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BHP Billiton Acquires Fayetteville Shale Assets From Chesapeake Energy - BHP Billiton Marks Its Entry Into The US Shale Gas Business
GlobalData, April 2011, Pages: 7
BHP Billiton Acquires Fayetteville Shale Assets From Chesapeake Energy - BHP Billiton Marks Its Entry Into The US Shale Gas Business - Deal Analysis from GlobalData
Summary
BHP Billiton Limited, through its wholly-owned subsidiary BHP Billiton Petroleum, completed the acquisition of all of the interest in 487,000 net acres of leasehold and producing natural gas properties, located in the Fayetteville Shale play, central Arkansas, from Chesapeake Energy Corporation for a purchase consideration of $4.75 billion. Out of the total consideration, the company has paid $500m for the midstream assets. The deal was announced in February 2011. Jefferies & Company, Inc. acted as financial advisor and Wachtell, Lipton, Rosen & Katz and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisors to Chesapeake Energy with respect to the transaction. Barclays Capital, Inc. and Scotia Waterous acted as financial advisors, and Morgan, Lewis & Bockius LLP acted as legal advisor to BHP Billiton for the transaction. The transaction implies deal values of $61,445.78 per boe of daily production, $10.63 per boe of proved reserves and $8,726.9 per acre of land.
Scope
- Rationale behind BHP Billiton acquiring assets in Fayetteville play,
- Strategic Benefits for the companies involved,
- Geography covered -US
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the US' oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions.
1
1
1.1 List of Tables
1.2 List of Figures
2 BHP Billiton Acquires Fayetteville Shale Assets From Chesapeake Energy
2.1 Deal Overview
2.2 Deal in Brief
2.3 BHP Billiton Acquired Significant Resources in the US Shale Gas Play Through the Current Transaction
2.4 Chesapeake Plans to Reduce its Long-Term Debt Under 25/25 Plan
2.5 BHP Billiton Acquired Fayetteville Assets at a Discount Compared to What XTO Energy Paid for Petrohawk’s Assets
2.6 Deal Financials and Valuations
3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 Disclaimer
1.1 List of Tables
Table 1: BHP Billiton, Asset Transaction Details, January 2009 – February 2011
Table 2: Chesapeake, Divestment Details, October 2010 – March 2011
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Advisor Information
Table 6: Target Information
Table 7: Target’s Production and Reserves Information
Table 8: Company Valuation Multiples
Table 9: Commodity Prices in $, Last Close
Table 10: Acquirer Information
Table 11: Vendor Information
1.2 List of Figures
Figure 1: BHP Billiton, Interests in Fayetteville Play
Figure 2: BHP Billiton, Total Net Resources Before and After the Acquisition of Fayetteville Assets, MMboe, December 31, 2010
Figure 3: Chesapeake, Operations Map, March 31, 2011
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