Company report
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23 Pages

Anadarko corporate report


Anadarko corporate report

Report summary

Anadarko has successfully used M&A to increase its exposure to high margin oil. It now boasts an unconventional portfolio, centred around two high quality tight oil assets, the Wolfcamp (Delaware Basin) and the Niobrara (DJ Basin), and a strong domestic/international deepwater production and exploration business. Proceeds from asset sales have strengthened the balance sheet,  and we have confidence the company can achieve a peer leading production CAGR of 9% over the next three years. But the longer term growth outlook is less strong. We view its target of 1 million boe/d by 2021 as aggressive and, under our base-case, production begins to decline post-2024.

What's included?

This report includes 2 file(s)

  • Anadarko corporate report PDF - 2.42 MB 23 Pages, 7 Tables, 30 Figures
  • Anadarko Corporate Report.xls XLS - 3.29 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Recent strategic moves
    • Current strategic positioning
  • Financial health
    • No near-term liquidity concerns
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Economic assumptions

In this report there are 37 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Relative share price performance
    • Benchmark: market premium / discount to Wood Mackenzie NPV,10
    • Strategic fit of upstream regions
    • Benchmark: WM production outlook
    • Anadarko: WM production by country
    • Portfolio NPV,10 growth
    • Production 5-yr CAGR by resource theme (2017-2022)
    • Benchmark: new project returns
    • Benchmark: WM capex by development status
    • Anadarko: 'Three D's' production outlook
    • Anadarko: 'Three D's' base case cashflow outlook
    • Benchmark: tight oil remaining risked resource by type well WTI breakeven, NPV,15
    • Anadarko: type well WTI breakeven, NPV, 15 by remaining risked resource
    • Anadarko: deepwater new project breakevens
    • Benchmarking: deepwater weighted average new project returns
    • Anadarko: volumes discovered
    • Benchmark: WM 5 yr organic reserve replacement (2012-2016)
    • Benchmark: top deepwater acreage holders
    • Anadarko: exploration and appraisal wells by country risk
  • Financial health
    • Benchmark: reported gearing
    • Brent price required for cash flow neutrality
    • Benchmark: cash-burn outlook under low price
    • Benchmark: cashflow breakeven (2017-2019) (excl. exceptional items)
  • Resources, reserves and production
    • Benchmark: reserves and resources detail
    • Benchmark: reserves and resources life
    • Reported historic and Wood Mackenzie forecast total production
    • Production by resource theme
    • Benchmark: indexed production
    • Top assets by value
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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