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 ...
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Marcellus Shale
- Antrim Shale
- Emerging plays
- Midstream assets
- Deal analysis
-
Upsides and risks
- 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
-
Strategic rationale
- Chevron
- Atlas
- Oil & gas pricing and assumptions
Tables and charts
This report includes 6 images and tables including:
- 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
What's included
This report contains:
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