Anadarko
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The Acquisition Of Anadarko By Chevron Discounted Cash Flow Analysis
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Author : Dominik Heller
language : en
Publisher: GRIN Verlag
Release Date : 2021-05-05
The Acquisition Of Anadarko By Chevron Discounted Cash Flow Analysis written by Dominik Heller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-05 with Business & Economics categories.
Bachelor Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1.3, University of Mannheim (Chair of Corporate Finance), language: English, abstract: In this thesis, I am going to value Anadarko using the Discounted Cash Flow (DCF) method and applying reasonable assumptions for post-merger synergy effects with Chevron. As validation for my forecast assumptions, which are based on predictions and trends from early 2019, I will include a summary of the overall Oil & Gas industry as well Anadarko’s and Chevron’s positioning alongside the different stages of the value chain. To estimate my cost of capital I will apply the WACC method instead of APV, using the cost of equity and cost of debt as input factors, together with a terminal growth rate instead of an approach with exit multiples. In order to determine how sensitive my results are concerning key input variables like the Weighted Average Cost of Capital (WACC) or the terminal growth rate I will also run a sensitivity analysis. Lastly, I will talk about the synergy estimates used in my calculations and bring them into context with my DCF calculations in order to determine if the transaction would create value for shareholders on both sides of the deal. Although my calculations ultimately lead me to the result that the price originally offered by Chevron was fair, both in regards to Anadarko’s share price prior to the deal announcement as well as the intrinsic value determined by my DCF, the deal would not have benefited shareholders on both sides equally. While Anadarko’s shareholders would have gotten an immediate double-digit price increase, Chevron shareholders would have lost value with the acquisition, despite my calculations including significant synergies of roughly $1bn per year. The goal of my thesis, however, is not only to describe the assumptions, calculations and results of my DCF analysis, but to also bring them into a wider context. On 12th April 2019 Chevron Corporation announced that they have agreed to acquire all outstanding shares of Anadarko Petroleum Corporation for a total consideration of $65 per share. This marked the first major transaction announcement for quite a while in the Oil & Gas (O&G) industry, which previously saw stock prices near their 10-year lows. Despite a good initial reaction from Anadarko’s shareholders, Chevron ended up missing out on the deal, with Occidental Petroleum Corporation, a close peer of Anadarko, buying the company for $76.67 per share.
Anadarko
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Author :
language : en
Publisher:
Release Date : 19??
Anadarko written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 19?? with categories.
Anadarko
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Author : N. Dale Talkington
language : en
Publisher: N. Dale Talkington
Release Date : 1999
Anadarko written by N. Dale Talkington and has been published by N. Dale Talkington this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Anadarko (Okla.) categories.
Clippings from the Anadarko daily news concerning the Anadark High School class of 1951, their neighbors and contemporaries.
Anadarko Combined Cycle Unit 280 Mw
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Author :
language : en
Publisher:
Release Date : 1976
Anadarko Combined Cycle Unit 280 Mw written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with categories.
Trans Anadarko Pipeline Project
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Author :
language : en
Publisher:
Release Date : 1981
Trans Anadarko Pipeline Project written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Natural gas categories.
Anadarko Telephones
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Author :
language : en
Publisher: N. Dale Talkington
Release Date :
Anadarko Telephones written by and has been published by N. Dale Talkington this book supported file pdf, txt, epub, kindle and other format this book has been release on with .Telephone directory categories.
Many business listings include the names of managers and owners.
Tectonic Evolution Of The Anadarko Basin Region Oklahoma
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Author : William J. Perry
language : en
Publisher:
Release Date : 1989
Tectonic Evolution Of The Anadarko Basin Region Oklahoma written by William J. Perry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Geology categories.
Log Derived Regional Source Rock Characteristics Of The Woodford Shale Anadarko Basin Oklahoma
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Author : T. C. Hester
language : en
Publisher:
Release Date : 1990
Log Derived Regional Source Rock Characteristics Of The Woodford Shale Anadarko Basin Oklahoma written by T. C. Hester and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Anadarko Basin categories.
Trans Anadarko Pipeline Moore County Tx To Ouchita Parish La Project Certificate
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Author :
language : en
Publisher:
Release Date : 1982
Trans Anadarko Pipeline Moore County Tx To Ouchita Parish La Project Certificate written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
Twenty Years Of Independence
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Author : Russ Banham
language : en
Publisher: Greenwich Publishing Group
Release Date : 2006-01-01
Twenty Years Of Independence written by Russ Banham and has been published by Greenwich Publishing Group this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Petroleum industry and trade categories.