Deal Insight

Mitsui to pay US$1.4 billion for a stake in Anadarko's Marcellus acreage

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16 February 2010

Mitsui to pay US$1.4 billion for a stake in Anadarko's Marcellus acreage

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
    • Valuation Methodology
    • Technological upside could further reduce breakeven costs
    • Fiscal uncertainty and infrastructure bottlenecks represent tangible risks
    • 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:

  • Document

    Mitsui to pay US$1.4 billion for a stake in Anadarko's Marcellus acreage

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