BG Group Plc could become a takeover target after CEO Chris Finlayson's surprise resignation, some analysts say.

Finlayson’s sudden departure after 15 months and review of operation, investment and portfolio management plans raises questions on a possible takeover. ExxonMobil Corp. (NYSE: XOM), Royal Dutch Shell Plc (NYSE: RSD-A, RSD-B) and Chevron Corp. (NYSE: CVX) have the capacity to bid for BG, said Peter Hutton, a London-based analyst RBC Capital Markets.

ExxonMobil, Shell and Chevron have “the capacity to pursue a cash acquisition” and may need to offer a 20% premium to the current share price, Hutton said in a note April 28.

“With around $200 billion in treasury shares, ExxonMobil is mechanically better placed” for a cash and stock offer for BG, he said. “Without a management track record and undergoing fundamental review of its plans, it is now more plausible to see BG as a potential acquisition target.”

BG, based in Reading, England, has U.S. operations focused on the Haynesville and Marcellus Shale plays. According to its website, the company is well positioned to take advantage of future U.S. LNG exports.

The company, which expects to become the world’s largest publicly traded seller of LNG in 2017, may also examine plans to sell some assets in Brazil or Tanzania, Deutsche Bank AG said in a note emailed April 29. BG shares dropped 14% on Jan. 27, when Finlayson unveiled project delays, and haven’t recovered yet.

Permanent successor

BG said in an April 28 press release that the CEO resigned for personal reasons after a little more than a year in the job. He has been replaced by chairman Andrew Gould until a permanent successor is found.

BG also ditched an output forecast for 2015 that’s just three months old. At the same time, the directors reiterated their commitment to the company’s strategy presented by Finlayson in May.

This was a “strange announcement,” Neill Morton, a London-based analyst at Investec Bank Plc, wrote in an emailed report April 28. Directors “seems happy to usher” the CEO “through the exit” while staying committed to his strategy.

BG rose as much as 2.4% to 1,174 pence in London trading on April 29.