The deal will expand Chevron's footprint in the largest U.S. shale field, grow its Gulf of Mexico operations and expand its LNG portfolio.
To understand why Chevron struck the biggest oil and gas deal in years to purchase Anadarko Petroleum, you should probably pull out a globe.
Oil majors have the scale and financial wherewithal to essentially turn shale fields into factories. They do that by stringing together large parcels of continuous acreage, which allows them to do highly efficient pad drilling on a massive scale. Pad drilling involves drilling multiple horizontal wells from a single location.
"Clearly, a large driver of the deal is Anadarko's prized position in the Delaware Basin where Chevron increases its position by 240,000 net acres to over 1,400,000 net acres," said Andrew Dittmar, a mergers and acquisitions analyst at Drillinginfo."The Delaware Basin currently provides the best well economics of any shale play in the country."
Wirth also thinks Chevron can put its scale game to work in Colorado, where Anadarko has 400,00 acres of continuous acreage in the core of the DJ Basin, another major shale region. Companies are increasingly using these so-called tiebacks to keep costs down. Wirth declined to name specific tieback opportunities, but noted that Chevron has recently made several discoveries that could be candidates.
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