Name: EOG Resources buys Yates Petroleum for US$2.5 billion
Brand: Wood Mackenzie
SKU: 49430
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 08 September 2016

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The US$2.5 billion deal consideration is below our base-case valuation. And we believe our conservative base-case assumptions (e.g., type-well IP rates lower than EOG's latest results; no value attributed to 76% of the acreage) skews our valuation's risk profile to the upside. Deal metrics that exclude our modelling assumptions also suggest that the deal consideration was inexpensive: relative to comparable Permian deals in 2016, EOG paid 65% less on a dollar-per-acre basis for a Delaware position that is similar in quality and significantly higher in scalability.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Transaction details
    </li>

<li class="list__item-toggle font-semibold">
        Upstream assets
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<li class="list__item-toggle font-semibold">
        Deal analysis
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        Upsides and risks
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            Strategic rationale
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        <ul id="7ccdde18-dd97-460d-855d-eb91983f94e1" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        EOG Resources
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    <li class="push-quarter--bottom">
        Yates Petroleum
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        Oil & gas pricing and assumptions
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         <li class="list__item push-quarter--bottom">Executive summary: Table 1</li><li class="list__item push-quarter--bottom">Upstream assets: Table 1</li><li class="list__item push-quarter--bottom">WM sub-play valuations</li>
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            <li class="list__item push-quarter--bottom">Upstream assets: Table 2</li><li class="list__item push-quarter--bottom">Benchmarking: per-acre consideration values for comparable 2016 Permian deals</li><li class="list__item push-quarter--bottom">Deal analysis: Table 1</li><li class="list__item push-quarter--bottom">Deal analysis: Table 2</li><li class="list__item push-quarter--bottom">Deal analysis: Table 3</li><li class="list__item push-quarter--bottom">Oil & gas pricing and assumptions: Table 1</li><li class="list__item push-quarter--bottom">Oil & gas pricing and assumptions: Table 2</li><li class="list__item push-quarter--bottom">WM pro-forma liquids production forecast versus EOG's previous growth targets*</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >EOG Resources buys Yates Petroleum for US$2.5 billion</p>
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