Company Report
Anadarko corporate report
Report summary
Anadarko has fully embraced the industry trend of prioritising shareholder returns, and the market has responded positively. However, it now finds itself at a strategic crossroads. As the Permian grows in prominence within its portfolio – it looks increasingly like a US onshore pure player. Cuts to its budget outside of the Lower 48 have raised questions about the future of its conventional assets and its international exploration program.
Table of contents
- Other Anadarko research
- Executive summary
-
Strategy
- Recent strategic moves
- Peer leading shareholder returns boost market performance
- Tight oil now dominates Anadarko's portfolio
-
Strategic priorities
- Striking a balance between shareholder returns and growth
- Low corporate cashflow breakeven provides options
- Asset sales could fortify the balance sheet
- An uncertain outlook for deepwater Gulf of Mexico
- The Permian is Anadarko's primary growth platform
- DJ Basin activity to slow
- Powder River Basin Niobrara – a new growth play?
- Is conventional exploration off the agenda?
- Rumours Anadarko will divest Mozambique LNG persist
-
Valuation
- Wood Mackenzie base case valuation metrics
-
Investment
- Wood Mackenzie base case investment and cost metrics
- Production
-
Reserves and resources
- Wood Mackenzie base case reserves and resources metrics
- Economic assumptions
Tables and charts
This report includes 43 images and tables including:
- SWOT analysis
- Production: Image 1
- Liquid production
- Gas production
- Base price assumptions (nominal terms)
- High price assumptions
- Low price assumptions
- Valuation assumptions
- Foreign exchange rate assumptions
- Relative share price performance
- Benchmark: market premium / discount to Wood Mackenzie NPV,10
- Strategic fit of upstream regions
- Benchmark: new project returns
- Benchmark: % of NPV by resource theme
- Upstream EV vs. Upstream NPV,10
- Upstream portfolio sensitivities vs. NPV,10
- Current NPV,10 vs. Future NPV,10
- Base case upstream NPV,10
- Forecast development expenditure (nominal)
- Forecast operating expenditure (nominal)
- New project returns
- Reported development costs
- Total reserves; Wood Mackenzie commercial
- Total reserves: reported vs. Wood Mackenzie
- Total reserves: reported vs Wood Mackenzie
- Reserve life: reported vs Wood Mackenzie
- Combined shareholder returns (2018)
- Indexed production
- Reported gearing (end Q2 2018) vs. break even
- Net debt outlook
- Remaining NPV by country/region
- Cash flow by country/region
- Benchmark: Deepwater GoM production
- Anadarko: Base-case cash flow under different scenarios
- Anadarko's Unconventional cost curve: Wolfcamp is jewel in the crown
- Anadarko: production by country
- Benchmark: Permian remaining risked resource by play
- Benchmark: DJ Basin Niobrara remaining risked resource by well type breakeven (US$/bbl WTI)
- Benchmark: DJ Basin Niobrara production
- Powder River Basin operator activity map (wells completed 2013-2018)
- Anadarko: volumes discovered
- Benchmark: Conventional value creation vs. exploration spend 2013-2016
- Top assets by value
What's included
This report contains:
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