On Friday, BHP Billiton, the world’s largest miner, announced it would sell its entire interest in the Eagle Ford, Haynesville, Permian and Fayetteville shales to two companies for a total of $10.8 billion in cash.
BP American Production Co. of Houston, a wholly owned subsidiary of BP, will buy 100 percent of the issued share capital of Houston-based Petrohawk Energy Corp., the BHP subsidiary that owns the Eagle Ford, Haynesville and Permian assets for $10.5 billion.
MMGJ Hugoton III, which is owned by Merit Energy Co. of Dallas, will buy 100 percent of the issued share capital of BHP Billiton Petroleum (Arkansas) and all of the membership interests in BHP Billiton Petroleum (Fayetteville), which hold the Fayetteville assets, for $300 million.
Baker Botts represents BHP Billiton, an Australian company, and Foley Gardere represents BP. Merit Energy turned to Locke Lord.
The Baker Botts lawyers for BHP include Houston partners Erin Hopkins, Craig Vogelsang, Jon Lobb, Jason Bennett, Scott Janoe and Rob Fowler.
The lead counsel at Foley Gardere for BP are Houston partners Timothy Spear and Eunice Song. In April Dallas’ Gardere Wynne Sewell merged with Foley & Lardner, and the firm is known as Foley Gardere in Texas.
At Locke Lord, Dallas partner Van Jolas leads the team for Merit, with assistance from Houston partners Ed Razim and Jerry Hidgon; Dallas partners Paul Nason, Jason Schumacher, Will Becker and Geoff Polma; Austin partner Michelle Earley, and Washington, D.C., partner Tom Knight.
The acquisitions are expected to close by the end of October but the deal will be effective as of July 1.