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BHP completes sale of Onshore US assets
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
NEWS RELEASE
Release Time IMMEDIATE
Date 31 October 2018
Release Number 21/18
BHP completes sale of Onshore US assets
BHP has completed the sale of its interests in the Eagle Ford, Haynesville and
Permian Onshore US oil and gas assets to BP America Production Company (a
subsidiary of BP Plc) (BP) for a gross consideration of US$10.5 billion.
BP paid one-half of the gross consideration at completion (less customary completion
adjustments of US$0.2 billion), with the balance (deferred consideration) being
payable in six equal instalments over a six month period, the first instalment to be
paid one month after completion. Payment of the deferred consideration is not
subject to any conditions.
As announced on 28 September 2018, BHP has completed the sale of its Fayetteville
Onshore US gas assets for a consideration of US$0.3 billion.
Net proceeds (after tax and post customary transaction costs) of the sale of BHP’s
entire interests in the Eagle Ford, Haynesville, Permian and Fayetteville Onshore US
assets are US$10.4 billion. BHP is committed to returning these net proceeds to
shareholders, and will make a further announcement on 1 November 2018 as to the
form and timing of distribution of the proceeds.
As part of the transaction, BHP will provide certain transitional services to BP for up
to nine months following completion.
About the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets
The Eagle Ford, Haynesville and Permian fields comprise approximately 512,000 net
acres1 where BHP produces oil, gas and natural gas liquids that are sold
domestically in the United States via connections to intrastate and interstate pipelines
and internationally through the export of processed condensate. In the 2018 financial
year, these assets produced 58.8 million barrels of oil equivalent.
(1) BHP 2018 Annual Report.
Further information on BHP can be found at bhp.com
Sponsor: UBS South Africa (Pty) Limited
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