This calculator takes the current market capitalizations and net debt of Exxon Mobil and Chevron and works out scenarios for each energy group buying the other at a premium and a nil-premium merger of equals.

The main inputs are which of the three possible transactions to calculate, the premium if it is one of the two acquisitions, and the minimum post-merger stake for the acquiring company's shareholders.

The calculator works out the maximum stock consideration in the chosen transaction, the minimum amount the acquiring company (if there is one) would have to borrow in cash, the final shareholdings of the two sets of owners and the leverage of the merged company compared to the pre-deal figure.

Final leverage figures allow for an assumed roughly $3 billion a year in operating cost savings.

For more interactive calculators and agenda-setting comment visit: BREAKINGVIEWS