BHP announced their plans to divest their U.S. shale assets, including a 123,000-acre position in the heart of the Delaware Basin. This acreage position, in terms of a pricing evaluation, could rival the Exxon acquisition of the Bass family’s assets, which totaled over $5.6 billion. We are anticipating a bidding war between supermajors. To break down this gem of an acquisition target, we wanted to analyze comparable transactions in the basin along with key data points to understand the upside of BHP’s Delaware acreage position. (Click to enlarge) Trying to predict a fair dollar-per-acre price for any acreage in the Delaware is tough, but the two transactions that we wanted to compare were Exxon’s purchase of BOPCO and WPX’s purchase of RKI. Both of these were multibillion-dollar acreage positions offset of BHP in the Delaware, with relatively similar production. RKI was sold in July of 2015, and BOPCO in […]