Deal insight

Anadarko sells Eagle Ford assets to Sanchez Energy and Blackstone for US$2.3 billion

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Report summary

The deal involves 155 000 net acres in the western Eagle Ford primarily in the Maverick and Hawkville condensate sub plays adjacent to the core of Sanchez's existing operations. Current production includes ca.67 000 net boe/d (70% liquids). The acquisition is split 50/50 between Sanchez and Blackstone. The US$2.3 billion price is below our upstream commercial valuation. The market reaction was very positive with Sanchez's stock rising 29% the day after the announcement. The deal holds significant upside for Sanchez through operational synergies drilling efficiencies enhanced completions and accelerated development. There is also potential for increased drilling locations. For Anadarko the deal is an opportunity to reduce debt and/or increase activity in core growth areas such as the DJ and Delaware basins the Eagle Ford has become increasingly peripheral to the company's plans.

What's included

This report contains

  • Document

    Anadarko sells Eagle Ford assets to Sanchez Energy and Blackstone for US$2.3 billion

    PDF 1.36 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

Images

  • Sanchez and Anadarko western Eagle Ford positions

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Upstream assets: Table 2
  • Upstream assets: Table 3
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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