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PetroChina acquires 50% of Encana's Cutbank Ridge assets

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Report summary

In its largest acquisition to date PetroChina has acquired 50% of Encana's Cutbank Ridge assets for Cdn$5.4 billion (US$5.4 billion). The deal is PetroChina's first venture into the North American natural gas space and the largest of an increasing number of acquisitions by Chinese NOCs in the region. The transaction substantiates two of our key messages for M&A drivers in 2011; unconventional gas and the voracious appetite for resource capture of the Chinese NOCs.The ...

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    PetroChina acquires 50% of Encana's Cutbank Ridge assets

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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 7 images and tables including:

Images

  • Wood Mackenzie valuation sensitivity to gas price, discount rate and 2P reserve modelling assumption

Tables

  • 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
  • Strategic rationale: Table 1

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