Published: Пн, Апреля 15, 2019
Business | By Eloise Houston

Chevron to gain Anadarko’s offshore Guyana oil assets after takeover

Chevron to gain Anadarko’s offshore Guyana oil assets after takeover

"Clearly, a large driver of the deal is Anadarko's prized position in the Delaware Basin where Chevron increases its position by 240K net acres to over 1.4M net acres", says Drillinginfo's Andrew Dittmar. It expands Chevron's role in two areas where U.S. energy output is surging - shale from the Permian Basin of west Texas and New Mexico, and liquefied natural gas (LNG) - which have helped make the U.S. one of the world's largest energy exporters. The deal makes Chevron the seventh largest national oil company, according to Rystad Energy.

Shares of Anadarko jumped 32% at the opening bell Friday, while Chevron's stock fell 5.3%.

The Chevron executive is detailed-oriented and a relentless worker, said Mike Sommers, president of industry group American Petroleum Institute, where Wirth is a member of the executive committee.

Chevron said the deal would enhance its upstream portfolio and strengthen its positions in large shale, deepwater and natural-gas basins.

For Chevron, the second-biggest U.S. oil company after Exxon Mobil, the takeover of Anadarko marks its biggest deal since its purchase of Texaco, which closed in 2001.

Chevron has announced plans to buy fellow USA oil and gas operator Anadarko Petroleum in a deal worth £38.2bn, the largest upstream takeover since 2015.

The takeover puts Chevron neck-and-neck with the oil and gas production of Exxon Mobil Corp. and Royal Dutch Shell Plc, both of which have dominated Big Oil over the past decade. Chevron will also assume estimated net debt of $15 billion. He has quickly shaken up the company by announcing an aggressive expansion plan for the Permian.

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The company plans to add rigs for the Anadarko acreage, but still estimated a US$1 billion reduction of the combined capital spending of the two companies because of economies of scale, he added. Anadarko shares rose with 33,6% on Friday after the announcement, which means a 37% premium to the Thursday close.

Anadarko has always been rumoured to be a takeover target of the world's largest oil companies, offering a suite of assets including a massive LNG facility in Mozambique that is racing against an Exxon Mobil Corp. project to be first to be operational in the country.

Shale producers such as Pioneer Natural Resources, Continental Resources, Diamondback Energy and Concho Resources have already been under pressure from investors to improve their profitability. On average, sell-side analysts expect that Anadarko Petroleum Co. will post 1.66 earnings per share for the current fiscal year. Based on Chevron's closing price on Thursday, and under the terms of the agreement, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. Exxon had average production a year ago of 3.833 million.

In aggregate, upon closing of the transaction, Chevron will issue approximately 200 million shares of stock and pay approximately $8 billion in cash.

-The deal is seen closing in the second half of the year, subject to Anadarko shareholder and regulatory approvals. Wirth, who assumed his role in February 2018, expects the deal will allow Chevron to "win in any environment", playing to the company's strengths in shale, deep water and natural gas. Chevron said it delivers $2bn in anticipated annual operating cost and capital synergies and will be accretive to free cash flow and earnings one year after close. Finally, SunTrust Banks set a $55.00 price target on shares of Anadarko Petroleum and gave the company a "hold" rating in a research report on Tuesday, January 29th.

Evercore and Goldman Sachs are financial advisers to Anadarko, while Wachtell, Lipton, Rosen & Katz and Vinson & Elkins LLP are its legal advisers.

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