Deal insight

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

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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.

What's included

This report contains

  • Document

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

    PDF 763.27 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Images

  • Apache's net debt/cash evolution
  • Wheatstone project area
  • Kitimat project area

Tables

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Deal analysis: Table 1

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