May 10, 2012
BHP Billiton advises that Petrohawk Energy Corporation’s (Petrohawk) obligation to file reports with the United States Securities and Exchange Commission was statutorily suspended as of April 2012. Petrohawk will continue to provide its periodic reports to its bond holders as required by the terms of the indenture agreements. A copy of Petrohawk’s March 2012 financial report is attached, and will be provided to the Petrohawk bond holders today.
Petrohawk’s financial statements are prepared in accordance with United States accounting standards whereas BHP Billiton Group financial statements are prepared in accordance with International Financial Reporting Standards and include the impact of the purchase price paid for Petrohawk. In addition, the unaudited condensed consolidated financial statements contained in the quarterly financial report are based on Petrohawk’s historical accounting activities and do not reflect the acquisition of Petrohawk by BHP Billiton or any of the fair value calculations that were performed in conjunction with the business combination accounting performed by BHP Billiton. For the avoidance of doubt, the results of operations, financial position, cash flows and disclosures included in the Petrohawk Quarterly Report are not indicative of the contribution of Petrohawk to the potential results of BHP Billiton.
BHP Billiton purchased Petrohawk on 20 August 2011 and therefore only consolidates Petrohawk’s results in its financial statements from that date.