Chevron - what next?
Already a leader in the Permian, Chevron is well positioned to deliver sustained, profitable growth if the oil price holds up. Add its youthful, highly cash-generative legacy assets and the company is in an enviable position.
Tom Ellacott
Senior Vice President, Corporate Research
Tom leads our corporate thought leadership, drawing on more than 20 years' industry knowledge.
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What’s inside this report?
Chevron’s bid for Anadarko was compelling. But the company didn’t need the deal. We analyse what’s next for the SuperMajor and highlight why we think it is in an enviable position.
Key themes we discuss are:
- Chevron’s strong commitment to capital discipline
- Its asset rationalisation programme and focus on portfolio high-grading
- The quality and depth of Chevron’s Permian tight oil portfolio
Why buy this report?
- Get our pick of Chevron’s top five most likely takeover targets, plus one wild card
- Learn why we think there’s a further US$28 billion in potential upstream disposals in Chevron’s portfolio
- How can Chevron create more value in the Permian?
Benefit from our proprietary data and analysis, underpinned by our industry leading asset models to help you understand what’s next for Chevron.
Report summary
Table of contents
- Executive Summary
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Anadarko bid reinforces Chevron's commitment to capital discipline
- Change of tack
- Fresh high-grading drive
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Capital allocation priorities could tilt back in favour of investment
- 1. Increase organic investment in the Permian
- 2. Corporate M&A still in the crosshairs
- 3. Developing longer-term strategic options
- Appendix
Tables and charts
This report includes 13 images and tables including:
- Strategic fit of Chevron's upstream portfolio – US$28 billion yet to sell?
- Chevron's potential upstream asset sales candidates
- Chevron's cash inflows and outflows (base case price and assuming 7% per annum dividend growth)
- Geographical overlap of potential Permian acquisition targets
- New growth opportunities added since 2014
- WM base-case Permian capex projection
- Evolution of Permian NPV10
- Potential corporate acquisition targets
- Impact of corporate acquisitions on Chevron's Permian production and company EVs
- Wood Mackenzie production outlook
- Market premium / discount to WM NPV,10
- % of total upstream value accounted for by the top four regions
- Upstream NPV,10 versus number of countries with commercial assets
What's included
This report contains:
Our corporate reports provide independent analysis on over 50 of the world’s most important oil and gas companies.
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