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1、FortheexclusiveuseofJ.NIEHarvardBusinessSchool9-295-029Rev.November21,1994MWPetroleumCorporation(A)Inlate1990,executives,engineers,andfinancialadvisorsworkingforAmocoCorporationandApacheCorporationbeganseriousdiscussionsaboutthesaletoApacheofMWPetroleum
2、Corporation,awholly-ownedsubsidiaryofAmocoProductionCompany.AmocohadtransferredtoMWcertainofitsownassetsthatitregardedasnon-strategic.MW'ssize,location,andoperationswereallveryattractivetoApache,whichhadgrownnearly30%peryearsincethemid-1980s,largelythro
3、ughacquisitions.ThetransactionbeingdiscussedwithAmocowouldbeApache'slargesttodate.ItwouldmorethandoublethesizeofApache'scurrentoperations,aswellasitsreservesofoilandnaturalgas.BytheendofJanuary1991,Apache'sexecutivesandadvisorsweresufficientlyfamiliarwi
4、ththepropertiesinMWtobeginrefiningtheirestimatesofoperatingandfinancialperformanceinordertostructureaformaloffer.Apache'schieffinancialofficer,Mr.WayneMurdy,knewthatfinancingwouldbeachallenge,giventhesizeoftheproposedtransaction.Infact,theavailabilityof
5、externalfinancing,bankdebtinparticular,waslikelytoimposesomepracticallimitsonboththeamountandformofconsiderationthatApachecouldoffertoAmoco.ItwasessentialthatApachecarefullyevaluateMW,boththewholeanditsparts,andstudythelikelypatternsofcashflowssothatsom
6、ecreativefinancingalternativescouldbedeveloped.AmocoCorporationAmocoCorporationwasanintegratedpetroleumandchemicalcompanybasedinChicago,Illinois.With$28billioninoperatingrevenuesand$1.9billioninnetincomein1990,AmocowasthefifthlargestoilcompanyintheUnite
7、dStates.Itsthreeprimarybusinesseswereoilandgasexplorationandproduction(AmocoProductionCompany),refiningandmarketing(AmocoOilCompany),andchemicalproduction(AmocoChemicalCompany).Duringthe1980s,Amocohadbeenanactiveacquirorofoilandgasproperties,particularl
8、ythelatter.Its1988purchaseofDomePetroleumofCanadamadeAmocoNorthAmerica'slargestprivateholderofnaturalgasreservesandthesecondlargestproducerofnaturalgas.In1990,Amocoproduced3.5billioncubicfeetperday(BCFd)ofnaturalgasand782thousand
