Mergers & Acquisitions Deal Analysis – Consol Energy To Acquire E&P Business in Appalachian For $3,475 Million

Date: May 22, 2010
Pages: 18
US$ 500.00
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Publisher: GlobalData
Report type: Strategic Report
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Mergers & Acquisitions Deal Analysis – Consol Energy To Acquire E&P Business in Appalachian For $3,475 Million
CONSOL Energy Inc agreed to acquire natural gas and oil exploration and production business from Dominion Resources Inc (Dominion) for a consideration of $3,475 million in cash. The transaction is subject to regulatory approvals and customary closing conditions and is expected to complete by April 30, 2010. J. Brett Harvey, president and chief executive officer, commented, “CONSOL Energy's acquisition of Dominion's Appalachian E&P business is a strategically compelling transaction that will transform CONSOL Energy into a leading diversified energy company with a strong position in natural gas as well as coal." Barclays Capital Inc. is acting as financial advisor and Baker Botts L.L.P. is acting as legal advisor to Dominion, whereas Bank of America Merrill Lynch and Stifel, Nicolaus & Co., Inc. are acting as lead financial advisors and Wachtell, Lipton, Rosen & Katz, and Akin Gump Strauss Hauer & Feld LLP are acting as legal counsel to CONSOL Energy. BofA Merrill Lynch and PNC Bank are provided financing commitments to complete the acquisition. The transaction implies deal value of $185,613.78 per boe of daily production, $20.05 per boe of proved reserves and $6,950 per acre of land.

  • Rationale behind Consol Energy Inc's acquisition of assets in the Appalacian Basin
  • Strategic Benefits for Dominion Resources Inc. to divest its assets
  • Geography covered - US
  • Deal Financials and Valuations
  • Information on Appalacian assets, Consol Energy Inc and Dominion Resources Inc
Reasons to buy
  • Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American Oil & Gas industry
  • Identify the most lucrative segments to leverage on the growth oppurtunities available in the US oil & gas market
  • Get a detailed analysis of a deal to enable you to take better decisions
  • Know about the major companies, which are adopting a divestment or acquisition strategy to enhance their business portfolios
  • Learn about the key fiancial advisors in a particular segment in the Oil & Gas Industry
  • Understand the various means of raising funds from the market.

1.1 List of tables
1.2 List of figures


2.1 Summary
2.2 Deal Overview


3.1 Deal Overview
3.2 Deal In Brief
3.3 Consol Energy to Expand Its E&P Operations through the Acquisition of Dominion Resources’ Oil and Natural gas Assets in Appalachian Basin
3.4 Source of Financing
3.5 Dominion’s Business Overview
  3.5.1 Dominion Virginia Power
  3.5.2 Dominion Energy
  3.5.3 Dominion Generation
3.6 Dominion Resources Has Sold Off Its E&P Business To Increase Its Focus On Other Core Businesses
3.7 Consol Has Acquired Dominion Resources At a Premium As a Compared to Other Recent Transactions
3.8 Deal Financials and Valuation
  3.8.1 Companies Involved
  3.8.2 Deal Financials
  3.8.3 Advisor Information
  3.8.4 Detailed Target Information
  3.8.5 Production and Reserves Information
  3.8.6 Transaction Implied Values
  3.8.7 Commodity Prices Information
  3.8.8 Detailed Acquirer Information
  3.8.9 Detailed Vendor Information


4.1 About Energy eTrack
4.2 Methodology
  4.2.1 Coverage
  4.2.2 Secondary Research
  4.2.3 Primary Research
  4.2.4 Expert Panel Validation
4.3 Contact Us
4.4 Disclaimer


Table 1: Consol Energy, Performa Acquisition Details, 2010
Table 2: Shale Gas Acquisition Details in the US, December 2009- March 2010
Table 3: The US, E&P Assets Transactions and Acquisitions Details, December 2009- March 2010
Table 4: Key Companies Involved in the Deal
Table 5: Financials of the Deal
Table 6: Advisor Information
Table 7: Target Information
Table 8: Target’s Production and Reserves Information
Table 9: Transaction Implied Values
Table 10: Commodity Prices in USD, Last Close
Table 11: Acquirer Information
Table 12: Vendor Information


Figure 1: Consol Energy’s Operations Map, Post Acquisition, 2010
Figure 2: Consol Energy, Growth in the Natural Gas Reserves in Bcf and Comparison with Other Peer Group Companies, 2010
Figure 3: Consol Energy, Energy Portfolio, 2010
Figure 4: Dominion Resources Inc, Percentage Split of Earnings By Operating Segment, 2009
Figure 5: GlobalData Methodology
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