BHP Billiton Ltd. (NYSE: BHP) said July 26 it landed buyers for its treasure chest of U.S. shale assets with two separate transactions worth a total of $10.8 billion cash.
The largest of the two transactions is the purchase by BP Plc (NYSE: BP) of BHP’s Delaware Basin, Eagle Ford and Haynesville assets for $10.5 billion cash. Separately, an affiliate of privately-held Merit Energy Co. agreed to acquire BHP’s remaining U.S. onshore oil and gas assets in Arkansas’ Fayetteville Shale for $300 million.
BHP will continue to operate the assets until completion of the deals, which it expects to occur by the end of October. The transactions will have an effective date of July 1.