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MarketScreener Homepage  >  Equities  >  Nyse  >  Anadarko Petroleum    APC

ANADARKO PETROLEUM (APC)
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Shell, Blackstone eye $10 billion bid for BHP U.S. shale assets - Sky News

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03/08/2018 | 09:01pm CEST
FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

HOUSTON (Reuters) - Royal Dutch Shell Plc and U.S. private equity firm Blackstone Group LP (>> Blackstone Group LP) are working on a joint $10 billion (7.24 billion pounds) bid for BHP Billiton Plc's (>> BHP Billiton Plc) U.S. shale assets, Sky News said on Thursday.

HOUSTON (Reuters) - Royal Dutch Shell Plc <RDSa.L> and U.S. private equity firm Blackstone Group LP are working on a joint $10 billion (7.24 billion pounds) bid for BHP Billiton Plc U.S. shale assets, Sky News said on Thursday.

Shell and Blackstone's offer will only be one of several credible proposals that BHP will receive for its U.S. shale operations, Sky News said, citing banking sources.

BHP, Shell and Blackstone declined to comment.

Private equity companies have been active buyers of U.S. shale producing assets in recent years. This week, Devon Energy said it sold some shale-gas assets in Texas for $553 million to a buyer that Tudor Pickering Holt energy analysts identified as a private equity firm. Devon did not disclose the name of the buyer.

BHP's acreage is located adjacent to assets controlled by Shell and Anadarko Petroleum Co in the Permian Basin of west Texas and New Mexico. Anadarko bid late last year on BHP's onshore properties, according to two people familiar with the transaction.

Anadarko did not immediately respond to requests for comment.

Steve Pastor, BHP's president for petroleum operations, said this week the company would consider swapping certain onshore oil and gas assets with competitors' offshore assets as part of its effort to exit U.S. shale operations.

BHP, the world's largest miner, said last month it expected to receive initial bids for the operations in the June quarter.

The company last year said it would exit its underperforming U.S. shale oil and gas business after coming under pressure from Sydney-based Tribeca Investment Partners to sell the assets.

Activist hedge fund Elliott Management has also called for BHP'S exit from shale to free up capital.

(Reporting by Sangameswaran S in Bengaluru and Jessica Resnick-Ault in Houston; Editing by Susan Fenton, Mark Potter and Cynthia Osterman)

By Sangameswaran S and Jessica Resnick-Ault

Stocks mentioned in the article
ChangeLast1st jan.
ANADARKO PETROLEUM 1.22% 64.75 Delayed Quote.17.47%
BHP BILLITON LIMITED -0.41% 31.48 End-of-day quote.6.90%
BHP BILLITON PLC 1.08% 1549.6 Delayed Quote.0.69%
BLACKSTONE GROUP LP 1.16% 37.53 Delayed Quote.15.87%
DEVON ENERGY CORPORATION 1.34% 39.33 Delayed Quote.-4.18%
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Financials ($)
Sales 2018 13 253 M
EBIT 2018 3 528 M
Net income 2018 1 094 M
Debt 2018 13 985 M
Yield 2018 1,45%
P/E ratio 2018 29,30
P/E ratio 2019 14,90
EV / Sales 2018 3,53x
EV / Sales 2019 3,18x
Capitalization 32 757 M
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 85,4 $
Spread / Average Target 34%
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Managers
NameTitle
Robert A. Walker Chairman, President & Chief Executive Officer
Robert G. Gwin Chief Financial Officer & Executive VP-Finance
Mario M. Coll Chief Information Officer & Senior Vice President
H. Paulett Eberhart Lead Independent Director
John Rousmaniere Gordon Independent Director
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