BHP has completed the sale of its Fayetteville Onshore US gas assets to a wholly owned subsidiary of Merit Energy Company (Merit). Merit acquired 100% of the issued share capital of BHP Billiton Petroleum (Arkansas) Inc. and 100% of the membership interests in BHP Billiton Petroleum (Fayetteville) LLC, which hold the Fayetteville assets, for a total consideration of US$0.3 billion.

Completion of the sale of BHP’s interests in the Eagle Ford, Haynesville and Permian Onshore US oil and gas assets to BP American Production Company (a subsidiary of BP Plc) is expected to occur by the end of October 2018. Completion of that sale is subject to the satisfaction of customary regulatory approvals and conditions precedent.

About the Fayetteville Onshore US assets

The Fayetteville production operation is located in north central Arkansas and consists of approximately 258,000 net acres. In the 2018 financial year Fayetteville produced 13.3 million barrels of oil equivalent (79.9 billion cubic feet of gas).

About BHP

BHP is a world-leading resources company. We extract and process minerals, oil and gas, with more than 60,000 employees and contractors, primarily in Australia and the Americas. Our products are sold worldwide, with sales and marketing led through Singapore and Houston, United States. Our global headquarters are in Melbourne, Australia.

We operate under a Dual Listed Company structure with two parent companies (BHP Billiton Limited and BHP Billiton Plc) operated as if we were a single economic entity, which we refer to as BHP. We are run by a unified Board and management.

About Merit Energy

Merit Energy is a private oil and gas company founded in 1989 with a simple goal: play from the center. Merit does not chase trends. We have a tested approach and we do it well — a proven and prudent player which has delivered solid returns time and time again.