Insight

Global upstream M&A: 2017 in review

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Report summary

For upstream M&A, 2017 started as 2016 had ended – with a blaze of activity. Permania was in full flow; the Canadians consolidated, and private equity led a revolution in Europe. Though the intense start was not sustained, FY17 M&A spend still hit its highest level since 2014. In this Insight, we provide an in-depth analysis of the global upstream M&A market in 2017, looking at buyers, sellers, regional activity, valuations and more.

What's included

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    Global_Upstream_MandA_2017_in_review_data.xls

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Table of contents

  • 2017 Corporate highlights
    • United States: Permania fades
    • Big appetite for “non-core” assets
    • Canada: domestics double-down
    • Europe: M&A transforms the corporate landscape
    • Private equity leads corporate revolution
    • Russia and Caspian: Pivot east
    • Africa: pre-development projects attract Major attention
    • Asia Pacific: late year pickup in activity  
    • Latin America: NOCs successfully attracting partners
    • Contingent payments
  • Deal Pipeline
    • Majors
    • Acquisitions
    • Disposals
    • NOCs (including state-owned entities and sovereign wealth funds)
    • Acquisitions
    • Disposals
    • Independents (Corporate Service Large and Mid Caps)
    • Independents (Other Public E&Ps)
    • Acquisitions
    • Disposals
    • Corporate exits
    • Notable asset disposals
    • Private / Private equity
    • North America – selling Permian, buying elsewhere
    • Europe – private-backed deal activity erupts
    • Rest of the World – PE activity more restrained
    • Others
    • Primary resource type
    • LNG
    • Deepwater
    • North American unconventionals
    • Tight oil
    • Unconventional gas
    • Canada oil sands
  • Appendix 3: Quarterly market trends
  • Appendix 4: Additional charts and tables
    • Scope of coverage
    • Implied Long-Term Oil Price Methodology
    • Benefits of the Implied Long-Term Oil Price Methodology
  • M&A Service

Tables and charts

This report includes 43 images and tables including:

Images

  • 2017 upstream M&A spend by primary deal location and buyer peer group
  • Net M&A spend by company: top 15 buyers and sellers
  • Annual upstream M&A deal count, by region
  • Annual upstream M&A deal spend, by region
  • Movement in regional M&A spend, year-on-year
  • Weighted average Implied Long-Term Oil Price (deal-by-deal) vs. Brent oil price
  • No. of deals in Pipeline by region/resource
  • Value of deals in Pipeline by region/resource
  • Asset deals – quarterly disclosed spend
  • Corporate deals – quarterly disclosed spend
  • Deals with spend greater than US$1 billion in 2017
  • Top ten unconventional resource weighted deals in 2017
  • Top ten Majors disposals in 2017
  • Annual spend, by buyer peer group
  • Annual spend, by seller peer group
  • Annual upstream M&A deal spend, by deal type
  • Monthly upstream M&A deal spend, by deal type
  • 2017 acquisitions and disposals, by peer group
  • Net A&D, by peer group – 2016 vs. 2017
  • Valuation band, by count
  • Valuation band, by spend
  • Monthly deal count, by region (three month trailing average)
  • Monthly deal count, outside of North America (three month trailing average)
  • Disclosed monthly upstream acquisition expenditure, by deal type
  • 2017 global upstream M&A spend by primary country, highlighting ten largest deals by value
  • Contingent payment and 'equity for assets' deals since 2015 (US$ billion)
  • Majors A&D, by company
  • Majors resource traded, by primary resource
  • NOC A&D, by primary region
  • NOC overseas investment, by NOC origin
  • IOCs A&D, by primary region
  • IOCs resource traded, by primary resource
  • North America peer group net spend 2016
  • North America peer group net spend 2017
  • RoW peer group net spend 2016
  • RoW peer group net spend 2017
  • Top ten North American private/PE-backed acquisitions
  • Resource volume traded
  • Spend by primary resource (oil, gas or mixture)
  • Annual upstream M&A spend in NA uncons
  • Annual upstream M&A spend in NA tight oil plays
  • Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' metrics

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