The company has published accounts for last year showing an overall loss of $7.2B.
Shareholders of both companies will each own about 50 percent of the combined business.
First oil super-merger in a decade could prove to be one of the biggest deals of 2015.
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.
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