Deal Insight

CONSOL to buy Dominion's Appalachian Basin E&P business for US$3.48 billion

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Report summary

CONSOL Energy has announced the acquisition of Dominion's Appalachian Basin E&P business. This is the latest deal in a wave of M&A activity focused on US shale gas opportunities. The assets acquired comprise wells producing from conventional gas zones and a sizeable, albeit undeveloped, Marcellus Shale acreage position. CONSOL estimates the transaction provides a resource base of between 12.1 and 34 tcfe. The agreed consideration is US$3.475 billion, to be paid in cash at ...

What's included

This report contains

  • Document

    CONSOL to buy Dominion's Appalachian Basin E&P business for US$3.48 billion

    PDF 359.96 KB

Table of contents

  • Executive summary
  • Transaction details
    • Marcellus Shale
    • Shallow producing conventional assets
  • Deal analysis
    • Development of the substantial resource lowers the deal implied gas price
    • Technology improvements could further reduce costs and enhance development returns
    • Improved water management could reduce unit costs
    • Fiscal uncertainty in Pennsylvania is a major risk
    • Dominion Resources
    • CONSOL Energy
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Tables

  • Executive summary: 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
  • Oil & gas pricing and assumptions: Table 3
  • Upstream assets: Table 1

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