Our long-term industry assumptions have grown more pessimistic.
Are China and the U.S. headed for a new cold war?
Higher financial leverage and low pricing on recent asset sales drove our reassessment.
The changes are due chiefly to our revised U.S. land drilling forecasts.
We've reduced our long-term pricing forecasts.
The combined company--which is a true merger of equals--will have a total market enterprise value nearly on par with industry leader Transocean.