Chevron to acquire Anadarko for $33bln

15 Avril, 2019, 03:58 | Auteur: Auguste Feret
  • Chevron to acquire Anadarko for $33bln

A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013.

The combined company will produce an estimated 3.9 million barrels of oil equivalent per day (boepd), trailing only Exxon Mobil Corp among publicly traded companies, up from fourth.

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

Phil Flynn, senior market analyst with the PRICE futures group, said it's clear Chevron is investing in the shale revolution. Harris Associates L P now owns 13,514,955 shares of the oil and gas development company's stock worth $592,496,000 after acquiring an additional 4,500,125 shares during the period.

That is largely being driven by the energy powerhouse Saudi Arabia, which last month removed another 324,000 barrels of oil per day from the market. The Houston-based company's willingness to ink a sale, rather than capitalize on oil prices rebounding, illustrates the significant challenges facing many United States shale producers.

"This transaction builds strength on strength for Chevron", said Chairman and CEO Michael Wirth. Chevron also expects shale to generate profits for its pipeline, trading and refining units.

The company said the deal would add to its free cash flow and profit one year after closing, if Brent crude, now around $70, holds above $60 per barrel. At the same time, Chevron's stock was lower by more than 4 percent.

The $65 per share offer was structured as 75% stock and 25% cash. Analysts forecast that Anadarko Petroleum Co. will post 1.66 earnings per share for the current fiscal year.

Prices for the benchmark 10-year U.S. Treasury faltered, raising yields to 2.55% from Thursday's 2.50%.

It is the largest oil and gas deal since Shell bought BG Group in 2015. They're going to need a lot more natural gas.

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With oil prices surging this year, Chevron and larger rival ExxonMobil have been increasing investment in the Permian Basin, the most prolific shale oil field in the country. The deal announced on Friday adds acreage and production in the prolific Permian shale basin of West Texas and southeast New Mexico and expands the company's presence in the Gulf of Mexico. Measured by cash flow, Chevron said in a statement it would have generated a combined US$36.5 billion with Anadarko previous year, slightly ahead of Exxon's US$36 billion.

"The combined entity will be by far the largest producer in the Permian, which is the fastest growing basin in the world", Nysveen says.

The acquisition is however subject to Anadarko shareholder approval and regulatory approvals and other customary closing conditions.

Anadarko also has operations in North Africa and South America.

The new company is to sell US$15 billion to US$20 billion of assets from next year to 2022 to reduce debt and return cash to investors.

"This deal seems ideal".

There has been some pressure in energy markets as OPEC tries to push prices higher through production cuts.

Occidental Petroleum Corp. had made a US$70-per-share bid for Anadarko and it's now weighing whether to move forward with a counter offer, according to a person familiar with the matter.

If approved, the transaction is expected to improve Chevron's cash flow profile together with substantial annual cost synergies and attractive returns for shareholders. The total enterprise value of the transaction is $50 billion. Based on Anadarko's closing price of $46.80 on Thursday, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.

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