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Critical, Forward-Looking Analysis of the Upstream Oil and Gas Industry
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BHP Billiton Acquires Petrohawk Energy

A&D, Unconventional Resources

15 Jul 2011

In a US$15.1 billion deal, BHP Billiton will acquire Petrohawk Energy shares for US$12.1 billion and assume $3 billion in Petrohawk debt. This deal follows BHP's prior acquisition of Chesapeake's Fayetteville shale operations at a cost of US$4.75 billion. The combined effect of these two transactions is to establish North American unconventional gas as a key driver of future BHP Billiton growth.

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Encana and PetroChina Cancel Cutbank Ridge Joint Venture

A&D, Unconventional Resources

21 Jun 2011

In a surprising move EnCana and PetroChina have agreed to end negotiations to create a joint venture alliance on EnCana's Cutbank Ridge unconventional gas acreage in Canada. The companies stated that this decision was taken because "... the parties were unable to achieve substantial alignment with respect to key elements of the proposed transaction, including the joint operating agreement."

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Mitsui Farm-in to Marathon's Polish Acreage

Land Programs, Company Strategy

15 Jun 2011

Marathon has again farmed down its interest in over 2 million acres across 10 blocks in the Polish shale gas play. Following Nexen's entry into the acreage for a 40% interest in April, Mitsui has now taken a 9% interest. With this latest transaction, Marathon remains the operator but its net acreage in the 10 blocks is now 51%.

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Chevron Reportedly to Exit Black Sea Deal with Rosneft

Land Programs, Company Strategy

15 Jun 2011

After nearly a year since Chevron and Rosneft announced plans to jointly explore in the Russian sector of the Black Sea, it has been reported that Chevron will exit the venture. Under the original terms of the agreement Chevron would acquire a 33.3% interest in exchange for funding US$1 billion in spending during the exploratory phase and payment of a cash bonus to Rosneft in the event that reserves were discovered.

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Petronas Joins the List of NOCs Entering North American Unconventional Plays

A&D, Unconventional Resources

05 Jun 2011

In a US$1.1 billion deal, Petronas has entered a JV alliance with Progress Energy Resources in the Montney shale gas play in British Columbia. Petronas will pay US$275 million up front and carry 75% of Progress' share of capital costs over the next five years up to a maximum of another US$827.3 million. Petronas will acquire a 50% working interest in 149,910 acres implying a per acre cost to Petronas of US$14,717. Progress will retain its interest in its remaining 750,000 net acres in British Columbia and Alberta.

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Marathon Builds Eagle Ford Position in Major Deal

A&D, Unconventional Resources

03 Jun 2011

In a US$3.5 billion deal to buy Hilcorp Resources Eagle Ford acreage Marathon reaffirms the critically important role of onshore North American operations in the future growth plans of the International Oil Companies (IOCs). The transaction will add 141,000 net acres to Marathon's position in the play. The company reported that it will operate 90% of the acreage and will hold, on average, a 65% working interest.

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Cost Watch March 2011

Cost Watch

30 Apr 2011

On a year over year basis, downside pressures abated as the market for drilling, services and equipment reached a tentative supply/demand balance. As a result, the cost series that we track stabilized at levels at or slightly below 2009. Revised data for November 2010 reduced the prior estimate of deflation in 2010 for drilling cost and increased the deflation estimate for oil and gas support activities slightly.

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Is the Major Oil Business Model Dead?

Company Strategy

28 Apr 2011

Deutsche Bank Securities recently announced the release of a research report on the Oil Majors. The essential conclusions of the report appear to be that the business model for the oil majors is wrong and inconsistent with the realization of full value.

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Updates on Unconventional Gas Results and Plans

Unconventional Resources

27 Apr 2011

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April 2011 A&D Activity

A&D

26 Apr 2011

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