Deal insight

CNOOC acquires a 33.3% interest in Chesapeake's Eagle Ford acreage for US$2.16 billion

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Report summary

CNOOC Ltd is to acquire a 33.3% stake in Chesapeake Energy's Eagle Ford Shale acreage. The deal is structured as a Joint Venture (JV), with a total consideration of US$2.16 billion. This constitutes an up-front cash consideration of US$1.08 billion, and a drilling capex carry of US$1.08 billion. CNOOC will acquire 200,000 net acres and around 1.33 billion boe of net unrisked resource. This equates to valuation metrics of US$10,800/acre and US$1.62/boe respectively. Our base case ...

What's included

This report contains

  • Document

    CNOOC acquires a 33.3% interest in Chesapeake's Eagle Ford acreage for US$2.16 billion

    PDF 1.14 MB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
    • Valuation assumptions and methodology
  • Upsides and risks
    • CNOOC Ltd
    • Chesapeake
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 11 images and tables including:

Images

  • Location of Chesapeake Eagle Ford Acreage
  • Wood Mackenzie production assumptions (net entitlement basis)
  • Wood Mackenzie valuation sensitivities

Tables

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

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