Deal insight

Nexen sells Canadian heavy oil assets to Northern Blizzard for Cdn$975 million

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Report summary

Nexen has agreed to sell its heavy oil properties in western Canada to Northern Blizzard Resources, an arm of Natural Gas Partners, a Texas-based private equity fund, for a consideration of Cdn$975 million (US$921 million). Under our base case modelling scenario, the consideration equates to an Implied Long-term Oil Price of around US$90/bbl, suggesting that Northern Blizzard paid a full price for the commercial assets transferred. However, potential organic upside is substantial. To ...

What's included

This report contains

  • Document

    Nexen sells Canadian heavy oil assets to Northern Blizzard for Cdn$975 million

    PDF 404.24 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Implied Long-term Oil Price sensitivity analysis under base and upside case scenarios
  • Modelling assumptions under base and upside case scenarios

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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