Deal Insight

Chevron acquires Anadarko for US$50 billion

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19 April 2019

Chevron acquires Anadarko for US$50 billion

Report summary

Chevron was not first on our list to lead the next wave of corporate E&P consolidation. But this acquisition makes a lot of sense – it expands core operations in the Permian and Gulf of Mexico and diversifies growth in tight oil and LNG. The potential for synergies is excellent, and crucially the price looks good. Anadarko has been one of our top corporate acquisition picks for over a decade, due to the company's uniquely diversified, oil-weighted portfolio. For Chevron, scaling-up in the Permian is the core driver. Anadarko's Permian tight oil portfolio sits in the heart of Chevron's own Delaware position - and is characterised by some of the lowest breakeven barrels in the play. The combination will offer an almost unrivalled platform from which to drive efficient tight oil development as Chevron rolls out full-scale industrialisation of the play.

Table of contents

  • Executive summary
  • Transaction details
    • US Permian
    • US Rockies
    • US Gulf of Mexico
    • Mozambique Area 1
    • Other Africa
  • Deal analysis
  • Upsides and risks
    • Chevron
    • Anadarko
    • What next for the other Majors and Large Caps?
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 17 images and tables including:

  • Executive summary: Table 1
  • Wood Mackenzie NPV10 by region, 2019 versus 2024
  • Anadarko production by region
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Deal analysis: Table 5
  • Chevron's Permian position before acquisition (left) and combined with Anadarko's position (right)
  • Anadarko / Chevron - Central GoM
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Anadarko new project returns
  • Upstream assets: Table 2
  • WM Evolution of upstream market premium
  • Majors' US unconventional production

What's included

This report contains:

  • Document

    Chevron acquires Anadarko for US$50 billion

    PDF 1.27 MB

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