Deal Insight
Mitsui to pay US$1.4 billion for a stake in Anadarko's Marcellus acreage
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Report summary
In the latest of a string of recent deals in the US shale gas sector, Mitsui has announced the acquisition of a 32.5% stake in Anadarko's Marcellus acreage. The consideration is US$1.4 billion, to be paid as a carry of Anadarko's drilling and completion costs over the next four or five years. Our base case valuation of the acquired interests (excluding the cost carry) is US$1.5 billion. This equates to an Implied Long-term Oil Price of US$60/bbl, or an implied long-term gas price ...
Table of contents
- Executive summary
- Transaction details
- Upstream assets
-
Deal analysis
- Valuation Methodology
-
Upsides and risks
- Technological upside could further reduce breakeven costs
- Fiscal uncertainty and infrastructure bottlenecks represent tangible risks
-
Strategic rationale
- Mitsui & Co.
- Anadarko
- Oil & gas pricing and assumptions
Tables and charts
This report includes 9 images and tables including:
- Executive summary: Table 1
- Anadarko Marcellus Acreage
- Upstream assets: Table 1
- Wood Mackenzie modelling forecasts and assumptions for the interests acquired by Mitsui
- 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
What's included
This report contains:
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