Occidental to buy Anadarko Report

Deal Insight 21 May 2019

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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.

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
Strategic rationale
- Occidental
  - Anadarko
  - Chevron
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)