Deal Insight

Total to acquire a 25% stake in Chesapeake’s Barnett Shale portfolio for US$2.25 billion

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04 January 2010

Total to acquire a 25% stake in Chesapeake’s Barnett Shale portfolio for US$2.25 billion

Report summary

Total and Chesapeake have reached agreement to form a JV that will see Total acquire 25% of Chesapeake's interests in the Fort Worth Barnett Shale. The total consideration is US$2.25 billion, comprising US$800 million in cash at closing and US$1.45 billion in future drilling and completion cost-carries. Under our base case assumptions, Wood Mackenzie values the acquired portfolio at US$1.8 billion (NPV10). Against the US$2.25 billion consideration, this equates to an implied ...

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
    • Total
    • Chesapeake
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 9 images and tables including:

  • Executive summary: Table 1
  • Chesapeake country interests, Fort Worth Basin, Texas
  • Upstream assets: Table 1
  • Wood Mackenzie modelling forecasts and assumptions for Chesapeake Barnett Shale portfolio (net 25%)
  • 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

What's included

This report contains:

  • Document

    Total to acquire a 25% stake in Chesapeake’s Barnett Shale portfolio for US$2.25 billion

    PDF 1.23 MB

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