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Anadarko corporate report

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27 July 2017

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.

Table of contents

Tables and charts

This report includes 37 images and tables including:

  • SWOT analysis
  • 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
  • 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
  • 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)
  • 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

What's included

This report contains:

  • Document

    Anadarko Corporate Report.xls

    XLS 3.29 MB

  • Document

    Anadarko corporate report

    PDF 2.43 MB

  • Document

    Anadarko corporate report

    ZIP 3.15 MB

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