Deal Insight
Pioneer Natural Resources sells its Alaska business unit to Caelus Energy for US$300 million
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Report summary
Caelus will pay US$550 million for the North Slope assets. Given Oooguruk's potential and our US$902 million valuation, this could prove to be a bargain price. But operational challenges remain; a more conservative scenario with only proven reserves modelled yields a US$403 million valuation. Newly enacted tax terms also remain subject to possible repeal; their removal results in more than a US$200 million decrease to our base case Oooguruk valuation.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Oooguruk: the flagship asset
- Nuna field adds a potential onshore development
- Deal analysis
- Upsides & risks
-
Strategic rationale
- Pioneer Natural Resources redeploys capital to Permian Wolfcamp
- Caelus Energy LLC attains a producing presence with growth potential
- Oil & gas pricing and assumptions
Tables and charts
This report includes 9 images and tables including:
- Executive summary: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Deal analysis: Table 4
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Pioneer's Alaska assets - a contiguous lease position on Beaufort Sea shelf
- Upstream assets: Table 1
What's included
This report contains:
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