Deal Insight

Woodside takes Wheatstone and Kitimat from Apache for US$2.75 bn

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19 December 2014

Woodside takes Wheatstone and Kitimat from Apache for US$2.75 bn

Report summary

The purchase price represents a 60% discount to our published base valuation of the portfolio. This highlights, first-and-foremost, the risk associated with project delivery: the Wheatstone development is around 50% complete, but at risk of cost overruns and delays; Kitimat remains some distance from FID, and despite making progress in technical areas, has fallen behind competing North American LNG projects on the commercial side.

Table of contents

  • Executive summary
  • Transaction details
    • Wheatstone
    • Kitimat
    • Heavily discounted valuation highlights project risks
      • Cost overruns at Wheatstone are a major risk
      • Kitimat has been heavily discounted
      • Expansion of Wheatstone offers longer-term upside
    • Apache
    • Woodside
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Apache's net debt/cash evolution
  • Wheatstone project area
  • Kitimat project area

What's included

This report contains:

  • Document

    Woodside takes Wheatstone and Kitimat from Apache for US$2.75 bn

    PDF 763.27 KB

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