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Anadarko corporate report

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31 October 2018

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
    • 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
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
  • Production
    • 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

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    Anadarko corporate report

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    Anadarko Corporate report.xlsx

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  • Document

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