The Acquisition of SM Energy as a Proposed Strategy for Chevron Corp. Growth. Presented By: Lindsay Gardner
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1 The Acquisition of SM Energy as a Proposed Strategy for Chevron Corp. Growth Presented By: Lindsay Gardner
2 Introduction Energy Industry Global Worth $7.5 Trillion Traditional Sources of Energy Scarce Volatile Pricing Competition Royal Dutch Shell, ExxonMobil, British Petroleum, PetroChina, Eni S.P.A, Conoco Phillips, Occidental Petroleum, and others Population Increasing
3 Chevron Corporation Global Company 8 th Producer in the World Net Sales of $ B Market Share of 3.60% Began as Pacific Coast Oil Co. in California in 1876 Recognize era of easy oil is over (Anon 2013g).
4 Natural Gas Cleaner burning than oil and coal The price of Natural Gas has experienced a 5.6% growth from 2013 to 2014 (Anon 2013b). Natural Gas Exports have increased by 5.9% (Anon 2013b). Projected exports have increased by 140% between the Annual Energy Report of 2013 and 2014 (Anon 2013b).
5 SM Energy Independently competitive company that operates in four regions of the United States Mid-Continent Rocky Mountain Permian South Texas & Gulf Coast regions Engaged in the Exploration and Production of crude oil, natural gas, and natural gas liquids in onshore North America
6 Critical Issues The increasing demand for energy Must adapt to the rising demand for energy by investing in natural gas and biofuels Sustainability Innovate Competition Look externally to assess its competitors using Strategic Management Methodologies Look internally and assess its strengths, weaknesses, and capabilities
7 Recommended Strategy Purchase SM Energy in its entirety over the course of two years Chevron Corp. should initially purchase 51% of SM Energy Allot one year before purchasing the remaining 49% Strategic funds analysis that allotted US$8.56 B Market capitalization of SM Energy is US$5.73 B and its total debt is US$2.786 B Total cost of a complete buyout would be US$8.286 B Chevron Corp. would maintain US$274 MM in reserve
8 Justification Increase Chevron s presence in the Exploration and Production Market Segment domestically Combined crude oil, natural gas plant liquids are expected to grow by 20% through 2040 (Anon 2013b). Domestic production increases self-sufficiency removes the obstacles of producing in foreign countries, where political unrest often disrupts supply lines. Future exportation as oil prices increase and natural gas becomes a viable and less expensive alternative
9 Implementation Plan Negotiate with SM Energy to purchase 100% of its stock within two years Internally Reiterate to shareholders increase in value of stock Externally Prepare SM Energy for integration
10 Environmental Threats and Threats Competition Opportunities Profile Scarce and depleting oil reserves drives competition Majority of oil consumption occurs in developed nations, they account for only 8% of proven oil reserves (Anon 2007). Politics Government regulations, both domestic and foreign, affect many Market Segments of the Energy Industry Opportunities Social Population increasing will demand more energy Technology Produce computer models, motorized drills and drill bits to drill directional holes deeper into the ground.
11 Procedures for Collecting Data Modified Excel formula based on multiple linear regression used to project sales forecasts The data was obtained through current and historical 10-K Annual Reports of SM Energy
12 Results Sales Projections: $US 8.51B in 2035 Growth Rates: Level out and become more cyclical between 7% and 10%. Property, Plant and Equipment: 80% to 120% Net Present Value: 2031
13 Exhibit 1: Net Sales Forecast, Year Sales ($MM) Growth Rate % % % % , % % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , , % , % , % , % , % , %
14 Exhibit 2: Pro-Forma Income Statement ( ) $MM 2014 % of Sales 2015 % of Sales 2016 % of Sales 2017 % of Sales 2018 % of Sales 2019 % of Sales Growth Rate 20% 14% 12% 11% 8% Net Sales 1, % 2, % 2, % 2, % 3, % 3, % COGS 1, % 1, % 1, % 2, % 2, % 2, % Gross Margin % % % % % % Additional Capital Expenditures for capacity growth to support Net Sales S,G&A % % % % % % R&D % % % % % % Depreciation Expense % % % % % % Operating Expenses % % % % % % (TCOS) Total Cost of Sales 1, % 2, % 2, % 2, % 3, % 3, % Operating Income (EBIT) % % % % % % Taxes % % % % % % Net Income % % % % % %
15 Exhibit 3: Pro-Forma Income Statement ( ) $MM 2026 % of Sales 2027 % of Sales 2028 % of Sales 2029 % of Sales 2030 % of Sales 2031 % of Sales Growth Rate 2% 3% 4% 3% 2% 3% Net Sales 4, % 5, % 5, % 5, % 5, % 5, % COGS 3, % 3, % 3, % 3, % 4, % 4, % Gross Margin 1, % 1, % 1, % 1, % 1, % 1, % Additional Capital Expenditures for capacity growth to support Net Sales S,G&A % % % % % % R&D % % % % % % Depreciation Expense % % % % % % Operating Expenses % % % % % % (TCOS) Total Cost of Sale 4, % 4, % 4, % 4, % 4, % 4, % Operating Income (EBIT) % % % % % % Taxes % % % % % % Net Income % % % % % %
16 Exhibit 4: Pro-Forma Income Statement ( ) $MM 2026 % of Sales 2027 % of Sales 2028 % of Sales 2029 % of Sales 2030 % of Sales 2031 % of Sales Growth Rate 2% 3% 4% 3% 2% 3% Net Sales 4, % 5, % 5, % 5, % 5, % 5, % COGS 3, % 3, % 3, % 3, % 4, % 4, % Gross Margin 1, % 1, % 1, % 1, % 1, % 1, % Additional Capital Expenditures for capacity growth to support Net Sales S,G&A % % % % % % R&D % % % % % % Depreciation Expense % % % % % % Operating Expenses % % % % % % (TCOS) Total Cost of Sale 4, % 4, % 4, % 4, % 4, % 4, % Operating Income (EBIT) % % % % % % Taxes % % % % % % Net Income % % % % % %
17 Exhibit 5: Pro-Forma Income Statement ( ) $MM 2032 % of Sales 2033 % of Sales 2034 % of Sales 2035 % of Sales Growth Rate 2% 3% 4% 2% Net Sales 5, % 5, % 6, % 6, % COGS 4, % 4, % 4, % 4, % Gross Margin 1, % 1, % 1, % 1, % Additional Capital Expenditures for capacity growth to support Net Sales S,G&A 11588% % 2% % % R&D 6500% % 1% % % Depreciation Expense 66655% % 11% % % Operating Expenses 84744% % 15% % % (TCOS) Total Cost of Sales % % 86% 5, % 5, % Operating Income (EBIT) 77494% % 14% % 1, % Taxes 22473% % 4% % % Net Income 55021% % 10% % %
18 Exhibit 6: Pro-Forma Balance Sheet ( ) Item 2014 %TA 2015 %TA 2016 %TA 2017 %TA 2018 %TA 2019 %TA $MM Assets Current Assets: Cash % % % % % % Accounts Receivables % % 1, % 1, % 1, % 1, % Inventories % % % % % 1, % Total Current Assets 1, % 1, % 2, % 2, % 2, % 3, % Property, Plant & Equipment 5, % 6, % 6, % 7, % 8, % 8, % Less: Accumulated Depreciation % % % 1, % 1, % 2, % Net P,P & E Assets: 5, % 5, % 5, % 6, % 6, % 6, % Total Assets 7, % 7, % 8, % 8, % 9, % 9, % Liabilities Current Liabilities: Accounts Payable % % % % % 1, % Other Liabilities % 1, % 1, % 1, % 1, % 1, % Total Current Liabilities: 1, % 1, % 2, % 2, % 2, % 2, % Net Working Capital (NWC) % % % % % % Long-Term Liabilities: Long-Term Debt - 0% - 0% - 0% - 0% - 0% - 0% Total Liabilities 1, % 1, % 2, % 2, % 2, % 2, % Stockholders Equity Stockholders Equity: Retained Earnings from Strategy 5, % 5, % 6, % 6, % 6, % 6, % Total Stockholders Equity 5, % 5, % 6, % 6, % 6, % 6, % Total Liabilities & Stockhldr Equit 7, % 7, % 8, % 8, % 9, % 9, %
19 Exhibit 7: Pro-Forma Balance Sheet ( ) Item 2020 %TA 2021 %TA 2022 %TA 2023 %TA 2024 %TA 2025 %TA $MM Assets Current Assets: Cash % % % % % % Accounts Receivable $MM 1, % 1, % 1, % 1, % 2, % 2, % Inventories 1, % 1, % 1, % 1, % 1, % 1, % Total Current Assets 3, % 3, % 3, % 3, % 4, % 4, % Property, Plant & Equipment 9, % 9, % 9, % 10, % 10, % 10, % Less: Accumulated Depreciation 2, % 2, % 3, % 3, % 4, % 4, % Net P,P & E Assets: 6, % 6, % 6, % 6, % 6, % 6, % Total Assets 9, % 9, % 10, % 10, % 10, % 10, % Liabilities Current Liabilities: Accounts Payable 1, % 1, % 1, % 1, % 1, % 1, % Other Liabilities 1, % 1, % 1, % 2, % 1, % 2, % Total Current Liabilities: 2, % 2, % 3, % 3, % 3, % 3, % Net Working Capital (NWC) % % % % % % Long-Term Liabilities: Long-Term Debt Total Liabilities 2, % 2, % 3, % 3, % 3, % 3, % Stockholders Equity Stockholders Equity: Retained Earnings from Strategy 6, % 6, % 6, % 6, % 6, % 6, % Total Stockholders Equity 6, % 6, % 6, % 6, % 6, % 6, % Total Liabilities & Stockhldr Equity: 9, % 9, % 10, % 10, % 10, % 10, %
20 Exhibit 8: Pro-Forma Balance Sheet ( ) Item 2026 %TA 2027 %TA 2028 %TA 2029 %TA 2030 %TA 2031 %TA $MM Assets Current Assets: Cash % % % % % % Accounts Receivable 2, % 2, % 2, % 2, % 2, % 2, % Inventories 1, % 1, % 1, % 1, % 1, % 1, % Total Current Assets 4, % 4, % 4, % 4, % 4, % 4, % Property, Plant & Equipment 11, % 11, % 12, % 12, % 13, % 13, % Less: Accumulated Depreciation 5, % 5, % 6, % 7, % 7, % 8, % Net P,P & E Assets: 5, % 5, % 5, % 5, % 5, % 5, % Total Assets 9, % 10, % 10, % 9, % 9, % 9, % Liabilities Current Liabilities: Accounts Payable 1, % 1, % 1, % 1, % 1, % 1, % Other Liabilities 1, % 1, % 1, % 1, % 1, % 1, % Total Current Liabilities: 3, % 3, % 3, % 3, % 3, % 3, % Net Working Capital (NWC) % % % % 1, % 1, % Long-Term Liabilities: Long-Term Debt Total Liabilities 3, , , , , , % Stockholders Equity Stockholders Equity: Retained Earnings from Strategy 6, % 6, % 6, % 6, % 6, % 6, % Total Stockholders Equity 6, % 6, % 6, % 6, % 6, % 6, % Total Liabilities & StockHldr Equity: 9, % 10, % 10, % 9, % 9, % 9, %
21 Exhibit 9: Pro-Forma Balance Sheet ( ) Item 2032 %TA 2033 %TA 2034 %TA 2035 %TA $MM Current Assets: Cash % % % 1, % Accounts Receivable 2, % 2, % 2, % 2, % Inventories 1, % 1, % 1, % 1, % Total Current Assets 4, % 4, % 5, % 5, % Property, Plant & Equipment 13, % 14, % 14, % 15, % Less: Accumulated Depreciation 9, % 9, % 10, % 10, % Net P,P & E Assets: 4, % 4, % 4, % 4, % Total Assets 9, % 9, % 9, % 9, % Current Liabilities: Accounts Payable 1, % 1, % 1, % 1, % Other Liabilities 1, % 1, % 1, % 1, % Total Current Liabilities: 3, % 3, % 3, % 3, % Net Working Capital (NWC) 1, % 1, % 1, % 1, % Long-Term Liabilities: Long-Term Debt Total Liabilities 3, % 3, % 3, % 3, % Stockholders Equity: Retained Earnings from Strategy 6, % 5, % 5, % 5, % Total Stockholders Equity 6, % 5, % 5, % 5, % Total Liabilities & StockHldr Equity: 9, % 9, % 9, % 9, %
22 Exhibit 10: Permanent Income Worksheet ( ) Property, Total Change in Change in Year Net Sales Plant & R & D Permanent Permanent Working Working Equipment Investment Investment Capital Capital , $ 2, $ 2, $ 2, $ 3, $ 3, $ 3, $ 3, $ 4, $ 4, $ 4, $ 4, $ 4, $ 5, $ 5, $ 5, $ 5, $ 5, $ 5, $ 5, $ 6, $ 6,
23 Exhibit 11: Cash Flow Forecasts ( ) Cumulative Change in Change in Net Discounted Discounted Permanent Working Cash Net Cumulative Net Cash Cash Year Investment Capital Outflow Depreciation Net Income Cash Inflow Cash Flow Cash Flow 10% 10% (NWC)2 - (Change in Permanent P,P&E+R&D (NWC)1 Investment + (Straight-Line) (Depreciation + (Cash Inflow- Change in Change in Net Net Income) Cash Outflow) NWC Working Capital) , (1,052.96) (1,052.96) (1,052.96) (1,052.96) (269.71) (1,322.67) (245.19) (1,298.15) (247.51) (1,570.18) (204.56) (1,502.70) (206.30) (1,776.48) (155.00) (1,657.70) (153.06) (1,929.54) (104.54) (1,762.24) (1,802.59) (1,683.42) (1,710.57) (1,631.48) (1,492.34) (1,519.49) (1,154.49) (1,361.88) (825.35) (1,222.29) (587.11) (1,130.44) (169.98) (984.24) (836.81) (716.27) , , (589.30) , , (426.14) , , (324.45) , , (174.00) , , (35.88) , , , , , ,
24 Exhibit 12: Cash Flow Forecasts Graph ( )
25 Conclusion Positive cumulative discounted net cash flow: 19 years after initial investment Financially sound, competitive, and realistic Balanced risk of acquiring SM Energy Strategic and competitive Access to increased domestic market share and reserves Removes the added risk of acquiring foreign reserves Less susceptible to changes affecting the global arena Pursuing natural gas production Sustainable and viable new market cleaner burning than traditional oil. Consistent with Chevron Corp. s commitment to finding newer, cleaner ways to power the world (Anon 2013g).
26 Acknowledgments Dr. V. Seshan, Pepperdine University Academic Year Undergraduate Initiative
27 References Anon, Compe&&on for Oil and Gas Reserves Hea&ng Up. [Online] Available at: h6p:// [Accessed Feb. 2014]. Anon, SM EnergyAnnual Report [Online] Available at: h6p:// [Accessed February 2014]. Anon, 2013a. SM Energy Reports Results Second quarter of [Online] Available at: SM- Energy- Reports- Results- Quarter OperaTons [Accessed Oct. 2013]. Anon, 2013b. EO2014 Early Release Overview. [Online] (Updated Dec. 2013) Available at: h6p:// early_producton.cfm. [Accessed February 2014]. Anon, 2013c. GlobalData - SWOT Analysis. [Online](Updated September 11, 2013): Available at: h6p:// lnacui2api/api/version1/getdoccui?lni=7v02- BV00- YBVM- V1HX&csi=333601&hl=t&hv=t&hnsd=f&hns=t&hgn=t&oc=00240&perma=true [Accessed February 2014]. Anon, 2013d. SM Energy Company SWOT Analysis. [Online] Available at: h6p://content.ebscohost.com/pdf29_30/. [Accessed Oct. 2013]. Anon, 2013e. Bureau of Safety and Environmental Enforcement. [Online] Available at: h6p:// BSEE/BSEE- History/Reforms/ Reforms.aspx.[Accessed Sept 2013]. Anon, 2013f. Chevron Corp. Company Financials. [Online] Available at: h6p:// [Accessed Sept 2013]. Anon, 2013g. Chevron Corp.. [Online] Available at: h6p:// Corp..com [Accessed February 2014]. Anon, 2013h. Alterna&ve Energy. [Online] Available at: h6p:// 14 Sept Anon, Global Oil & Gas Explora&on & Produc&on. [Online] Available at: h6p://clients1.ibisworld.com.lib.pepperdine.edu/reports/gl/industry/ ataglance.aspx?entd=190 [Accessed February 2014]. Begos, Kevin, and Seth Borenstein, Gas Drilling Study Paints Different Picture Of Fracking Methane Emissions.[Online] Available at: h6p:// drilling- study- methane- emissions_n_ html. Boudet, H, Clarke, C, Bugden, D, Maibach, E, Roser- Renouf, C, & Leiserowitz, A 2014, ' Fracking controversy and communicaton: Using natonal survey data to understand public perceptons of hydraulic fracturing', Energy Policy, 65, pp , Business Source Alumni EdiTon, EBSCOhost, viewed 7 February Edwards, James R, SM Energy: News Release. [Online] Available at: h6p://phx.corporate- ir.net/phoenix.zhtml?c=90687&p=irol- newsartcle&id= &highlight= Oct Helman, Christopher, The World s 25 Biggest Oil Companies. [Online] Available at: h6p:// natonal- iranian- oil- co million- barrels- per- day- 18/. Mann, R. & Seshan, V., Strategy for the 21 st Century. 6 th ed. IBT Global.
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