Deal Insight

Noble Energy acquires Rosetta Resources for US$3.9 billion

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14 May 2015

Noble Energy acquires Rosetta Resources for US$3.9 billion

Report summary

Our base case valuation is US$3.94 billion (NPV10, May 2015). We forecast that most of Rosetta's drilling locations are economic in the current price environment, though we believe Noble will wait for commodity prices to recover before beginning full scale exploitation of the early life Wolfcamp asset. Substantial upside exists through successful development of the Upper Eagle Ford and another bench of the Wolfcamp, with potentially US$1 billion of additional value from 400 net well locations.

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 11 images and tables including:

  • Executive summary: Table 1
  • Rosetta's Eagle Ford position
  • Average max month rate and count of operated wells in Maverick Condensate
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Deal analysis: Table 4
  • Deal analysis: Table 5
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

What's included

This report contains:

  • Document

    Noble Energy acquires Rosetta Resources for US$3.9 billion

    PDF 6.91 MB