Insight

Shell/BG New Co: what will be sold?

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Report summary

The acquisition of BG will be a springboard for Shell to reshape its portfolio, kick-starting a US$30 billion disposal programme in an ambitious phase of portfolio restructuring. We believe that a more focused company will emerge, with a greater geographical concentration, a sharpened set of long-term resource opportunities and a streamlined downstream portfolio.

What's included

This report contains

  • Document

    Shell/BG New Co: what will be sold?

    PDF 2.31 MB

Table of contents

  • Executive summary
  • Shell/BG will be differentiated by its geographical diversity
    • Disposal option 1: Country exits - a handful of candidates
    • Disposal option 2: tail-end asset sales - finding buyers may not be easy
    • Disposal option 3: downstream
    • Disposal option 4: resource theme exits and potential wildcards
  • A re-scaled, more focused Supermajor

Tables and charts

This report includes 11 images and tables including:

Tables

  • Wood Mackenzie assessment of disposal candidates

Images

  • Number of countries vs 2016 production
  • Shell/BG New Co: what will be sold?: Image 2
  • Upstream portfolio: NPV,10 by country
  • Upstream portfolio: strategic fit of regions (bubble size proportional to NPV,10)
  • Peripheral countries: cash flow forecast
  • Peripheral countries: production forecast
  • Tail-end assets (NPV,10 less than US$300 million, excluding non-core regions)
  • Tail-end assets: cash flow
  • Tail-end assets: production
  • Exposure to resource themes: weightings versus Majors' average (% of Majors total NPV)

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