Deal insight

Chevron executes 30% Duvernay farm-out agreement with KUFPEC for US$1.5 bn

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Report summary

The deal includes 330,000 net acres of prospective Duvernay acreage, predominantly located within the Kaybob area of Alberta. In this sub-play, which is the best performing of the play, Chevron has drilled 16 wells, of which 13 have been completed and a further 10 tied-in. Under our base case, we value the assets acquired at US$1.31 billion. But a number of factors could provide upside to our valuation: higher EURs, downspacing, cost reductions and an accelerated drilling programme.

What's included

This report contains

  • Document

    Chevron executes 30% Duvernay farm-out agreement with KUFPEC for US$1.5 bn

    PDF 378.88 KB

Table of contents

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

Tables and charts

This report includes 11 images and tables including:

Images

  • Duvernay wells drilled by sub-play and operator
  • Duvernay corporate production outlook
  • Upside to valuation

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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