Deal insight

BG to acquire a 50% stake in EXCO's Appalachian Basin assets

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Report summary

BG has announced the acquisition of a 50% stake in EXCO Resources' Marcellus Shale acreage. The consideration is US$950 million: US$800 million is to be paid as cash at closing with the balance to be paid as 75% of EXCO's drilling costs through 2011. Our base case valuation of the acquired interests (excluding the cost carry) is US$771 million. This equates to an Implied Long-term Oil Price of US$85/bbl, or an implied long-term Henry Hub gas price of US$6.79/mcf (both NPV10, in ...

What's included

This report contains

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    BG to acquire a 50% stake in EXCO's Appalachian Basin assets

    PDF 838.63 KB

Table of contents

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

Tables and charts

This report includes 8 images and tables including:

Images

  • EXCO BG core Marcellus acreage

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • 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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