Deal Insight
Occidental to buy Anadarko
Report summary
Occidental won the race for Anadarko after Chevron opted not to counter Oxy's US$76 per share offer. Occidental had worked hard for the win, agreeing external financing and a contingent sale of Anadarko's African assets, to improve its proposition and alleviate Anadarko's initial concerns. Chevron's committment to capital discipline meant Occidental was able to clinch the deal at a price that still looks good value. The deal will be a game changer for Occidental.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- US Permian
- US Rockies
- US Gulf of Mexico
- African assets
- Deal analysis
-
Upsides and risks
-
Upsides
- Permian upside
-
Risks
- Permian execution
- Niobrara regulatory risks
-
Upsides
-
Strategic rationale
-
Occidental
- Anadarko
- Chevron
-
Occidental
- Oil & gas pricing and assumptions
Tables and charts
This report includes 16 images and tables including:
- Executive summary: Table 1
- Wood Mackenzie NPV10 by region, 2019 versus 2024
- Anadarko production by region
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Deal analysis: Table 4
- Deal analysis: Table 5
- Deal analysis: Table 6
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Anadarko new project returns (including Africa)
- Upstream assets: Table 1
- Combined production (excluding Anadarko Africa)
- Occidental, Chevron, Anadarko: evolution of market value to WM NPV premium/discount
- Occidental's Permian position before acquisition (left) and combined with Anadarko's position (right)
What's included
This report contains:
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