Deal Insight

Occidental to buy Anadarko

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21 May 2019

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
    • US Permian
    • US Rockies
    • US Gulf of Mexico
    • African assets
  • Deal analysis
    • Upsides
      • Permian upside
    • Risks
      • Permian execution
      • Niobrara regulatory risks
    • 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)

What's included

This report contains:

  • Document

    Occidental to buy Anadarko

    PDF 1.65 MB

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