presented by
changes in prices and to manage its exposure to price volatility,
(vii) beliefs and assumptions about weather and general economic
conditions, (viii) beliefs regarding the U.S. economy, its
trajectory and its impacts, as well as the stock price of each of
BHP Billiton Plc and BHP Billiton Limited, (ix) projected operating
or financial results, including anticipated cash flows from
operations, revenues and profitability, (x) expectations regarding
Petrohawk's or any member of the BHP Billiton Group's revolver
capacity, credit facility compliance, collateral demands, capital
expenditures, interest expense and other payments, (xi) Petrohawk's
or any member of the BHP Billiton Group's ability to efficiently
operate its assets so as to maximize its revenue generating
opportunities and operating margins, (xii) beliefs about the
outcome of legal, regulatory, administrative and legislative
matters and (xiii) expectations and estimates regarding capital and
maintenance expenditures and its associated costs. Many of these
risks and uncertainties relate to factors that are beyond the BHP
Billiton Group's ability to control or estimate precisely, and any
or all of the BHP Billiton Group's forward-looking statements may
turn out to be wrong. The BHP Billiton Group cannot give any
assurance that such forward-looking statements will prove to have
been correct. The reader is cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this communication. The BHP Billiton Group disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
conditions, circumstances or otherwise, except as required by
applicable law.
Nothing contained herein shall be deemed to be a forecast,
projection or estimate of the future financial performance of any
member of the BHP Billiton Group.
Further information on BHP Billiton can be found at:
www.bhpbilliton.com
SOURCE BHP Billiton