Deal Insight
CNRL acquires Painted Pony and consolidates in BC Montney
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
CNRL has again displayed its appetite for opportunistic M&A with the acquisition of Montney-focused Painted Pony. The enterprise value of the deal is US$339 million, including a cash offer of US$83 million and the assumption of US$256 million net debt. We see this as a well-timed purchase from CNRL who is taking advantage of a clear buyers' market. Montney focused operators were already hard hit by low local gas pricing and the latest collapse in prices has put many in a tough financial position.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
-
Deal analysis
- Historical deal trends
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Upstream assets: Table 1
- Painted Pony and CNRL's lease positions in northeast British Columbia
- 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
- Montney per flowing boe deal metrics over time by consideration amount
- Deal analysis: Table 4
What's included
This report contains:
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