| LINN Energy to Expand its Operation in Wyoming by Acquiring Jonah and Pinedale Properties from BP for $1.03 Billion - Deal Analysis from GlobalData |
| Publication Date |
Jul 2012 |
| Publisher |
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Report |
| Pages |
9 |
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LINN Energy to Expand its Operation in Wyoming by Acquiring Jonah and Pinedale Properties from BP for $1.03 Billion - Deal Analysis from GlobalData
Summary
Linn Energy, LLC, (Linn) has agreed to acquire the Jonah and Pinedale properties in the Green River Basin of southwest Wyoming from BP America Production Company, a wholly-owned subsidiary of BP plc (BP), for a purchase consideration of $1.03 billion in cash. The company intends to fund the acquisition with proceeds from borrowings under its revolving credit facility. The acquisition will provide Linn with a significant operated position in the Green River Basin of Wyoming. Barclays Capital Inc., BMO Capital Markets Corp. and RBC Richardson Barr are acting as financial advisors to Linn for the acquisition. The acquisition is expected to be completed on or before July 31, 2012, subject to closing conditions and a preferential right of purchase. The transaction implies deal values of $42,123.29 per boe of daily production and $8.42 per boe of proved (1P) reserves.
Scope
- Rationale behind acquisition of Jonah and Pinedale Properties by Linn
- Stratigic benefits for the companies involved in the transaction
- Geography covered - US
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by Linn.
- Rationale behind the acquisition of Jonah and Pinedale properties.
- Identify the reason of Linn acquiring Jonah and Pinedale properties from BP
Keywords
Jonah, Pinedale,Green River Basin, Wyoming
1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 1
1.2 List of Figures 1
2 LINN Energy to Acquire Jonah and Pinedale Properties from BP for $1.02 Billion 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 Linn to Expand its Operation in Wyoming by Acquiring Jonah and Pinedale Properties 1
2.4 BP to Divest its Stake in Matured Jonah and Pinedale Properties as per its Portfolio Restructuring Strategy 4
2.5 Linn to Acquire Jonah and Pinedale Properties at around 2% Discount 6
2.6 Deal Financials and Valuations 6
3 Appendix 8
3.1 Methodology 8
3.2 Contact Us 9
3.3 Disclaimer 9
List of Tables1.1 List of Tables
Table 1: Linn, Major Acquisition of Linn in US, 2011 to Present 3
Table 2: BP, Major Divestment of Matured Assets and Investment in Potential Assets, January 2012 to Present 5
Table 3: Wyoming, 1P Reserve Multiples for Similar Deals, June 2009 till present 6
Table 4: Companies Involved 6
Table 5: Financials of the Deal 6
Table 6: Advisor Information 6
Table 7: Target Information 7
Table 8: Target’s Production and Reserves Information 7
Table 9: Company Valuation Multiples 7
Table 10: Commodity Prices in $, Last Close 7
Table 11: Acquirer Information 7
Table 12: Vendor Information 7
List of Figures1.2 List of Figures
Figure 1: Linn, Increase in 1P Reserves Due to the Acquisition of the Jonah and Pinedale Properties, Tcfe, 2012 2
Figure 2: BP, Decline in Jonah and Pinedale Oil and Gas Fields Production, Mbbls and MMcf, 2007-2011 4
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Jan 2012 |
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