Insight
Global upstream M&A: 2019 in review
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Global upstream M&A activity collapsed in 2019. Deal volumes plunged 36% year-on-year to their lowest level in almost two decades. Despite this, aggregate disclosed deal spend jumped 20% to US$129 billion. The apparent paradox is explained at least in part by Occidental’s monumental acquisition of Anadarko, which alone accounted for 40% of deal spend. But there were other highlights, as disposals by the Majors and retrenching US Large Caps opened opportunities for regional Independents and NOCS. This Insight contains a summary of high-level trends and major deals in the upstream M&A market during 2019. We also highlight things to watch for in 2020, referencing key potential transactions currently in our Deal Pipeline.
Table of contents
- Executive Summary
- Global Trends
-
Valuations
- Valuations edged down
- US corporate deal prices reflect weak equity market valuations
- Regional differences continue to highlight local demand-supply dynamics
-
2019 Corporate highlights
- Majors
- Total boosts growth with opportunistic buys
- Eni scales up in Norway via Vår Energi
- Equinor increases exposure to existing assets
- Shell boosts resource base in Russia
- Chevron continues to high-grade
- BP nears US$10 billion disposal target
- EuroMajors offload non-core US uncons
- 21 more item(s)...
-
Regional review and outlook
- North America
- Market sentiment dampens activity
- Tight oil growth slowdown hits M&A market
- Anadarko deal was all about tight oil
- Corporate mergers struggling to impress investors
- Gulf of Mexico: a buyers’ market
- Canadian M&A plummets
- Domestic issues provide challenging M&A backdrop
- 10 more item(s)...
Tables and charts
This report includes the following images and tables:
-
FY 2019 dealsGlobal deal count
-
Global deal spendImplied Long-Term Oil Price (deal by deal) vs. Brent oil price2019 upstream M&A spend by primary deal location and buyer peer groupGlobal deal countGlobal deal spendMajors: disclosed A&D consideration, by companyMajors: total resource traded, by primary resourceCorporate Service cos: A&D spend by primary regionCorporate Service cos: Total resource traded, by primary resource theme
- 18 more item(s)...
What's included
This report contains:
Other reports you may be interested in
Asset Report
Isabela (MC 562)
Isabela (MC 562) is an oil and gas field located in Mississippi Canyon block 562 of the Central Gulf. The field was discovered in April ...
$3,720
Asset Report
Enoch Norway
Enoch is located on the UK/Norway median line and has an assumed unitisation of 80% in the UK and 20% in Norway.
$3,720
Insight
Argentina trip notes: an update of development activities in Vaca Muerta and key challenges
In December 2025, we spent five days in Argentina gathering notes and capturing local learnings to incorporate into our models and research.
$1,350
