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Marathon acquires Eagle Ford assets in a deal worth US$3.5 billion

Marathon acquires Eagle Ford assets in a deal worth US$3.5 billion

Report summary

Marathon has announced the acquisition of Hilcorp Resources' Eagle Ford shale acreage for a cash consideration of US$3.5 billion. This marks the largest and most expensive deal to date in the Eagle Ford, and pushes 2011 acquisition expenditure in the North American shale space to US$16 billion. In keeping with recent trends in US shale M&A, this is a liquids focused deal; more than 83% of the acquired acreage is within the oil and condensate windows of the play. With the split of ...

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The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
    • Wood Mackenzie modelling assumptions
  • Upsides and risks
  • Strategic rationale
    • Marathon
    • Hilcorp Energy
    • KKR
  • Oil & gas pricing and assumptions

In this report there are 9 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
    • Hilcorp and Marathon Eagle Ford acreage
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
    • WoodMac production assumptions (vs. MRO forecast), and capex vs. cash flow forecast
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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