Deal Insight
Southwestern acquires Indigo Natural Resources for US$2.7 billion
Report summary
The L48 shale gas consolidation trend continues with Southwestern Energy acquiring Indigo Natural Resources for US$2.7 billion. Similar to the Cabot Cimarex deal, this transaction bucks the trend of in-basin consolidation. Southwestern Energy, an Appalachian-focused operator, will be gaining premium realised pricing through Indigo's Haynesville asset. We see Southwestern's entry into the Haynesville as a hedge strategy towards northeast local prices, as northeast operators have limited upside due to midstream regulatory risk. While Appalachian peer EQT has aggressively acquired in-basin operators, Southwestern follows Cabot in expanding frontiers into entirely separate basins.
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 9 images and tables including:
- Executive summary: Table 1
- Upstream assets: Table 1
- Upstream assets: Table 2
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Strategic rationale: Table 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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