Deal Insight

Chevron acquires Atlas Energy for US$4.3 billion

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Report summary

Chevron is to acquire Atlas Energy for US$4.3 billion (including debt of US$1.1 billion). Atlas holds 486,000 net acres in the Marcellus Shale, plus 623,000 net acres in the embryonic Utica and Collingwood shales. Our analysis suggests that the deal will break even at a long-term gas price of US$6.55/mcf. This assumes that only the Marcellus, Chatanooga and Antrim shales are commercial. Should the liquids rich Utica and Collingwood shales be proven viable, Chevron's early-entry ...

What's included

This report contains

  • Document

    Chevron acquires Atlas Energy for US$4.3 billion

    PDF 379.61 KB

Table of contents

  • Executive summary
  • Transaction details
    • Marcellus Shale
    • Antrim Shale
    • Emerging plays
    • Midstream assets
  • Deal analysis
    • Shrinking Northeast gas price premiums
    • Fiscal uncertainty in Pennsylvania can pose a risk
    • Technological improvements and better water management will reduce costs and enhance returns
    • Exploration Upside
    • Chevron
    • Atlas
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 6 images and tables including:

Tables

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

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