Shareholders approved the merger, but it still needs regulatory approval.
The newly formed entity will make oil-and-gas acquisitions, to be managed by Linn.
South32 will emerge from BHP with $674 million in net debt, far less than analysts expected.
Sam Walsh says it would have no value for shareholders and regulators would never allow it.
BP fails in effort to cut maximum civil fine of $13.7B it could face for its role in the 2010 disaster.
Aubrey McClendon is accused of stealing trade secrets that benefited a rival company he founded afterwards.
The U.S. oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009.
Oil prices rose as escalating clashes in Libya stoked worries about supply from the OPEC member.
Russian President Vladimir Putin says the proposed South Stream gas pipeline will not go ahead.
Venezuela must pay oil giant Exxon Mobil $1.6B in compensation for expropriated assets.
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