BHP Billiton's Petrohawk Lifts Average Daily Production 46%
December 05 2011 - 6:00PM
Dow Jones News
Average oil and natural gas production at BHP Billiton Ltd.'s
(BHP) newly acquired Petrohawk Energy Corp. rose 46% in the first
nine months of the year to 940 million cubic feet of natural gas
equivalent a day, the U.S. shale company said Monday.
Petrohawk in a filing to the U.S. Securities and Exchange
Commission said it was involved in drilling 353 wells during the
period, of which all but one were successful, and it is on track to
exceed its 2011 capital budget of US$2.85 billion with BHP expected
to fund any shortfall in spending.
BHP completed the US$12.1 billion acquisition of Petrohawk in
August, its second venture into the U.S. shale industry after it
bought Chesapeake Energy Corp.'s (CHK) Fayetteville holdings in
Arkansas and some pipeline assets for $4.75 billion in
February.
J. Michael Yeager, chief executive officer of BHP's petroleum
unit, last month said the resources giant expects to quadruple
onshore U.S. shale output to about 1 million barrels of oil
equivalent a day by financial 2020 from an estimated 250,000 this
financial year. BHP has said shale gas is forecast to contribute
half of U.S. gas supplies by 2020.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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