oil & gas assets
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CM - Analyst Notes - January 04, 2019

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Anadarko Petroleum (NYSE: APC; $47.13-Dec. 18; Overweight; PT-$66.00) Despite the sharp retrenchment in oil prices, APC still has the means to execute on its remaining $1.5 billion buyback authorization given cash on the balance sheet and ~$2.0 billion of expected cash inflows from the 1Q19 drop-down to the MLP. We continue to believe APC is well positioned relative to the peer group given its advantaged breakevens, discounted valuation, and ability to return meaningful cash to shareholders over the full cycle.......
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