Petrohawk March 2012 Financial Report
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.
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