Deal insight
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8 Pages

Whiting acquires Kodiak in an all-share deal worth US$6 billion

Whiting acquires Kodiak in an all-share deal worth US$6 billion

Report summary

Whiting Petroleum is to acquire pure-play Bakken operator Kodiak Oil and Gas in an all-equity transaction valued at US$6 billion (including US$2.2 billion net debt). This is the largest transaction in this core US unconventional oil play to date, and the largest North American deal 2014 ytd. The combination will create the largest producer in the Bakken.

What's included?

This report includes 1 file(s)

  • Whiting acquires Kodiak in an all-share deal worth US$6 billion PDF - 707.85 KB 8 Pages, 6 Tables, 5 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
    • Modelling assumptions
    • Precedent transactions
  • Upsides and risks
    • Operational efficiency
    • Downspacing
    • Oil and gas marketing
  • Strategic rationale
    • Whiting Petroleum
    • Kodiak Oil & Gas
  • Oil & gas pricing and assumptions

In this report there are 11 tables or charts, including:

  • Executive summary
    • Executive summary: Image 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
    • IP rates by company in Williams Core Bakken and Three Forks sub-plays
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
    • Gearing in pro forma Whiting shifts below key Bakken peers
    • CAGR of new entity moves in-line with peer group
    • Whiting and Kodiak Williston Basin assets
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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