BHP To Pay $4.8B For Chesapeake Shale Assets

Law360, New York (February 22, 2011, 3:45 PM EST) -- A BHP Billiton Ltd. subsidiary said Tuesday it would buy Chesapeake Energy Corp.'s shale assets in Arkansas for $4.75 billion in a deal that would mark the Australian company's first foray into gas-rich shale in the U.S.

The sale — which includes Chesapeake's 420-mile midstream pipeline system and would make BHP the second-largest holder by acreage in the Fayetteville Shale — covers some 487,000 acres of properties held under lease and producing natural gas, according to separate statements from the companies.

It also marks the first...
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