Whether the stars align for Sanchez Energy Corp. (NYSE: SN) to buy Anadarko Petroleum Corp.’s (NYSE: APC) Eagle Ford assets, it’s likely only a matter of time before interests and ownership in the South Texas acreage change hands.

Media reports published Oct. 27 suggest Sanchez is in discussions to purchase Anadarko’s Eagle Ford position for $3 billion to $3.5 billion— a range that is about 6x Sanchez’s market cap.

Even if mere rumor, analysts chewed over the numbers and opened a window into the value and staying power of the Eagle Ford despite the draw of the Permian Basin.

Sanchez is reportedly trying to enlist private equity firms as partners to buy interests in 162,000 net acres. Funding the deal would still require creativity on Sanchez’s part, analysts said.

The deal would alter the Eagle Ford landscape considerably. Sanchez, Anadarko and SM Energy Co. (NYSE: SM) could have a hand in the sale.

Sanchez did not respond to requests for comment. Anadarko said it had no comment on the reports.

Anadarko said it isn’t opposed to selling assets, but that it doesn’t need to, either. Management said it will evaluate any play unable to compete for capital with its Delaware and Denver-Julesburg (D-J) basin positions.

In a September telephone conference to discuss a $2 billion deal for Gulf of Mexico assets, Anadarko CFO Bob Gwin said divestitures were possible. The process of selling an asset would be akin to market testing.

The Delaware and D-J “put us in a position where we have the luxury of seeing if the market is interested in these assets,” Gwin said.

In early September, Pearce Hammond, senior research analyst at Piper Jaffray & Co., said “everything that APC owns in the U.S. onshore besides the D-J and Permian are candidates for potential divestiture at the right price. We would not be surprised if APC moved to sell their Eagle Ford asset.”

Eagle Ford deals have been sporadic for much of 2016.

Recent transactions include Clayton Williams Energy Inc.’s (NYSE: CWEI) sale of its East Central Texas Giddings asset for $400 million. Sanchez also recently sold about 15,000 acres to Carrizo Oil & Gas Inc. (NASDAQ: CRZO).

Anadarko’s net Eagle Ford production in second-quarter 2016 was 75,000 barrels of oil equivalent per day (Mboe/d), consisting of 37% oil, 32% NGL and 31% gas. Subtracting production value, at $3 billion, the acreage would be valued at 1,200 per acre, roughly in line with recent transactions.

SM Energy, which owns a stake in nonoperated acreage in partnership with Anadarko, has said it wants to sell. The company owned 12.5% to 37.5% working interest with Anadarko as of August.

Korea National Oil Corp. (KNOC) and Mitsui E&P USA LLC are also partnered with Anadarko in the Eagle Ford.

SM may be further motivated to exit after its Oct. 18 announcement that it would purchase Midland Basin acreage for $1.1 billion. Much of that cost was offset by the structure of the deal—cash and stock—and a divestiture of Williston Basin assets.

“SM is the nonoperated partner with Anadarko in the Eagle Ford and has publicly discussed that they are in an ongoing sale process for the asset,” said Subash Chandra, an analyst for Guggenheim Securities LLC.

However, Anadarko’s asking price is either too high or too low, depending on the analyst.

Chandra estimated SM’s assets would be worth $780 million, but Anadarko would need to receive $3.9 billion to generate proceeds that high.

John Freeman, an analyst at Raymond James, said his estimate for Anadarko’s entire South Texas assets—the Eagle Ford as well as the Eaglebine—is roughly $3.2 billion.

Wells Fargo Securities puts the value of SM’s assets at $752 million.

To make any of those numbers work, however, Sanchez would have to fund the deal. In an even split with a private-equity company, it could pay Anadarko in cash and equity, Capital One Securities said in a report.

Sanchez has a strong cash position, and in October, it announced $288 million in asset sales, including an Oct. 24 divestiture of 15,000 noncore acres. The company could exit 2016 with about $575 million in cash, Capital One said.

Even with private-equity backing, Sanchez would still need at least $750 million to purchase Anadarko’s Eagle Ford assets.

“A challenge certainly would include issuing [at least] 104 million … incremental shares,” Capital One said.

Sanchez could use its capital and a significantly expanded borrowing base for the cash to pay Anadarko.

Sanchez’s production base would increase by about 145% at closing “so we would guess its $350 million borrowing base could at least be doubled, thus leaving SN with ample liquidity post-deal.”

Darren Barbee can be reached at dbarbee@hartenergy.com.