Deal Insight

Reliance to pay US$1.3 billion for a stake in Pioneer's Eagle Ford acreage

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Report summary

Reliance has announced the acquisition of a 45% stake in Pioneer Natural Resources' Eagle Ford Shale acreage. The consideration is US$1,315 million: US$263 million to be paid as cash at closing with the balance to be paid as 75% of Pioneer's drilling costs through 2012. Our base case valuation of the acquired interests (excluding cost carry) is US$1 billion. This equates to an Implied Long-term Oil Price of US$80/bbl, or an implied long-term Henry Hub gas price of US$6.75/mcf ...

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    Reliance to pay US$1.3 billion for a stake in Pioneer's Eagle Ford acreage

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Table of contents

Tables and charts

This report includes 9 images and tables including:

Tables

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Upsides and risks: Table 1

Images

  • Implied long-term oil price sensitivities under different liquids stream modelling scenarios

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